Costas Delaportas, President & CEO of Greek dry bulk owner and operator DryDel Shipping, said in an interview with The Japan Maritime Daily that “the Capesize segment has significant potential” from an investment perspective. He also expressed optimism about Japan’s government-backed shipbuilding revitalization initiatives, noting that they would “expand the options for ordering newbuildings in Japan.” We asked Mr. C. Delaportas about the company’s management policy and growth strategy.

■ Could you outline your company’s business profile?

“We are shipowners & ship operators of dry bulk vessels. Our current owned & operating fleet consists of 37 vessels—12 owned ships and 25 vessels on long-term time charter—ranging from Handysize to Kamsarmax. The average fleet age is a very low, four years. Including short-term charters & the newbuilding vessels to be delivered, we control a total fleet of around 60 vessels.”

“All of our owned vessels are high-quality Japanese-built vessels, and all long-term chartered vessels are chartered from Japanese owners. We have an orderbook of 11 newbuildings, all under construction at Japanese shipyards and scheduled for delivery by 2029. This orderbook includes four Capesize vessels. As an operator, we transport approximately six to seven million tons of various dry bulk cargoes annually.”

■ What has driven DryDel’s steady growth?

“Our growth has been driven by three core principles: ‘quality over quantity,’ ‘hands-on management,’ and ‘partnerships.’ Rather than pursuing scale for its own sake, we focus on investing in fuel-efficient Japanese-built vessels and conducting ship management in-house to deliver high-quality services.”

“Shipping is a business that requires speed. By the owner-operator business model,  which is unique for the Greek market, and the direct exposure to cargo, we gain both the quantity and quality of market intelligence needed for fast yet disciplined decision-making. We also place great importance on relationships with partners such as cargo owners, charterers, shipyards, and financial institutions.”

“Access to cargo is one of our key strengths. I have always argued that in the dry bulk business, ‘cargo is king.’ This is why we have established satellite offices in Singapore, Dubai, São Paulo, and Houston—to increase our points of contact with cargo owners and local shipping stakeholders. Staying close to cargo is the key to success.”

■ You have recently been focusing investment on Capesize vessels. What is the rationale?

“In December last year, we placed an order for one Capesize vessel at Namura Shipbuilding, bringing our Capesize orderbook to four vessels, all of which are being built at Namura. By diversifying our vessel types and broadening our business scope, we aim to achieve further growth.”

“The Capesize sector has significant potential for three main reasons: the emergence of new trade patterns, the aging of the existing fleet, and the historically low level of the orderbook.”

“Shipments of iron ore and bauxite from West African mining regions, including Simandou, are set to ramp up in earnest, creating new transport demand of around 100 million tons per year. At the same time, a large portion of the existing fleet is over 15 years old, with roughly 40% classified as aging vessels. Many of these ships will face replacement around 2028–2029. Despite this, the current orderbook accounts for only about 9% of the existing fleet.”

■ What is your growth strategy going forward?

“In addition to further diversifying vessel types, we aim to expand our owned fleet while increasing the number of long-term chartered vessels from the current 21 to around 40. We are also considering opening new offices, but above all, people are the most important factor. After hiring the right talent, we will continue to expand our global network.”

“We are also interested in the tanker sector. While current market conditions and asset prices make entry difficult, we would consider investing in tankers in the future if the right opportunity arises. Given today’s excessively high vessel prices, we would prefer to enter once market conditions normalize.”

■ How do you view future business opportunities with Japanese companies?

“Since 2010, I have been visiting Japan four to five times a year and have built extremely strong relationships with the Japanese maritime community. Our partners—shipyards, trading houses, and financial institutions—are now true friends. Together, we have completed numerous newbuilding projects, long-term time charters, bareboat charters (BBC), loan agreements, and JOLCO transactions. Approximately 60% of our financing comes from Japanese sources.”

“I have the utmost respect for the exceptional quality of vessels built by Japanese shipyards and the integrity of the people we work with. Leveraging this strong trust, we will continue to pursue further business opportunities in newbuildings, chartering, and financing. We would also like to increase opportunities to share vessel ownership through joint ventures with Japanese shipowners.”

■ The Japanese government has announced plans to revitalize the shipbuilding industry and double construction capacity. How do you view this?

“Japan’s government-led initiatives to revitalize and expand shipbuilding capacity will create new opportunities for shipowners like us. If Japanese shipyards increase their building capacity, the range of options for ordering high-quality newbuildings in Japan will expand further. We have very high expectations.”

■ The IMO has postponed adoption of the Net-Zero Framework (NZF) for GHG reduction by one year. How do you assess this decision?

“I believe it was a wise decision that benefits all stakeholders. While the NZF sets ambitious targets for reducing GHG emissions, the means to achieve them—particularly the infrastructure required for specific fuels—are not yet fully in place.”

“Our policy is to order state-of-the-art, fuel-efficient vessels and remain competitive while continuing to use conventional fuels. While closely monitoring environmental regulations, technological developments, and the build-out of alternative fuel infrastructure, we will, for the time being, focus our investments on new-design vessels using conventional fuels that offer high quality, reliability, and superior fuel efficiency.”