Chasing a stiff victory target of 285, Bangladesh were shot out for a paltry 78 in 28 overs, which was Bangladesh`s second score of less than 100 after they were bowled out for 58 against West Indies in an earlier group league game.
"Our fans deserved more. The expectations were high among our people because we had played so well over the past 12 months, but we let them down," said Shakib.
"We have not played good cricket at the World Cup and I feel very sorry for our fans. They deserved much more that what we gave them," he added.
Bangladesh today finished their World Cup campaign with six points in Group B, the same as the West Indies, but their run-rate is so poor that even if India register a massive victory over the Darren Sammy`s team, it will not help the co-hosts.
Shakib admitted that he was not looking for any miracles to happen.
"We have no chance of qualifying because our run-rate is so low. The way we have batted, we probably do not deserve to be in the quarter-finals."
After their 284 for eight in 50 overs was aided by three half-centuries from Hashim Amla (51), Jacques Kallis (69) and Francois du Plessis (52), Lonwabo Tsotsobe (3/14) blazed through the top-order, picking up Tamim Iqbal (5), Imrul Kayes (4) and Shahriar Nafees (5), while Robin Peterson (4-12) chipped in with four.
Shakib`s 30 was the only double-digit score of the innings.
"There is no other reason for our failure than bad batting. We did not bat well throughout the tournament.
"We should probably have given away 20 runs less, but the match was over once we lost four wickets quickly. You can`t find excuses once you are bowled out for 78," said Shakib.
The skipper also said the pressure of expectations got to the team.
"This was a pressure match for us. We knew we had to win.
The team just could not take the pressure," he said.
Shakib said the way South Africa were playing they might well reach the finals.
"They have a very good pace attack and good spinners, and their batting runs deep. It is a fine all-round side and the way they have been playing they could go to the final," said Shakib.