Bibby set to buy more ships as it prepares for rise in global trade.

THE managing director of Liverpool business Bibby Line Group says the company will consider buying more ships next year.

The 202-year-old company, one of the most famous names in Liverpool's maritime industry, has in recent years sold off its ships to concentrate on other areas, such as buying the controlling stake in the Costcutter chain.

But in an exclusive interview with LDP Business magazine, Sir Michael says the time will soon be right for the company to invest in new vessels.

The shipping industry has been hit by the slump in global trade, meaning prices for ships have fallen, but Bibby is now preparing itself for when the world economy starts growing again.

Sir Michael said: "We think there's some way further for ships' values to fall. We're looking to reinvest in 2010 when we believe markets will have bottomed out."

The group's most recent acquisition was the 57,000-tonne dry bulk carrier MV Shropshire, which it commissioned in 2007 before the worst of the financial downturn hit.

The building of the vessel in China was delayed, and so it could not be sold before the market crashed. Prospects looked grim, but Bibby has now secured a 12-month charter contract for the vessel.

* GROWING Bibby for the next 200 years - Sir Michael Bibby interview in LDP Business magazine, inside the Daily Post tomorrow.

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Bibby Line group managing director Sir Michael Bibby