The 10th Capital Link Maritime Leaders Summit – Greece was successfully held on Monday, June 1, 2026, as part of the Posidonia Week Conference Program. Organized by Capital Link in partnership with DNV and with the cooperation of NASDAQ and NYSE, the biennial event once again confirmed its position as one of the most prominent maritime gatherings during Posidonia Week.
A highlight of the conference was the panel discussion “DRY BULK AT AN INFLECTION POINT: SUPPLY, DEMAND, & CORPORATE STRATEGY,” which brought together leading figures from the shipping industry, including Ms. Semiramis Paliou, Director & CEO – Diana Shipping Inc. (NYSE: DSX); Chairperson – HELMEPA & INTERMEPA, Mr. Costas Delaportas, CEO – DryDel Shipping, Mr. John Dragnis, CEO – Goldenport Group, Mr. Polys Hajioannou, CEO – Safe Bulkers, Inc. (NYSE: SB); President – Cyprus Union of Shipowners (CUS), Mr. Stamatis Tsantanis, Chairman and Chief Executive Officer – Seanergy Maritime Holdings Corp. (NASDAQ: SHIP); Founder, Chairman and Chief Executive Officer – United Maritime Corporation (NASDAQ: USEA). The discussion was moderated by Ms. Foteini Mega, Partner І Assurance Services – EY Greece.
Longer Voyages Tighten Supply
Dry bulk owners are finding support in longer voyages, slower fleet speeds and the ageing fleet, but they still see the market exposed to fresh shipyard capacity, geopolitical shocks and regulation that may move faster than the fuel supply needed to meet it.
“Ton-mile has been a stronger driver than actual growth in volumes,” Mr. Dragnis shared. Ms. Mega, added that the market appears to be approaching an inflection point, with owners watching whether recent strength can outlast the volatility created by geopolitics.
Ms. Paliou also sees changes in energy prices, commodity production and local infrastructure altering vessel demand. “Geopolitics have proven to be a huge issue, causing oil and LNG prices to increase. Energy requirements are rising around the world, both to cover existing needs and prepare for what is coming,” she stated.
She also pointed to a mining accident in China that led to a temporary suspension of activity while safety procedures were reviewed. Two Diana Shipping vessels were forced to deviate to Japan and South Korea for fuel, an event she said has not happened before.
Lower exports from Australia have also pushed more cargoes toward South American suppliers, further lengthening voyage lengths. Diana Shipping is not trying to speculate, Ms. Paliou supplied. The company prefers to work with established charterers and secure visibility over earnings.
She also predicted artificial intelligence would change the way vessels are run, both at sea and ashore, within the next five years.
Mr. Delaportas was more openly positive commenting that the market is at a “turning point, with longer voyages.” He divulged that the key measure is effective supply, not the headline number of vessels in the fleet. Deviations, congestion and long routes can absorb capacity even when the fleet itself is growing.
“We are not focusing on how many ships are at sea, but on how many are having to deviate and adjust,” he clarified. He further observed that dry bulk was among the weakest shipping markets last year, marking daily earnings that trailed those of other vessel classes by a wide margin. Timing is still central to investment decisions, as newbuildings enter the market and environmental rules place a premium on younger ships.
Disruption is the Name of the Game
At the moment, Mr. Dragnis sees three major disruptions affecting, Hormuz, where some bulkers carrying agricultural cargoes have been delayed in the Gulf, the Panama Canal, and the Red Sea, where traffic is still below normal levels. Average speeds have fallen by more than one knot, and according to Mr. Dragnis regulations will increase energy costs and alter trading patterns.
Even so, he described the dry bulk orderbook as moderate when set against the age of the fleet. Many ships delivered in the 2007-08 ordering boom are approaching 20 years old.
Mr. Hajioannou agreed on the fact that the market is benefiting from disruption but remained against overconfidence. “It is never a good sign when all shipowners agree that the market is good. Something tends to come along and surprise us, so I am cautiously optimistic.”
The biggest threat would be a sharp increase in shipbuilding capacity. “If we see yards coming out from nowhere, the situation will change for the worse very fast.” Safe Bulkers is keeping vessels in the spot market and seeking selected period charters during the final quarter of the year, he shared. Further than that, he expects environmental regulation to move forward after the slower pace of the past year, but noted the industry was right to oppose the previous version of the net-zero framework. “The availability of alternative fuels is not yet at such levels that could allow for the massive investments needed,” he stated. Mr. Tsantanis, characterized the previous year as one giant alarm going off, noting that the market has had to revise assumptions time and again, even when considered secure.
Russia’s invasion of Ukraine and the war in the Middle East have changed commodity and energy flows. Coal, once expected to decline steadily, has returned as a major source of demand, with large-scale restocking underway in Asia.
The age profile of the Capesize fleet may also limit future supply. About half of Capesize vessels are at 15 years old, and close to 1,000 dry bulk ships have passed the 20-year mark. That could leave the market short of tonnage if demand from infrastructure spending and data-centre construction continues. Data centres require large amounts of power, steel, aluminium and other raw materials, according to Mr. Tsantanis, adding another source of demand for dry bulk shipping.
Capital Link Editorial
