Brokers are watching for the next move from some of the largest New York-listed dry bulk companies. Compass Maritime’s latest weekly report has looked at a trio of heavyweights – Genco Shipping and Trading, Star Bulk Carriers and Eagle Bulk – and what they have in common.
All three have rallied their investors, restructured, and are renewing their fleets.
Genco Shipping can dive into the secondhand market with $169m in cash plus no significant debt repayments until 2019, the weekly notes.
Then there’s Eagle Bulk which last week paid $153m all cash for nine modern ultramaxes after raising about $180m from investors and via two private placements in 2016.
Not to be left out, Star Bulk last week grabbed four modern kamsarmaxes, and has a warchest of about $250m cash and about $187m in remaining newbuilding payments, but no debt repayments until end-2018.