We are a company that has proven itself in the industry and we are progressing on the path to becomi

"Bridge Shipping's owner, Şendoğan Göksu, stated, "We are a company that has proven itself in its field and achieved success." He continued, explaining that Bridge Shipping, or the industry's commonly known terminology Bridge S&P (Sale & Purchase), was established in 2015 for ship brokerage. "Before that, my personal efforts laid the foundation of the company, and I wanted to build this foundation into a corporate name and brand, which is why I chose the name 'Bridge.' I’m very pleased with this decision since I’ve reached my goal." Göksu emphasized that their core approach is based on transparency and discipline, fundamental values in all service sectors. He added, "We are a company that has sustained the work expected of any broker for a long time, and I can say that we have proven ourselves and reached success. Success is a team effort; if your team doesn't fully embrace their roles, you can’t expect the process to be completed."

Discussing their expertise in the coaster sector, Göksu noted, "The coaster segment is undoubtedly the main tonnage in Turkish maritime. Although recent developments have pushed Turkish shipowners toward larger tonnage, the majority of the region is still dominated by this segment. The pandemic-induced rise in second-hand coaster prices and the personnel shortage are some of the challenges we face. As the price gap between different tonnages narrows, it has somewhat reduced investor interest in coaster tonnage. However, the coaster segment remains dominant in our region. This means we have a large number of clients, and our sales turnover is high. As a result, our client portfolio is growing every day, keeping us dynamic. This experience has greatly supported our development, enabling us to provide quick solutions for our clients and closely follow the market. Our shipowners expect both close market monitoring and practical solutions to their issues. This increasing workload has expanded our capabilities, creating new opportunities."

Göksu highlighted the growing trust and reputation his company has built over time in the European markets:

"The Germans have significant dominance in the Baltic Sea with their coaster tonnage, which overlaps with our influence in the Mediterranean and Black Seas. This overlap has allowed us to own ships with similar characteristics. Additionally, through the historical bonds we've built, we've been involved in the trading of these ships," said Göksu. "We’ve seen these relationships grow positively over time. At the core of this success is the undeniable trust and reputation that our company has built in the European markets. The West is always a challenging region for making agreements, but once made, the implementation is easier. Developing a common business approach with our land is not easy. However, if you succeed over the years, you find yourself in a position where you get quick responses to your inquiries, are taken seriously, and your customers' needs are heard more easily, which, I believe, is the ultimate point of pride both professionally and personally."

Göksu also discussed the company's connections with boutique investment banks in Europe:

"My first encounter with these banks was during the deepening 2008 crisis, when it became clear that a necessary recovery was not possible. However, it’s important to remember that it was during the 2012-2015 period that the market began to recover. The process started when the banks decided to liquidate the collapsed KG financing. During this time, banks began clearing the ships of shipowners who were struggling with repayments through a mechanism called insolvency. This was just one of the methods, and it had a legal process. Additionally, ships that were only owed by the banks but not shown in their assets were sometimes sold by another intermediary or operating company. In short, European banks were looking for quick buyers who could move fast and work with trusted intermediaries for simple sales. In return, they were ready to sell ships at significantly discounted prices. However, today, due to the fear of those past events, they are offering only short-term loans under stricter conditions, and they now limit their client selection. Unfortunately, this means that taking advantage of these opportunities is currently not possible for us."

Göksu also discussed the efforts to provide financing to shipowners and potential ship buyers:

"Due to the monetary printing and supply-related issues that began after the pandemic, governments had to increase interest rates to control the inflation that arose. As a result, we are now facing a rising financing cost. In a good market, this could be overlooked, but now, when you factor in financing costs into expenses, it's clear that shipowners need to make additional payments from their own equity. In the past, there were projects funded by new shipbuilding loans available in Europe for green transition purposes, as well as funds from the Far East that were able to borrow at lower rates than in their home countries. However, today, it would be more accurate to view the financing provided by these funds as a short-term, palliative option."

Göksu also discussed the challenges faced in ship financing:

"One of the biggest challenges we face is accounting. The maritime industry is inherently based on offshore systems, which means that companies are not obligated to keep accounting records. Determining income, expenses, and profit/loss ratios, calculating the earnings of the business on a ship-by-ship basis, and identifying the vessel to be mortgaged becomes mathematically complex. The most suitable solution I have observed is to call in an independent consulting firm within the company at an appropriate time to audit the records. This should not only be considered for financing but also for conducting our own audits, and it could even be used for KYC documentation purposes, as authorities tend to overlook or ease other details when they see such documents."

Expectations for the Future

"We are in a critical time period. I believe the upcoming weeks will be more decisive. However, alongside my more cautious statements, I can share what is commonly discussed in the context of the coaster tonnage. In short, the expectation is that the negative impacts we faced this year will be less than those of 2024. This year, we are assuming that the tonnage supply of ships from the Far East, high interest rates, election uncertainties, and the absence of wars will be favorable. Therefore, thinking that the upcoming period will be better than the past does not seem unreasonable to me," Göksu continued, adding the company’s goals: "We are progressing towards becoming a more international company. Therefore, we are working on structuring our organization accordingly. We are also exploring mergers, branch expansions, and partnerships in various regions, always aligned with the company's interests."