Business Highlights


EBITDA increased to a positive US$88 million, and we made a net loss of US$18.5 million

Freight rates fell further in 2015 in one of the weakest years for dry bulk shipping

Our Handysize daily TCE earnings outperformed the market index by 54%

We reduced costs and intensified our efforts to maximise our vessel and fleet utilisation

We turned around our Supramax performance to a positive contribution

We issued a new US$125 million convertible bond repayable in 2021

Our exit from RoRo and most of our towage business was completed in 2015 generating cash of US$140 million

Our cash position stood at US$358 million with net gearing at 35%

US$375 million of undrawn loan facilities exceeds US$274 million of remaining newbuilding capital commitments


We are now fully focused on dry bulk: substantially all our long-term assets are invested in our market leading “Handy bulk” business

We reduced our owned Handysize and Supramax operating costs to US$4,210 and US$4,060 per day through scale benefits and good cost control

We are operating more owned ships and redelivering expiring medium and long-term chartered ships to further reduce our daily vessel costs while enabling greater control and service quality

We now operate 206 dry bulk ships of which 86 are owned

13 owned newbuildings will join our fleet in the next two years

We have covered 44% of our 37,080 Handysize revenue days for 2016 at US$7,800/day net


The market was undermined by continued oversupply and reduced dry bulk demand

Very low fuel prices drove increased ship operating speeds in the third quarter thus further increasing effective shipping supply

Dry bulk indices have declined further in early 2016, posting several record lows in the year to date

Current market rates are below industry operating cash costs which is unsustainable, leading to increased scrapping which will contribute to a healthier market in time

We are managing our business for a continued weak market in the medium term and are prioritising safety and staying power

My Annual Report

Your page has been added successfully.