South Africa set the home side a daunting total of 285 to win in the Group B clash in Dhaka but Bangladesh never looked like getting anywhere near their target, slumping to 78 all out to lose by a whopping 206 runs.
"We missed a big opportunity because we have been performing for the last 12 months and we thought we would have a very good opportunity to qualify for the second round," said Shakib
"We didn't play good cricket at all throughout this tournament, although we won some games."
"The way we finished the tournament is not the way we wanted to finish it. We wanted to finish on a high," he added.
When asked if he had a message for the passionate fans, Shakib simply said "sorry".
South Africa skipper Graeme Smith, whose side finished top of Group B, was delighted his team had won despite rotating the squad.
"We gave a few guys an extra couple of days to rest but it was fantastic to see other guys that came in, the motivation they had and the way they performed. That's always exciting to see."
"We've just got to hope we make the right decisions that will benefit the squad," he added.