Cetus Maritime, a brand new name in dry bulk, has marked out its fleet growth ambitions.
Created this month by the merger of Hong Kong’s Asia Maritime Pacific (AMP) and Hamburg Bulk Carriers (HBC), Cetus Maritime is one of the largest privately held handysize operators in the world with 40 owned and approximately 25 chartered vessels.
Olivia Lennox-King, Cetus Maritime’s chief operating officer, told Splash fleet renewal plans are ongoing by selling smaller, older vessels and buying more larger handies with a focus more on the operational possibilities rather than asset plays.
“To pull off more of an operational business strategy, scale is important,” Lennox-King said of the extremely fragmented handy and supramax sector, adding that after a period of integration post-merger, the Cetus management team will be looking for the next opportunity, whether that be via corporate or fleet acquisitions.
Admitting that the dry bulk market has got off to a slow start this year, Lennox-King maintained that fundamentals ought to improve after the first quarter.
“Our supply/demand fundamentals are strong, particularly on the supply side, which is in our view more positive than demand-led recovery, and opportunities abound. We are positive about what 2023 will bring,” Lennox-King said.
