Drybulk Shipowners Pool Capesizes

Bocimar International NV, CTM (C Transport Holding Ltd), Golden Union Shipping, Golden Ocean Group and STAR BULK CARRIERS have announced the formation of a new joint venture company, Capesize Chartering Ltd.

The joining of forces comes as neither of the parties owns, controls or manages sufficient Capesize vessels to provide competitively priced bids and efficient trading in the already highly competitive and fragmented Capesize industry.

“The new company will combine and coordinate the chartering services of all the parties. For the customers this represents the benefit of a wider geographic area in which vessels can be made available and with shorter spread between loading dates. For the shipowners the major benefit is achieving a reduction in costs, since always the best positioned vessel can be offered for a fixture of a cargo,”  the announcement said.

The joint venture is expected to cut ballast voyages and associated running costs. In addition, a reduction of waiting time and time spent in positioning the vessels will benefit the industry as a whole, in the form of reduction of ballast bonuses and demurrage payable by charterers/cargo owners, and a reduction of deviation, waiting time and idle time for the account of the shipowners, the announcement added.

“Stabilizing and improving net voyage returns to owners of Capesize vessels at sustainable levels as a result of the contemplated optimization, will enhance the participating shipowners ability to continue to maintain our vessels to the highest standards demanded by the industry, which also will improve our ability to offer to our customers high quality at competitive costs,”  the announcement further read.

Capesize Chartering is scheduled to commence operations in the second half of February 2015 from the existing offices of each of the five parties involved.