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• BMTI Investment Review (5 Oct 2022)

  Winning Shipping made several moves this month as part of an ongoing fleet renewal including buying the 10-year-old, 180,000 dwt “Frontier Triumph” while selling both a post-Panamax and 21-year-old Capesize for scrap. The purchase and demolitions bring the Singapore-based owner’s fleet to 39 ships. Hamish Norton, president of bulker operator Star Bulk, said his company has “no plans” to order any new bulk carriers as long as the imple­mentation of new environmental regulations such as the IMO’s upcoming EEXI and CII indices remains uncertain. Such orders, says Norton, may end up be­ing “stranded assets” by 2030 as the ESG landscape will likely be quite different in a decade from now. Nasdaq-listed bulker companies had a bearish week with nearly every stock down. Eagle Bulk [EGLE] fell 9% to US$40.4, Golden Ocean [GOGL] lost 16% to US$ 7.3 and Diana [DSX] slid 22% to US$ 3.6. For exclusive news and updates about dry bulk shipbroking, subscribe to the BMTI Daily Report.

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