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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, 04 March 14
HIGHER PRICES AND STEADY FREIGHT RATES LEAD SHIP OWNERS TO TEMPORARILY HALT SECOND HAND VESSEL PURCHASES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As the dry bulk market has kept on improving, but at a very slow rate, ship owners have elected to take a step back from the flurry of the S&P m ...
Monday, 03 March 14
SUB-BIT INDONESIA COAL SWAP (FOB) FOR AVERAGE Q115 CLOSED AT $60.28, $ 1.70 HIGHER THAN 2Q14
COALspot.com – Indonesia, the world’s largest exporter of the thermal coal's swaps for delivery April - June 2014 slightly corrected do ...
Monday, 03 March 14
API 8 CFR SOUTH CHINA SWAPS: Q4' 2014 DELIVERY CLOSED US$ 1.40 HIGHER COMPARED TO Q2' 2014 DELIVERY
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries lost 1.90 percent month on month and closed at US$ 76.27 per mt as on Fr ...
Monday, 03 March 14
COSTS LIABILITY PASSING DOWN A CHARTERPARTY CHAIN - SKULD
KNOWLEDGE TO ELEVATE
Provided that charterparties are on back to back terms, and the claim is successful, liability for costs incurred shoul ...
Sunday, 02 March 14
THE FREIGHT MARKET WAS STEADY TO FIRM THIS PAST WEEK - CAPT. REDDY
COALspot.com: The freight market was steady to firm this past week. The BDI was up 7.06 pct and closed at 1258 points and the cape index was also fi ...
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- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- Lanco Infratech Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- The Treasury - Australian Government
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- The University of Queensland
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- VISA Power Limited - India
- Australian Coal Association
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- The State Trading Corporation of India Ltd
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- PTC India Limited - India
- Kartika Selabumi Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- London Commodity Brokers - England
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- Jaiprakash Power Ventures ltd
- GMR Energy Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Banpu Public Company Limited - Thailand
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- Deloitte Consulting - India
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
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