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.
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.