German supramax pool formed

German supramax pool formed

When bad times arrive in shipping pooling becomes fashionable. The latest in the dry bulk sector has just been announced in Hamburg where two local companies H. Vogemann and Ahrenkiel Steamship have started a supramax pool saying they are “aiming to create a significantly more efficient cost structure”.

“On the basis of synergy benefits and many years of experience in chartering and ship management business, the two companies anticipate charter income substantially above the figures quoted for the relevant routes in the Baltic Supramax Index,” the pair said in a release.

The pool is open to outside parties. Initially the pair have put six ships in each plus there are a couple from an unspecified Greek owner. The 14 ships in the pool range in size from 51,000 to 58,000 dwt.

“[T]he partners anticipate further additions over the coming weeks,” the pair said in the release.

The pool does not focus solely on the spot market; it also seeks to secure medium-term time

charters.

Moreover, joining or exiting at short notice is “fundamentally possible”, the pair said. “This flexibility makes the pool also an interesting prospect for entities under restructuring,” the German companies said.

Dr Michael Silies, managing director of Ahrenkiel Steamship, commented: “Bundling expertise and capacity remains the order of the day in what is still a fragile market environment. We view the supramax alliance as an important initiative that is also open to other partners.”

The German pool is the latest in a sudden recent flurry of new supramax pool announcements. Italy’s d’Amico revealed its pool intentions exclusively to Splash this March, while Clipper and Genco formed one in January, and Thoresen Shipping created another last November.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

Related Posts