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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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Tuesday, 11 March 14
HOLD HARMLESS CLAUSES ARE NOT ALWAYS MUTUAL! - ITIC
KNOWLEDGE TO ELEVATE
ITIC provides an insurance related contract review service to all of its members. As the leading professional indemnity i ...
Tuesday, 11 March 14
NEWCASTLE SHIPPED 6.98% LESS COAL WEEK ON WEEK
COALspot.com: In the week ended 10 March 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, total 2 ...
Tuesday, 11 March 14
INDONESIAN SUB-BITUMINOUS COAL SWAPS CONTINUES TO FALL
COALspot.com – Indonesia, the world’s largest exporter of the thermal coal's swaps for delivery April - June 2014 slip again thi ...
Monday, 10 March 14
API 8 CFR SOUTH CHINA COAL SWAPS LOST 4.28 PERCENT MONTH ON MONTH FOR Q2 DELIVERY
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries lost 4.28 percent month on month and closed at US$ 73.97 per mt as on Fr ...
Monday, 10 March 14
THE FREIGHT MARKET WAS QUITE FIRM THIS PAST WEEK
COALspot.com: The freight market was quite firm this past week with BDI sharply increased by 22.65 pct week on week and closed at 1543 points, while ...
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- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Grasim Industreis Ltd - India
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- International Coal Ventures Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- Bulk Trading Sa - Switzerland
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- Karaikal Port Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Mines - Canada
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- White Energy Company Limited
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- The University of Queensland
- Vedanta Resources Plc - India
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- Salva Resources Pvt Ltd - India
- Ministry of Transport, Egypt
- The State Trading Corporation of India Ltd
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- Minerals Council of Australia
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- PTC India Limited - India
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
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