AmericasDry Cargo

US-listed bulker giants ready to rumble

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.

Hans Thaulow

Hans Henrik Thaulow is an Oslo-based journalist who has been covering the shipping industry for the last 15 years. As well as some work for the Informa Group, Hans was the China correspondent for TradeWinds. He also contributes to Maritime CEO magazine. Hans’ shipping background extends to working as a shipbroker trainee with Simpson, Spence & Young in Hong Kong.
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