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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, 14 March 14
US, THE WORLD'S SECOND LARGEST COAL PRODUCER MINED 75.3 MMST OF COAL IN FEBRUARY; DOWN 10.88% M-M
COALspot.com – United States the world’s second largest coal producer, produced approximately 18.7 million short tons (mmst) of coal ...
Thursday, 13 March 14
HANDY: THE FAR EAST MARKET IS IN AN UPWARD TREND - FEARNRESEARCH
Handy
Atlantic is a bit under pressure for spot tonnage, but the underlying sentiment is positive for the short medium future. 2-3 legs are do ...
Wednesday, 12 March 14
ADARO ENERGY IMPROVES EFFICIENCY AND GENERATED STRONG EBITDA IN 2013
COALspot.com: PT Adaro Energy Tbk, Indonesia's single largest coal miner posted revenue of US$ 3.28 billion and cost of revenue of US$ 2.54 ...
Wednesday, 12 March 14
DGOMC OF INDONESIA REVISED DOWN THE BENCHMARK PRICES FOR COAL BY 4.26% IN MARCH
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia has revised down the government's declared coal bench mark price ...
Wednesday, 12 March 14
DRY BULK VESSELS STILL THE CREAM OF THE CROP FOR SHIP OWNERS
Dry bulk carriers have remained the most popular vessel type among ship owners as proven by the sheer number of second hand vessel sales and new ...
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- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Tata Chemicals Ltd - India
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Planning Commission, India
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- Dalmia Cement Bharat India
- London Commodity Brokers - England
- Sical Logistics Limited - India
- Mercator Lines Limited - India
- Kideco Jaya Agung - Indonesia
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
- Parliament of New Zealand
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- Madhucon Powers Ltd - India
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- OPG Power Generation Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Posco Energy - South Korea
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- SMC Global Power, Philippines
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
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