Cautiously bearish, but prioritizing stable cash flow
On 22nd Sep, Ningbo China, at Marine Circle Conference.
Wang Jianjun, President of Goldsea International, was characterized by the host as “somewhat cautiously bearish.” His assessment begins with the global fleet structure: dry bulk, tankers, and container ships collectively account for approximately 85% of the global fleet. Currently, the tanker market is undoubtedly hot. “From a long-term investment perspective, the risk is very high. When investing at such short-term peaks, you need to think twice.” He argues that tanker freight rates are currently elevated due to geopolitical factors; in the long run, once these disruptions subside, rates will revert to normal levels.
Earning “hard money” with high talent barriers
He believes that the project cargo and breakbulk sector earns “hard money” (hard-earned profits). He states, “In the capital markets, with 10 billion RMB, it is easy to buy dozens of Capesize vessels and build a fleet. But if you try to buy dozens of Multi-Purpose (MPP) vessels, it is quite difficult. The talent entry requirements are very high.”
“Dry bulk is too massive; no single individual can control it.” In fact, breakbulk carries industrial consumables. As long as there is human activity, this demand will persist endlessly.” Therefore, in the long run, he personally feels there is no need for concern: “Small shipowners should focus on the markets they know best.”