Looming regulation to reduce shipping's carbon footprint is making efficient tonnage a sought after commodity, typically for tonnage under ten years old.
Driving the demand for this type of ship are the International Maritime Organization's Carbon Intensity Indicator regime and, more pertinently, the European Union Emissions Trading System.
"The CII regulations are still in flux, but what's coming up faster are the EU carbon credits," Pangaea Logistics' chief executive Mark Filanowski told maritime news provider Tradewinds.
The firm's chief operating officer, Mads Boye Petersen, noted that the EU has taken strong steps to police those who seek to get around the rules.
"The way to handle this is to run your ships efficiently, at the right speeds and with the right maintenance programme ," he was quoted as saying.
"Everyone is getting behind these regulations, and ultimately it's the polluter who pays," he added.
Pangaea's aim is to keep the average fleet age below 10 years. But as the rules change, other players have taken note.
Petersen added that there are not a lot of ships available on the market. There's "heavy competition for early-stage, eco-vessels built in 2014 and 2015", the executive said.
"Everyone's looking for that and there's not a lot for sale."