As ship prices have sunk due to the persisting slowdown in the global freight market, Apeejay Shipping is on an acquisition spree. Shipping companies world over place orders for new and second-hand ships, with asset prices just beginning to claw up from their record lows.
Despite prices in the second-hand market have inched up from their earlier lows, ship owners are still finding them attractive. Part of the Apeejay Surrendra Group, the company has just bought two 75,000 DWT bulk carriers from the Japanese and Chinese markets for about $20 million, the second one joining its fleet this month.
It is now looking for another Panamax carrier.
The company said it will pick up a Panamax carrier as soon as it see a good buy. It is still a great time to buy ships,the company said. With the two acquisitions, its fleet strength stands at eight, with an average age of 11 years, all carrying dry bulk cargoes such as coal and iron ore.
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