The expansion strategy in the bulk carriers market was outlined by the CEO of Danaos Corporation, Yannis Koustas, following the second quarter results.
The listed company, which until recently was active exclusively in the containership market, invested both in second-hand ships and in the US shipping company that specializes in the sector, Eagle Bulk, through the acquisition of shares. It was also strengthened with five bulkers, capesize type, built 2010-2012, with a total capacity of 879,306 dwt, spending a total of 103 million dollars.
Koustas said that the company would allocate capital “carefully”, looking for opportunities at attractive prices. “It is not like we are going to invest in bulk carriers at any price just to diversify revenue sources,” he said, adding that to make a profit from the industry, you have to pay at the low point of the cycle, where values are at low levels.
“We think the long-term fundamentals are very positive. In particular, the order book is at historically low levels, while demand will recover,” he also estimated.
The management of the shipping company clarified, however, that the main business activity of the listed company will remain the containerships sector.
