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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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Friday, 21 March 14
MERCURIA ANNOUNCES ACQUISITION OF J.P. MORGAN PHYSICAL COMMODITIES BUSINESS
COALspot.com: Mercuria Energy Group announced that it has reached a definitive agreement with J.P. Morgan Chase & Co. to acquire its physica ...
Thursday, 20 March 14
CAPESIZE: WEST AUSTRALIA TO CHINA RATES HAVE CLIMBED BACK TOWARD USD 11 PMT - FEARNRESEARCH
Handy
From a slight improvement in the Atlantic to a more mixed picture this mid week. North Atlantic rounds showing softening signs whereas S ...
Wednesday, 19 March 14
INSTEAD OF DECIDING WHETHER THE GLASS IS HALF FULL OR HALF EMPTY, I AM CURRENTLY GLAD THERE IS WATER IN THE GLASS - EVA TZIMA
By Eva Tzima
Research Analyst
Intermodal Research & Valuations
Right when you think that you have all your facts straight, right wh ...
Wednesday, 19 March 14
EUROCOKE SUMMIT 2014
Press Release: ThyssenKrupp, Steel Institute VDEh, SSI and more headline Smithers Apex’s Eurocoke Summit
The leading coke, coal and s ...
Wednesday, 19 March 14
DRY BULK MARKET REBOUND LEADS TO MORE NEWBUILDING ORDERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The steady rise of the dry bulk market, as evidenced by the return, yesterday, of the Baltic Dry Index above the 1,500-point mark (1,518), is fu ...
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- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- Kepco SPC Power Corporation, Philippines
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Mintek Dendrill Indonesia
- Oldendorff Carriers - Singapore
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Ministry of Transport, Egypt
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- Australian Coal Association
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- Indika Energy - Indonesia
- Parliament of New Zealand
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
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