In revealing annual results that saw net losses more than double, Angeliki Frangou, chairman and ceo of Navios Maritime Holdings, described yesterday dry bulk “as difficult a market as ever existed in shipping”.
Navios saw its net loss balloon from $56.2m in 2014 to $134.1m.
However, Frangou tried to remain upbeat.
“While this extended period of weakness is unprecedented, there are green shoots suggesting that this difficult market may begin to moderate because of accelerated scrapping and continued slippage of newbuildings and the absence of newbuilding orders. Thus, we anticipate negative net fleet growth in the dry bulk industry in the near term coupled by demand from continued global growth,” she noted.
