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Danaos: A fleet of large bulk carriers

Danaos has implemented a careful growth strategy in large bulk carriers, such as capesize, continuing the cost-effective acquisition deals.

In the latest development, the US-listed company has strengthened its fleet with the cape ‘West Trader’ (175,879 dwt capacity and built in 2009). Shipbrokers report that the price was between 18-19 million dollars, an amount consistent with the ship’s current value (17.2-19.4 million dollars), as captured by the MSI Horizon platform.

This is the sixth capesize to join the fleet in the last quarter. In particular, at the end of July, Danaos purchased ‘Bulk Integrity’, ‘Bulk Peace’ (built 2010), ‘Bulk Ingenuity’, ‘Bulk Achievement’ (built 2011) and ‘Bulk Genius’ (built 2012), for approximately 103 million dollars.

Shipping brokerage sources pointed out that the Greek shipping company is in the market for more deals, as it wants to expand its presence in the capes industry.

“We think the long-term fundamentals are very positive. In particular, the order book is at historically low levels, while demand will recover,” Danaos CEO, Yannis Koustas, has underlined.