Furthermore, European port congestions that just started to ease and weather-related disruptions could lead to more port omissions, possibly offsetting the drop in shipping rates. In this line, Genco Shipping (NYSE: GNK) CEO John Wobensmith claimed that his company is seeing positive signs out of China despite the fall in rates during his interview on October 3 with CNBC’s Squawk on the Street.
Wobensmith is not so worried about China
Unlike his competitors, Wobensmith is not as worried about China, especially about troubles brewing in China’s real estate markets.
Contrarian opinion
According to Wobensmith, China was the country that led to a recovery in the world after the 2008 financial crisis and the first hit markets saw during Covid lockdowns, and helped the world out of the recession. Finally, Genco’s CEO considers the current shipping rates healthy, so much so that it helped his company pay off 60% of its debt and put in a dividend policy for shareholders. Additionally, the expectations are that the 2023 recovery will be led by China, their real estate market, and their infrastructure spending. Buy stocks now with Interactive Brokers – the most advanced investment platform Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
