Dry Bulk Shipping publicly traded companies are reporting record second quarter 2022 earnings.
Genco Shipping reported $47.6 million in second quarter 2022 profits compared to $32 million in 2021.
Eagle Bulk’s net income was $94.5 million
Star Bulk’s net income to June 30th was $200 million, compared to $124 mill. in the first 6 months of 2021, with cash on hand of $385.6 million.
Dry cargo freight rates continued to soften but asset prices remain firm, and the above numbers reflect that there is plenty of powder for dividends and ship acquisitions. This should keep bulk carrier prices firm for a while.
Dry cargo S&P took some headlines away from the Tanker market this week when it was announced that Louis Dreyfus Armateurs (LDA) of France sold their remaining fleet of 13 handysize bulkers for an excess of $300 million en bloc to institutional investors advised by JP Morgan Global Alternatives’ Global Transportation Group and Netherlands-headquartered MUR Shipping.
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Sagitta Marine, S.A.