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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.
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Friday, 07 March 14
US PRODUCED 19.4 MMST OF COAL IN PAST 7 DAYS, SAYS EIA
COALspot.com – United States the world’s second largest coal producer, produced approximately 19.4 million short tons (mmst) of coal in ...
Thursday, 06 March 14
PANAMAX MARKET IS STRUGGLING IN BOTH HEMISPHERES - FEARNRESEARCH
Handy
The Handy/Supra market experienced a rate increase in the Pacific. The activity itself is not too big, but spot tonnage is clearing up and ow ...
Wednesday, 05 March 14
THE BIG BULKERS HAVE IN FACT WITNESSED SIGNIFICANT IMPROVEMENTS IN BOTH BASINS
The BDI continues to gain back some of the lost ground, although in reality there isn't a lot to celebrate abou ...
Wednesday, 05 March 14
LEAVE IT TO CAPES TO CHANGE THE DIRECTION OF THE DRY BULK MARKET - INTERMODAL
Chartering (Wet: Stable- / Dry: Stable+)
Leave it to Capes to change the direction of the Dry Bulk market. The big bulkers managed to drag the BDI ...
Tuesday, 04 March 14
AUSTRALIA'S NPC TO SHIP 11.85 MMT OF COAL IN MARCH
COALspot.com: In the week ended 3 March 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, total 3.15 m ...
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- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining Corp, Philippines
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- Standard Chartered Bank - UAE
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- Kumho Petrochemical, South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
- Bhatia International Limited - India
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Bahari Cakrawala Sebuku - Indonesia
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- Planning Commission, India
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- Singapore Mercantile Exchange
- Sindya Power Generating Company Private Ltd
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- PTC India Limited - India
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Electricity Authority - India
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- Aditya Birla Group - India
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
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