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Dry bulk operator Baltnav has replaced expensive ships with cheaper ships, and the company believes that dry bulk is about to exit the downturn. "The market rarely stays at such a low level," partner tells ShippingWatch.
Baltnav and Navision Chair Peter Jein has just purchased his fourth vessel in nearly four years. Three ships are already resold, and ownership has usually been short term after the first purchase in 2016. "There was some profit, which was motivating," he tells ShippingWatch.
One year after the opening of an office in Singapore, bulk operator Baltnav has doubled the expected number of vessels on the books. Partners Michael Bonderup and Martin Sato clarify the company's status in an interview with ShippingWatch.
Revenue and earnings grew at bulk operator Baltnav this year. Expectations for this year are high.
Dry bulk operator Baltnav is hiring more staff and is experiencing major interest in its newly opened office in Singapore, partners Martin Sato and Michael Bonderup tell ShippingWatch.
Pioneer Marine, headed by former J. Lauritzen CEO Torben Janholt, places part of its fleet under commercial management at Baltnav, which employs several former Lauritzen executives.
Two managers from J. Lauritzen's office in Singapore have switched to competitor Baltnav, which is set to open an office there in early September this year. This marks the latest in a series of changes in J. Lauritzen's organisation.
Dry bulk operator Baltnav was able to turn a deficit into a profit in 2016 despite the dry bulk market reaching an all-time low during the period.
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