Dry bulk market worst in 30 years: Goldenport

Dry bulk market worst in 30 years: Goldenport

Athens: Greece’s Goldenport Holdings has warned dry bulk shipping is in the midst of its run since the awful days of the mid-1980s.

The company yesterday posted a loss of $27.1m for 2014, a larger loss than the $12.1m loss it reported in 2013.

“The long-awaited recovery in the dry bulk sector is unlikely to materialize in the near term as the newbuilding orderbook continues to cast a shadow over demand,” the firm’s CEO, John Dragnis said in a statement.

Dragnis expected that 2015 will be more challenging than 2014, as demand lags net fleet growth.

“We are navigating through what is arguably the worst dry bulk market of the last 30 years,” Dragnis warned.

The Greek national was more upbeat about container prospects, especially on the north-south trades.

 

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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