Gary Vogel said upon his arrival at Eagle Bulk Shipping in 2015 that the world had enough dry bulk ships, then made good on his pledge not to add to the number through newbuildings.

All 29 sale-and-purchase acquisitions over that time have involved secondhand tonnage.

But as Vogel eyes a changing world and the increasing push for decarbonisation in vessel emissions, he does see prospects for newbuilding orders — eventually.