Germany-based DS Multibulk has sidelined plans to invest in the multipurpose shipping sector and has already begun limiting its exposure to the business.
DS Multibulk entered the multipurpose sector as a shipowner at the end of 2017 and by the end of 2018 it operated nine multipurpose ships. Today, the carrier said it operates just two chartered vessels and one owned vessel, the DS Wisconsin (12,744 dwt).
A spokesperson for Dr Peters Group, the parent company of DS Multibulk, said the multipurpose shipping market had developed differently to how it had forecast. It no longer deems multipurpose shipping as an attractive market to expand into.
With the redelivery of chartered ships, DS Multibulk has also been forced to rationalise its workforce in what it described as a “strategic rebalancing". The carrier said that it would continue to focus the tanker market.