Bloomberg is set to retire 15 of its 60-strong fleet of vessels and replace them with second -hand ships that are less than five years old , according to CEO John Wobensmith . The move pre-empts a predicted 3%-4% increase in shipping demand for 2018 , with tonnage set to rise by 1%-2% off the back of China 's continued demand for iron ore from Australia and Brazil . Wobensmith said this year was likely to be a "healthier, stronger freight market than what we saw in 2017 ". Genco Shipping to Acquire Bulk Carriers to Meet Demand Growth 2018-03-06 14:36:05.822 GMT By Kyunghee Park ( Bloomberg ) -- Genco Shipping & Trading Ltd. plans to buy the ships in the second -hand market this year to replace faster than 2017 older vessels it will sell, Chief Executive Officer John Wobensmith said in an interview in Singapore . * Co. to focus on Capesize and Ultramax businesses * Will look at buying vessels less than five years old * “ 2018 to be a healthier, stronger freight market than what we saw in 2018 ”: Wobensmith * Co. currently operates 60 vessels * Bulk-shipping demand likely to increase 3%-4% less than five years old : Wobensmith * Supply of tonnage to rise 1%-2%, possibly helping time-charter rates to rise faster than 2017 * These increases were partially offset by the operation of fewer vessels during the fourth quarter of 2017 as compared to the same period of 2016. Capesize demand for higher grade iron ore to continue this year from Brazil and Australia * India expected to need more coking and thermal coal * NOTE: Feb. 27 , Genco Shipping Reports Unexpected Fourth- Quarter Profit
Bloomberg is set to retire 15 of its 60-strong fleet of vessels and replace them with second -hand ships that are less than five years old , according to CEO John Wobensmith . The move pre-empts a predicted 3%-4% increase in shipping demand for 2018 , with tonnage set to rise by 1%-2% off the back of China 's continued demand for iron ore from Australia and Brazil . Wobensmith said this year was likely to be a "healthier, stronger freight market than what we saw in 2017 ". Genco Shipping to Acquire Bulk Carriers to Meet Demand Growth 2018-03-06 14:36:05.822 GMT By Kyunghee Park ( Bloomberg ) -- Genco Shipping & Trading Ltd. plans to buy the ships in the second -hand market this year to replace faster than 2017 older vessels it will sell, Chief Executive Officer John Wobensmith said in an interview in Singapore . * Co. to focus on Capesize and Ultramax businesses * Will look at buying vessels less than five years old * “ 2018 to be a healthier, stronger freight market than what we saw in 2018 ”: Wobensmith * Co. currently operates 60 vessels * Bulk-shipping demand likely to increase 3%-4% less than five years old : Wobensmith * Supply of tonnage to rise 1%-2%, possibly helping time-charter rates to rise faster than 2017 * Capesize demand for higher grade iron ore to continue this year from Brazil and Australia * India expected to need more coking and thermal coal * NOTE: Feb. 27 , Genco Shipping Reports Unexpected Fourth- Quarter Profit