Danaos Corp.’s investment in bulk carriers, capesize type, is made at the right time, as the charter market is considered to be rather “hot” right now.
The Greek company listed on the US stock exchange acquired the first five capes from the secondary market last summer, while later it purchased two more, increasing its fleet of this type to seven ships, with a total capacity of 1.23 million dwt.
Apparently Danaos will not stop there. “We are closely monitoring the market and the evolution of prices and as soon as the conditions are judged to be suitable again, it is possible to proceed with new investments,” the Chief Commercial Officer of the Greek shipping company, Filippos Prokopakis, told “Naftemporiki”.
He explained the reasoning behind the “correct” investment. “Fortunately or unfortunately, asset values are linked to the course of the freight market and therefore in peak times the decision to proceed with an investment relies on the perspectives of each company and the assessments of the course of the market,” Prokopakis noted, adding that “the rule is usually to always buy low, so as to seize as many benefits as possible from each rise.”
“Traditionally the most important criterion for any investment in shipping, but especially in the dry cargo market, is the purchase price of the ship, that is, the starting point regarding the value of the asset,” he stated.
When asked if he aimed at a specific fleet size in dry cargo, Prokopakis responded negatively. “We are always looking at opportunities that will arise and if these ships can be included as assets in our broader investment strategy then it is something that we will actively look at that time,” he explained.
