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Thursday, 13 March 14
MARKET INSIGHT - CHRISTOPHER T. WHITTY
 By Christopher T. Whitty
Marketing Manager
Cotzias Intermodal Shipping Inc.
During the last year we have noticed that a fair number of shipowners in Greece and worldwide decided to withdraw a significant number of ships from various commercial pools worldwide. The long term relationships between shipowners and charterers could be one of the reasons supporting their decision; however it’s interesting to identify if these individual shipowners have the capacity to operate in a commercial way that will allow them to reach out to the shippers to undertake larger COAs for example.
Obviously the concept is that commercial pools can concentrate similar tonnage under a unique management in an attempt to predominantly market the vessels as a single entity, undertake COAs and distribute the earnings to the individual owners under a pre-arranged weighing system. In a legal sense however, the pool manager is acting as a charterer. The pool manager’s main task and contractual obligation is to maximize long-term income by finding suitable employment for the pool ships, contractually placed under its control.
There are already certain shipowning groups in Greece that are controlling a fleet of dry vessels with similar tonnage and at the same time they have created affiliated entities that are acting as the commercial operators along with the technical operation. This structure is usually not official however it seems that shipowners are taking this step in order to approach the shippers directly under a separate entity which is under their control.
In this scheme, optimum fleet deployment can be effectively managed both for vessels under the affiliated shipmanagement company and for the long term “chartered in” vessels. This is not easily compared to an administrative controlled pool, however the operations are similar, since in case needed, the commercial operator can also “charter in” other vessels from the spot market.
One of the main advantages, when affiliated companies of the shipowner also handle the commercial operations of certain vessels, is that there is no need to implement the complex weighing and revenue distribution systems we see in pools. The vessels can be time-chartered to the commercial operator for a trip or a period in order to cover the requirements of their trading activities.
The vertical integration under these ventures is providing a certain degree of flexibility to the shipowners, allowing them to achieve a higher laden versus ballast ratio for the vessels that participate, minimizing the ballast legs and the off-hire time. In reality, since the commercial operator and the shipmanagement company are under the same umbrella, fundamentally this venture cannot be considered as a commercial pool as we know it.
In Greece this is generally noticed in the dry bulk industry but it is also interesting to see if this type of vertical integration will be implemented by the shipowning groups operating within the Greek tanker industry for clean and dirty tanker specialists as well as chemicals. Amongst Greek tanker operators a certain decline in tanker pool participation is evident and it makes one wonder if we are now entering a trend. This remains to be seen as there is no sign, as of yet, of similar affiliations of likeminded tanker operators/owners providing a safety net that traditionally was offered by the pools.
Compiled by:
Intermodal Research & Valuations | research@intermodal.gr
Analysts:
Mr. George Lazaridis | g.lazaridis@intermodal.gr
Ms. Eva Tzima | e.tzima@intermodal.gr
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Wednesday, 26 March 14
NEWBUILDING ORDERING ACTIVITY PICKS UP PACE ON IMPROVING DRY BULK MARKET CONDITIONS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The gradual improvement of the dry bulk market, as expected for some time now, is urging shipowners to increase their newbuilding ordering activ ...
Wednesday, 26 March 14
LARGE AMOUNT OF VESSELS CHARTERED TO HAUL IRON ORE CARGOES TO CHINESE BUYERS THIS WEEK - COMMODORE RESEARCH & CONSULTANCY
COALspot.com: Through the first three days of this week, 18 dry bulk vessels have been chartered to haul spot iron ore cargoes to Chinese buyers ...
Wednesday, 26 March 14
JOIN IN THE CLEAN COAL CASE STUDY WITH SINOPEC!
Produced by CDMC Events, The 13th Clean Coal Forum 2014 will be held on June 12,13, 2014 in Beijing, China. We are glad to invite Experts ...
Tuesday, 25 March 14
INDONESIAN SUB-BITUMINOUS COAL SWAP FOR Q2 DELIVERY CLOSED $ 57.40 PMT W/E 21 MARCH 2014
COALspot.com – Indonesia, the world’s largest exporter of the thermal coal's swaps for delivery April - June 2014 gained this pa ...
Tuesday, 25 March 14
NEWCASTLE COAL EXPORTS JUMP 29.16% TO 2.79 MMT WEEK ON WEEK
COALspot.com: In the week ended 24 March 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, total 2.79 ...
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- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- London Commodity Brokers - England
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- Salva Resources Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- The State Trading Corporation of India Ltd
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- The University of Queensland
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Bhatia International Limited - India
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- Globalindo Alam Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- CNBM International Corporation - China
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
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