Dry CargoEurope

‘Dry bulk supply expanding at lowest pace of the last decade’: Pappas

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.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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