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Masterbulk switches tack Singapore offshoot of Westfal-Larsen ditches shipmanagement
M
asterbulk’s plans to diversify earnings by adding third party management to shipownership have come to a sudden halt. The 20-year-old Singapore offshoot of Westfal-Larsen has handed over management of its own fleet of 16 open-hatch supramaxes to Rickmers Shipmanagement. Masterbulk’s CEO Nick Fisher tells Maritime CEO that the economics of running a standalone shipmanagement business for the number of vessels involved can no longer be justified in the current depressed market.
“For Masterbulk there will be significant financial benefits both in overheads and in opex, the business of shipping is, of course, all about economies of scale,” he says. Fisher thinks many other shipowners will follow suit. On the markets, Fisher warns of plenty more trouble to come. “There is,” he says, “considerable pain out there now and there will be casualties: consolidation, company closure and sales of distressed assets will continue. Recently published first quarter results from well-known dry bulk players tell the story.” ●
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