Pacific Basin Shipping has made progress this year in renewing and modernising its bulker fleet, but the owner-operator will likely switch from buyer to seller as asset prices firm, according to its CEO.
Martin Fruergaard told investors on Monday that the Hong Kong-based company thinks decent opportunities to buy are becoming more limited as market sentiment becomes more optimistic.
“What we want to do right now is just make sure that we renew and maintain the size of the [fleet of] handysizes, and then we’d like to grow in ultramaxes,” Freuergaard said during Pacific Basin’s interim conference call.
