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Explosion of profitability for Greek shipowners on Wall Street

By George George

An increase in turnover and net profitability was recorded in the first nine months of this year by most of the Greek shipping interests, which are listed on the American stock exchange.

The publication of the results started the previous days and the leading companies are active in the sectors of container transport, bulk dry cargo and LNG, whose fares “took off” this year.

Despite the recent mild correction in container charters and the sharp drop in bulk carriers, the “Greeks” have managed to “lock” most of their fleets in long-term and profitable charters, which is expected to offer resilience when markets are at the low point of the cycle.

Who announced results?

Initially, the Costamare of Konstantakopoulos family recorded $ 509.7 million in travel revenue in the first nine months of 2021, up from $ 341.1 million in the same period last year. At the same time, the company recorded a net profit of $ 273.9 million, compared to a loss of $ 18.1 million last year.

According to the relevant results report, the increase is due to the increase of the fleet with new containerships and bulk carriers and the most advantageous charters that closed in the previous months. These include charter for the “Glen Canyon” (5,642 TEUs, 2006) for a period of 39-42 months, for $ 62,500 per day.

Costamare fleet consists of 78 containerships and 37 bulk carriers.

The best results of the last years were announced by Safe Bulkers, his interests Poly Hatziioannou for this year’s nine months. In particular, revenue rose to $ 247 million from $ 151.6 million last year. At the same time, last year’s losses of $ 20.5 million turned into profits of $ 109.1 million.

The increased profits and duration charters and the “shift” to eco ships, which the charterers prefer, contributed the most to the positive performance of the shipping.

The company operates 42 dry bulk carriers, while it has ordered eight more steamers, with “green” specifications.

Its profits amounted to $ 76.5 million GasLog Partners of Peter of Lebanon in the first nine months of this year, from $ 34.2 million in the first nine months of 2020. Turnover remained almost unchanged. In particular, it fell to $ 237.9 million, compared to $ 248.6 million last year.

GasLog Partners is a subsidiary of the GasLog group and manages a fleet of 15 LNG carriers.

Revenue of $ 121 million was announced by Capital Product Partners, his interests Vangelis Marinakis in the nine months of 2021, when in the same period last year it had recorded revenues of 105.7 million dollars. Net income also rose to $ 58.1 million from $ 23 million last year.

Until recently, shipping was almost a “pure player” in containerships. However, it eventually expanded to LNG, securing long-term charters.

At the end of the year, the shipping company will have 21 ships, of which 14 are containerships, one bulk carrier and six LNG carriers.

An increase of 130% in turnover was recorded in the nine months Seanergy Maritime of Stamati Tsantani. In particular, it amounted to $ 100 million, compared to $ 43.5 million in the same period in 2020. Net profit amounted to $ 20.7 million against a net loss of $ 16 million in the same period last year.

“Seanergy’s significant financial performance is due to the combination of the timely ship purchases we completed during the year, as well as the highest dry cargo market of the last decade,” commented Mr. Tsantanis in the context of the results.

Shipping is the only company listed on the US stock exchange that exclusively manages a fleet of capesize ships. Specifically, it controls 17 such steamers.

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Source From: Capital

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