Interview: DryDel Shipping Singapore

A Strategic Hub Deepening Ties with Japan Amid Market Competition

Managing Director, Sung Yong Do, Speaks

 

DryDel Shipping, the distinguished Greek shipowner and operator, is a name of tradition and strength in global shipping. Its Singapore office, under the leadership of Managing Director Sung Yong Do, stands at the forefront of the company’s international operations. “We're noticing an increase in competition,” he says candidly, reflecting on the current market environment.

 

With market uncertainty shaped by climate change and the lingering effects of US-China tensions, the company is leveraging its close ties with Japanese shipowners and shipyards as a key asset in securing operational stability and expanding its reach. The Singapore branch is the spearhead of this effort, looking towards broader engagement with Houston office in the United States and markets across Latin America, as well as the offices in Dubai and Brazil which all play an increasingly central role in DryDel Shipping’s overall strategy.

 

Recently, DryDel released its first ESG (Environmental, Social, Governance) report 2024 - a noteworthy move for a privately held shipping company. In my view, this reflects not just a commitment to transparency, but also a broader culture of accountability and performance. ESG reporting isn’t mandatory for private firms, yet DryDel has chosen to hold itself to a higher standard. This speaks volumes about the company’s leadership, values, and long-term mindset. DryDel is clearly focused on continuously improving — not only in terms of profitability, but also across environmental, social, and governance performance. (for more: DryDel ESG report 2024)

 

 

Intensifying Market Conditions and the Impact of Climate Change

 

“There is growing competition for the same cargoes,” remarks Sung Yong Do at the outset, pointing directly to the prevailing market. Weather risks driven by climate change directly impact operations and the efficiency of cargo transportation. “Occasionally, weather conditions pose challenges to our operations,” he says. To manage such risks, the company is actively monitoring the actual weather factor and condition of ports that limit exposure to particular areas, thereby reinforcing operational safeguards.

 

 

■ The Role of the Singapore Office and the Trade in America

 

DryDel Singapore has been actively collaborating with the newly established DryDel Houston office since its opening earlier this year, strengthening transcontinental coordination and project development. “We’re now handling cargoes out of Houston as well, with this year’s focus on fertilizers and cement,” notes Sung. While Houston oversees grain shipments, Singapore is responsible for fertilizers, cement, copper, and cargoes along Latin America’s west coast”.

 

The Singapore branch functions as a practical hub for DryDel as a whole. With geographical advantages that allow rapid engagement with Latin America and Africa, it also serves as a vital point of connection with the Japanese market.

 

■ US-China Tensions and Their Impact on the Market

 

Recent tariff measures imposed by the United States Trade Representative (USTR) against China have added to uncertainty in the market. “Vessels less than 80,000 tonnes are subject to the measures, but our Handysize and Ultramax are unaffected,” Sung explains.

 

“While our China-bound cargo volumes have declined somewhat this year, we continue to maintain close monitoring of the Chinese market, which remains one of the most critical regions for raw materials and food.”

 

■ Ties with the Japanese Market

 

Another strength of DryDel lies in its relationship with the Japanese market. “Japanese trading houses operate with all DryDel offices, but in the end, decisions are made by the headquarters in Athens,” Sung notes. Headquarters’ decision-making is particularly critical in the newbuilding sector.

 

Thanks to the long-term trust built by DryDel’s President & CEO, Costas Delaportas, the company has secured numerous time-charter contracts from Japanese shipowners, and newbuildings ordered at Japanese shipyards are now central to its operating strategy. Sung affirms that “we will continue to support Japanese shipyards”.

 

 

 

■ Fleet Strategy and Market Outlook

 

DryDel is closely monitoring market trends as more than 400 Ultramax and Kamsarmax vessels are due for delivery over the next two years. “The Cape sector is seeing an increase in ageing vessels, and if these are scrapped it will be positive for the market,” Sung comments. In newbuilding investment the company adheres firmly to a policy of “focusing only on high-efficiency ships”.

 

On fuels, Sung is pragmatic: “We are always seeking for fuel efficient modern ships” he says, while containing costs through efficient operations. Regarding the sustained high level of newbuilding prices, he offers a calm assessment: “There is no downward pressure as Japanese slots are already filled.” DryDel has already secured 10 newbuildings and completed financing, leaving it well prepared to act when the timing is right.

 

■ Future Strategy of DryDel Singapore

 

DryDel Singapore expects to continue expanding business with the U.S and Latin America, while further deepening its ties with the Japanese market. “We are gradually trying to cover a wider range,” Sung notes.

 

The parent company’s three-pillar strategy of “operational excellence,” “strong relationships with cargo partners,” and “fleet renewal with vessels compliant with environmental regulations” is firmly embedded within the Singapore branch. “The market is volatile, but we respond flexibly and maintain trust,” Sung emphasises. Inheriting the traditions of Greece while maintaining a firm grasp on Japan and Asia, DryDel Singapore is set to remain indispensable to the company’s growth strategy.

Reporter’s View

 

What emerges from the strategy of DryDel Shipping Singapore is that “though a Greek enterprise, it understands the spirit and market structure of Japan, and places this as the foundation of its growth.” It is not simply a regional outpost; supported by its relationships with Japanese shipyards and shipowners, it functions as a bridge linking Asia with the rest of the offices worldwide.

 

From the words of Sung Yong Do, a clear focus on efficiency and reliability is evident. A combination of respect for the Japanese market and the practical flexibility of the Singapore office positions DryDel to assert its distinctive presence in the next phase of growth.

(Hirofumi Yamamoto)