Five drybulk shipowning groups join forces to create a strong chartering entity
Bocimar International NV, CTM (C Transport Holding Ltd), Golden Union Shipping Co S.A., Golden Ocean Group Limited and STAR BULK CARRIERS CORP have announced the formation of a new joint venture company, Capesize Chartering Ltd., Golden Ocean said in its press release.
The parties operate in the highly competitive and fragmented Capesize industry, and neither party owns, controls or manages sufficient Capesize vessels to provide competitively priced bids and efficient trading and operations to serve its customers.
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. This will reduce ballast voyages and associated running costs, notably in respect of bunkers. 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.
Bunkers savings through improved planning of vessel movements and positioning also promotes the participating shipowners' combined efforts to promote CSR by reducing carbon emissions.
Capesize Chartering Ltd will commence operations in the second half of February 2015 from the existing offices of each of the five parties involved.