Omegra: The benefits of being nimble

Omegra: The benefits of being nimble

Omegra was conceived in 2013 in Singapore as an independent dry bulk shipping company sitting alongside sister company and commodity trading house, Enerfo. From the outset, the aim was to be nimble, snatching opportunities in what has been an incredibly volatile market this decade.

“For any operator, success derives from the constant evaluation of market opportunity and a management structure that promotes the fast and clear decisions required to capture it,” explains Lukasz Ogryczak, a director at Omegra.

By the end of July this year, Omegra’s annualised cargo volume grew by 1.2m tonnes to 4.5m, outperforming the market, generating average daily earnings of just over $15,000 per day on panamaxes and $11,000 on supramaxes.

Currently, Omegra has 35 vessels – a mix in size ranging from kamsarmax to handysize – under commercial control with a combined deadweight capacity of close to 2.5m tons.

There are no immediate plans to enter ship ownership, but Ogryczak saying the company might change its stance in this department as the markets evolve.

“To date, Omegra has benefitted financially from being asset-light with a versatile time-charter fleet,” Ogryczak tells Maritime CEO. “So, the near-term answer to shipownership is no. However, with ever-changeable freight market conditions we will maintain an open-mind and keep an eye on sale and purchase pricing.”

On dry bulk shipping prospects through to the end of the year, Ogryczak reckons the solid summer end should percolate though to Q4.

“We believe bulk rates will remain buoyant for the balance of the year,” Ogryczak says, explaining: “The IMO 2020 situation points to an effective reduction in capesize capacity and any slow steaming in a higher cost environment may also tighten supply. The intra-market spreads should perform to some degree and at least sustain freight rates for the smaller sizes. The shift to MGO in Q4 – and VLSFO beyond – should also contribute to an increase in voyage and, ultimately, time-charter rates.”

The wildcard remains the US-China trade wars, Ogryczak admits.

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