In the spot market, Star Bulk Carriers maintains a large part of its fleet as, as stated by the CEO of the company Petros Pappas, it expects an even better bulk cargo freight market in the coming quarters.
With 128 dry bulk carriers, in its fleet Star Bulk Carriers presented in the second quarter of 2021 revenues more than double the corresponding period of 2020 to $ 311.4 million compared to $ 146.1 million a year ago and profits of 124 , $ 2 million from losses of $ 44.2 million last year.
The big increase in revenue is due to the significant improvement of the freight market but also to the addition of ten ships to the Star Bulk fleet in the second quarter of 2021 compared to the second quarter of 2020.
“The record low orderbook, combined with the lack of yard space and future vessel propulsion uncertainty combined with covid related inefficiencies, create a very favorable supply side picture for our industry. Increased government spending due to the synchronized pandemic stimulus programs has led to strong commodity demand globally with robust volumes of iron ore, coal, grains and minor bulks being transported, a trend which we expect will continue, supporting our optimistic view on the future prospects of the dry bulk market,” noted Mr Pappas in the company’s Q2 statement.
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