Listed Dry Bulk Companies Clocked Up USD 5.8 Bn in Losses in 5 Years

Bulk carrierIllustration. Image Courtesy: PxHere under CC0 Creative Commons license

A total of USD 5.8 billion in losses were recorded by listed dry bulk shipping companies over the last five years, Stamatis Tsantanis, Chairman and Chief Executive Officer of Seanergy Maritime said.

The companies in question include Scorpio Bulkers, Diana, Navios, Genco, Eagle Bulk and Star Bulk.

Speaking in a Capital Link webinar on the Competitive Advantages of Shipping Small Caps, Tsantanis said the figure is a result of an internal study conducted by the company into how much dry bulk listed companies have lost over the last five years.

As disclosed, the calculations were made based on net losses available in the companies’ balance sheets.

Individual data shows that the list was topped by Genco with USD 1.7 bn lost over the period, followed by Eagle with almost USD 1.1 bn lost, with other companies from the list losing somewhat below the USD 1 bn mark.

On the other hand, according to Tsamatis, unlike its counterparts, Seanergy Maritime managed to earn USD 55 million over the past five years.

“I generally agree that the size is important, but it is also a matter how big a company can get. Bigger companies tend to add extra management layers creating disarrays with the company management and operation of the fleet,” he said.

“We don’t see the size being a problem in achieving the maximum revenue, or achieving the same terms in raising capital. It is not a matter of size, but the quality of the balance sheet and the type of focus you have.”

The company operates a fleet of eleven dry bulk carriers, consisting of nine Capesizes and two Supramaxes. However, by the end of the year, Tsantanis expect the company to sell its Supramaxes, thus becoming a solely Capesize owner as he believes the sector offers the best returns.

World Maritime News Staff

 

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