Capesize Chartering LTD

Capesize Chartering Ltd

Capesize Chartering Ltd.Capesize Chartering Ltd (CCL) was formed in January 2016 by CTM, Bocimar, Golden Ocean and Star Bulk – four companies with a strong presence and established histories in shipping. With their strong commitment to the dry cargo market, the resources to do so, and the ability to withstand constantly changing environments they joined forces to bring together their respective Capesize fleets to facilitate global trade in iron ore and coal.

The benefits of partnership, cooperation and the idea that two minds are better that one has led to the creation of CCL. In today’s very fragmented Capesize market this joint venture provides an efficiently run, well maintained fleet with the utmost attention to global regulations, safety requirements and client satisfaction.

Efficient Operations

Operating in a highly competitive industry, CCL provides competitively priced bids and more efficient trading operations to serve its customers. Neither of the standalone companies in the venture is as efficient operating on it own. together vessels can be made available worldwide at shorter notices, time and cost savings are achieved for all involved thanks to less re-positioning (less demurrage and ballast bonuses) and the achievement of economies of scale.

A ‘Light Pool’

CCL as the Pool Manager only carries out commercial activities – hence the term ‘light pool’ . Every contract of employment is entered into under the name of the relevant Owner/ Member. All activities beyond Commercial management (such as operational, accounting, legal, insurance and technical) are handled by the Owners of the vessels. Bunkering is performed by the relevant Owner in close cooperation with the Pool manager.

In the event that a willing participant does not want to keep these responsibilities they can out source all of them to CTM or one of the other Founding Members of CCL.



Average Age

Panamax Dry Bulk Carrier



Total Deadweight


Long standing industry contacts and experience with the major operators and charterers.

Minimizing Idle time

Minimizing Idle time and repositioning expenses.

Market Data

Access to wide ranging market analysis

Economies of Scale

Economies of Scale -> cost reductions

More Vessels = Increased information and more opportunities

Less Ballast Voyages

Shorter spread between loading dates

The Revenue Sharing Agreement

In CCL all vessels are traded on the sport market. Each Owner collects freight/hire for their own vessels. The vessels earnings are distributed to each Member according to the Pool Points of the vessel and through a quarterly netting amongst the Pool Members. To establish the Pool Points all vessels are assessed on the 7 BCI Voyage Reports (C2, C3, C4, C5, C7, C15 & C17) basis their “eco” speed descriptions. Performances will be constantly monitored and as such pool points can be amended in the case of over or under performance of a vessel (no retro-active adjustments)

Qualifying Vessels Standard Capesize 170,000 - 180,000 deadweight; not older than 15 years.
Pool Manager's authority Up to 6 months; but anything over 3 months requires the consent of the Participant Owner
Contracts of Affreightment CCL can take COA's of maximum 10 months duration.
Entry of Vessel Worldwide; no positional benefit
Withdrawal 60 days notice. No fee; no penalty.
Working Capital Requirements No WC requirement
Governing Agreement Bimco Standard Agency based Pooling Agreement (Poolcon B)
Reference Charter NYPE 2015.
Joining the Pool Annex E (Accession Agreement) to the Poolcon B

Newcastlemax Revenue Sharing Agreement

In January 2017 CTM, Bocimar and Golden Ocean started a Revenue Sharing Agreement for their controlled Newcastlemax vessels to facilitate global trade in iron ore.

So far there are 7 participating vessels built between 2012 and 2017 with average DWT of around 208,000 mt.

The Operating structure is similar to the CCL where all vessels are traded in the spot market and Members have full flexibility (exit notice, no penalties…etc)

Vessels in the Capesize Chartering Limited RSA

Ship Name Deadweight Vessel Type Year Built Shipyard Flag  
Aquakatana 185,897 Capesize 2005 Kawasaki Liberia
Red Sage 182,419 Capesize 2015 JMU Liberia
Aquavictory 182,060 Capesize 2010 Odense Liberia
Aquamarine 182,060 Capesize 2009 Odense Liberia
Aquataine 181,725 Capesize 2010 Imabari Liberia
True Patriot 180,967 Capesize 2016 Imabari Liberia
Nautical Dream 180,730 Capesize 2013 JMU Liberia
Aquarange 179,842 Capesize 2011 Hanjin (PH) Liberia
Aquamaka 179,362 Capesize 2009 Hyundai Liberia
Aquahaha 179,023 Capesize 2012 Hanjin (PH) Liberia
Aquamarie 178,896 Capesize 2012 Sungdong Liberia
Aquasurfer 178,854 Capesize 2013 Sungdong Liberia
Aquagenie 177,346 Capesize 2003 Namura Liberia
Aquabella 177,216 Capesize 2005 Namura Liberia
Aquaenna 175,975 Capesize 2011 Jinhai Liberia
Aquafortune 174,725 Capesize 2011 Namura Liberia
Aquacharm 171,009 Capesize 2003 Sasebo Liberia
Aquajoy 171,009 Capesize 2003 Sasebo Liberia
RINA ISA 9001 - ISO 14001
UKAS AND ISO 9001 AND ISO 14001 RGB (003)
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