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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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Saturday, 08 March 14
LETTERS OF INDEMNITY - SKULD
KNOWLEDGE TO ELEVATE
In today's trading market, owners are frequently requested to accept a letter of indemnity (LOI) in exchange for complying ...
Friday, 07 March 14
DRY BULK MARKET TO BENEFIT FROM CHINA'S GDP GROWTH TARGET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
With the dry bulk market freight rates finally making waves, China's aim of 7.5% GDP growth for 2014 mean once again positive news for the shipping ...
Friday, 07 March 14
RBCT, WORLD'S LARGEST COAL EXPORTING TERMINAL SHIPPED 1.78% LESS COAL MONTH ON MONTH
COALspot.com: South Africa's Richards Bay Coal Terminal (RBCT) the single largest export coal terminal in the world, shipped 4.487 million tons of ...
Friday, 07 March 14
INDONESIA SHIPPED 7% LESS COAL IN JANUARY 2014 COMPARED TO ITS DECEMBER EXPORTS
COALspot.com: Indonesia, the world 4th largest coal producer and the Global largest multi grade coal exporter shipped around $1.8* billion ...
Friday, 07 March 14
INDONESIA TO PRODUCE 421 MMT OF COAL IN 2014
Coalspot.com: Indonesia finally agreed to increased 2014 coal output by as much as 6 percent to 421 million metric tons from its previous plan, a se ...
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- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- Star Paper Mills Limited - India
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- The University of Queensland
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Economic Council, Georgia
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- Marubeni Corporation - India
- MS Steel International - UAE
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Intertek Mineral Services - Indonesia
- Orica Mining Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining Corp, Philippines
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Petron Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- San Jose City I Power Corp, Philippines
- India Bulls Power Limited - India
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Sakthi Sugars Limited - India
- Sical Logistics Limited - India
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- Africa Commodities Group - South Africa
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- Australian Coal Association
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
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