As well as the growth witnessed in the container shipping sector, the Baltic Dry Index has shown a rise of 7% early in 2017, after hitting historic lows in 2016.

Wobensmith said: "Last year we probably saw the low and it was a 30-year low in terms of freight rates and asset values and now we're starting to see just the very beginning of a recovery.

"There were just too many ships that were built and delivered and we've seen a real slowdown in the number of ships that have been coming on to the water.

"What we really wanted to do was position this company [Genco] so it was in a position of strength to try and consolidate this industry and now that we've started to see the beginning of the recovery, we think it's the right time."