Genco Shipping & Trading is ready to buy a ship or two — or more.
The New York-listed bulker owner is in a good position to do so with a $200m balance sheet and 50% leverage, while other owners seem to be focused on operating what they have, chief executive John Wobensmith said.
"From Genco's standpoint, we are very much engaged in looking at M&A," he said Tuesday during a panel talk at the 32nd annual Marine Money conference in New York.
"We're primed to do something. It's just a matter of finding the right partner."
At the same time, the dry bulk shipping sector overall seems more attuned to operating their present fleets.
"I think this industry is slowly moving away from just pure asset play and making money in that form," he said.
Instead, owners appear to be carefully buying vessels that will most benefit the running of their entire operations, he said.
"What's also important is you don't want to take on someone else's problems," he said.
Genco has bought six modern capesize and ultramax bulkers while offloading older vessels as part of a fleet renewal programme.
Eagle Bulk, meanwhile, has been upgrading and replenishing its fleet with en bloc and single ship acquisitions and the sale of smaller and older vessels during the past couple of years.
"It's about maintaining the right fleet," fellow panelist chief executive Gary Vogel said.
