Polish Steamship Bulk Cargo

Polish state-owned bulker giant Polish Steamship Co (Polsteam) has reported cargo volume increase in cargo in Q2 2019. Szczecin based Polish Steamship Co (Polsteam) carried 8.1 million tonnes of bulk cargo in the first six (6) months of 2019, against 7.1 million tonnes of bulk cargo in the first six (6) months of 2018. Even tough the bulk cargo market remain tough, Polish Steamship Co (Polsteam) logs big cargo volume increase. Pawel Brzezicki led Polish Steamship Co (Polsteam) reported net profit PLN 194.3 million ($49.5 million) in Q2 2019, against PLN 117.6 millionin Q2 2018. In February 2017, Pawel Brzezicki was brought by Polish government in order to stabilize Polish Steamship Co (Polsteam). According to CEO Pawel Brzezicki, dry bulk market remains difficult and hampered by the United States-China trade war. In 2016 under the previous management, Polish Steamship Co (Polsteam) reported loss of PLN 741 million. Polsteam’s current CEO Pawel Brzezicki, was GM (General Manager) between 1998 and 2005. In February 2017, Pawel Brzezicki returned to Polish Steamship Co (Polsteam) and he renegotiated delivery of several bulk carriers abandoned at Chinese shipyards by the previous management. With latest addition of 2019 built bulk carriers 39K DWT MV Karlino and MV Sopot, Polish Steamship Co (Polsteam) fleet has increased to 62 bulk carriers. During current CEO Pawel Brzezicki’s tenure, Polish Steamship Co (Polsteam) has not sold any bulk carriers.

In 2018, Polish Steamship Co (Polsteam) has received five (5) new building bulk carriers from Chinese shipyards:

  • MV Drawno (39K DWT 2018 built)
  • MV Solidarnosc (39K DWT 2018 built)
  • MV Gardno (36K DWT 2018 built Lake Fitted Bulk Carrier)
  • MV Jamno (36K DWT 2018 built Lake Fitted Bulk Carrier)
  • MV Narie (36K DWT 2018 built Lake Fitted Bulk Carrier)

In Q2 2019, state-owned Polish Steamship Co (Polsteam) has reported 14% rise in overall cargo volume:

  • Grains 2,200,000 mtons (35% increase against Q2 2018)
  • Fertilizers 840,000 mtons (51% increase against Q2 2018)
  • Steel Products 333,000 mtons (130% increase against Q2 2018)
  • Phosphates 326,000 mtons (41% decrease against Q2 2018)

Increase in Steel Products and Grains, reflect Polish Steamship’s strength in the Great Lakes market. Furthermore, as Time Charter Trips (TCT), Polish Steamship Co (Polsteam) has transported 3,800,00 mtons of cargo till the end of Q2 2019.