Skip navigation.
Home
Maritime News for Filipino Seafarers

"You can make money if you buy secondhand ships"

The case against bulker newbuilds: Splash TV
December 6th, 2017 http://splash247.com/the-case-against-bulker-newbuilds-splash-tv/

Watch some of Hong Kong’s top dry bulk owners make the case against newbuilds in the latest episode of Splash TV. Mats Berglund, CEO of Pacific Basin and Edward Buttery, the CEO of Taylor Maritime, were among a high calibre panel of speakers at last month’s dry bulk panel at the Maritime CEO Forum, a discussion ably moderated by Mandarin Shipping’s Tim Huxley.

“We want to remind the world that we do not need new ships,” Pacific Basin’s Berglund said, adding: “Rates are not high enough now to support newbuildings. You can make money if you buy secondhand ships.”

His views were supported by Taylor Maritime’s Buttery who commented: “Secondhand ships definitely make much more sense, especially for handies where there is less focus on speed and consumption as you spend longer in port.”

The session’s moderator, Huxley, quipped: “The best way not to order ships is to continue to make losses.”

The Maritime CEO Forum took place in the Foreign Correspondents’ Club in Central, Hong Kong with sessions on tankers, bulkers and crewing. The event was sponsored by Anglo-Eastern, Cobham, Dualog, DVB Bank, Liberian Registry, RightShip, Veritas Petroleum Services, and V.Ships Agency.

The next Maritime CEO Forum is scheduled to take place at the Fullerton Hotel in Singapore on March 13.