New dry bulk operator and pool launches in Greece

A new venture combining a dry bulk operator and a pool manager with an initial focus on the Panamax market has launched in Athens, Greece.

Said to be the first of its kind in Greece, the dry bulk platform Bluepool Trading is supported by a range of blue-chip market participants.

As informed, Bluepool will deploy its funds to charter-in Panamax vessels on period terms whilst systematically monitoring and hedging cash flow and market risks with freight derivatives.

The goal of the company is to become a preferred partner of leading shipowning companies.

Bluepool said that it will also operate a Panamax pool to commercially manage its chartered-in fleet alongside third-party-owned vessels.

The former head of Noble Grop’s Panamax trading Aris Bachos will lead the company together with ex-GMI/M2M freight derivatives trader Nikolas Gavriilidis and ex-IFCHOR partner Kimon Angelopoulos.

“We have created a modern, well-capitalized trading business which provides its investors with an opportunity to benefit from our trading experience in the dry bulk market. With regards to our pool, we observed the many challenges faced by other Panamax pools in the past and strived to overcome them”, said Angelopoulos, head of business development at Bluepool.

“We, therefore, designed innovative terms to provide shipowners with the highest fairness, transparency and flexibility. We also look forward to developing the business in Athens in proximity to our counterparties of the Greek shipping community”.

In September 2021, the world’s largest shipowners association BIMCO reported that the dry bulk shipping industry’s average earnings at the time outshined any profits made in the past couple of years.