Greek shipowner Harry Vafias has raised a red flag around the number of dry cargo newbuilding orders being placed with a market recovery in its infancy.

Today Vafias is best known as the chief executive of LPG shipowner StealthGas, but his family started in the dry bulk business back in 1972.

“You see an average market and so many contracts being signed and you get really scared,” Vafias told TradeWinds.