Gearbulk and Grieg Star are trying to “corner the market” in the open hatch/gantry sector, analysts at online ship pricing vehicle VesselsValue.com claim. News yesterday that the two European dry bulk firms will combine their fleets to create a venture with more than 130 ships has sent ripples throughout the sector.
“The two owners each have a large position in the Open Hatch/Gantry market. The combined fleet will control 36% (by size DWT) of the global Open Hatch/Gantry fleet giving the JV a very strong position in that niche market,” VesselsValue.com said in a note. The combined entity’s dominance in the ultramax open hatch/gantry sector is especially pronounced with the two controlling 79% of that niche.
“It’s about scale and cost cutting,” a source at Gearbulk told Splash.
