Business Highlights


In a very difficult market, our results were influenced by:

  • the impact on revenues of very low dry bulk market rates
  • US$130 million non-cash impairments and provisions reflecting significant changes in dry bulk and bunker fuel markets
  • US$91 million towage-related impairment and business disposal charges

EBITDA was positive US$82 million

Robust balance sheet with:

  • US$363 million cash and deposits
  • net gearing of 40%
  • US$350 million of undrawn committed bank facilities
  • US$69 million of towage sale proceeds received in early 2015

Dry bulk vessel capital commitments of US$385 million


We stopped buying ships in early 2014 and have taken delivery of all 33 secondhand ships that we purchased between late 2012 and early 2014

These dry bulk ships were acquired at historically low prices and have made a positive cash contribution despite weak market

We now operate 218 dry bulk ships of which 80 are owned

We have 18 owned and 14 chartered newbuildings on order

56% of our contracted 40,220 Handysize revenue days in 2015 are covered at US$8,880 per day net

Our towage vessel net book value has reduced to US$41.5 million following sale of harbour towage business

Remaining two RoRo vessels will deliver into buyer’s ownership within 2015 generating proceeds of US$60 million


Poor start to 2015 with Baltic Dry Index falling to its lowest since indices began in 1985 and a dysfunctional freight market in some regions

We expect weak market to continue in 2015 and take a cautious view on freight earnings outlook

Net fleet growth has reduced, but excessive dry bulk supply is not yet fully absorbed

Low fuel prices may lead to faster ship speeds thereby potentially further increasing shipping supply

Demand growth continues to be threatened by softer outlook for China and most developed economies

We remain focused on the Handy segments and are managing our business to deliver positive contributions even in a weak market and to safeguard our strong cash position and EBITDA generation

Difficult market will present opportunities for companies able to access capital

Our Dry Bulk Fleet Development

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