As the holiday season shifts into high gear, good little boys and girls across the globe are racing to wrap up their winter wish lists.
“This current environment is conducive to creative thinking, ship acquisitions are at the right time a good way to spend money, but with many stocks offering huge discounts to net asset value, there are many other options,” the Star Bulk Carriers boss told TradeWinds in an interview this week.
“We have too many small shipping companies, its high time, and in general the right time to see more consolidation if egos can be overcome in this [bulker] sector, which is not a small feat but something people should consider.”
When asked if Star Bulk is still looking to implement its growth strategy through bulker buys, he said: “We are not the type of guys to dilute at these levels, do we want growth, of course we want growth, we still have room through our cash the ability to grow organically a little more.”
“We can buy another two vessels organically without a problem, but in these capital markets, and being a public company, we have other considerations in regards to how we spend our cash.”
Based in Athens, Star Bulk Carriers controls a fleet of 13 dry-bulk carriers including newbuildings.
Shares in the owner, which Tsirigakis says trade at a 30% discount to net asset value, jumped by 2.72% before finishing out the week at $3.02.(Copyright)
