The CEO of the largest New York-listed bulker outfit has given a bullish outlook on prospects for the sector. Commenting during Star Bulk’s second quarter results unveiling, CEO Petros Pappas said the global bulker fleet growth was at its lowest for the past 10 years, prompting hope of a sustained recovery in the sector.
“We are optimistic about market fundamentals of the industry given the strengthening rate and asset value environment. Dry bulk supply is presently expanding at the lowest pace of the last decade while demand is supported by healthy ton-mile growth due to continued Chinese demand for higher quality raw materials,” Pappas noted.
Star Bulk’s net income for the second quarter was $10.7m, a sharp turnaround from the $10.3m net loss it made in the same period of 2017.
