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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.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Monday, 24 March 14
SGX'S Q2'14 CFR SOUTH CHINA COAL SWAP CLOSES SLIGHTLY HIGHER W-O-W
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries lost 1.81 percent month on month and closed at US$ 74.82 per mt as o ...
Sunday, 23 March 14
THE COAL FREIGHT RATES SEEN SLIGHTLY FIRMING UP THIS WEEK - REDDY
COALspot.com: The freight market firmed up this week. BDI was up 8.26 pct week on week and index was closed at 1599 points. The Cape index was u ...
Saturday, 22 March 14
SHIP OWNERS INVEST $15 BILLION FOR NEWBUILDINGS AND SECONDHAND VESSELS DURING FEBRUARY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Ship owners have kept on their aggressive stance in the investment scene both for newbuildings, as well as for secondhand vessels globally durin ...
Friday, 21 March 14
DRY BULK MARKET STAYS ON RECOVERY MODE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has reached new year heighs, as a result of renewed Capesize demand. The Baltic Dry Index (BDI) ended yesterday's sessio ...
Friday, 21 March 14
US COAL PRODUCTION UP 1.5%; WEST MISSISSIPPI COAL PRODUCTION DOWN 1.85% WEEK ON WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 19.0 million short tons (mmst) of coal i ...
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- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Central Electricity Authority - India
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Australian Coal Association
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- Miang Besar Coal Terminal - Indonesia
- Goldman Sachs - Singapore
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- Semirara Mining Corp, Philippines
- Uttam Galva Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- Romanian Commodities Exchange
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Standard Chartered Bank - UAE
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- Indika Energy - Indonesia
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- AsiaOL BioFuels Corp., Philippines
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- White Energy Company Limited
- Lanco Infratech Ltd - India
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- Coal and Oil Company - UAE
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
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