Capesize Chartering Ltd
Capesize Chartering Ltd (CCL) was formed in 2016. Present members are CTM, Bocimar and Star Bulk – three 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.
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.
The Revenue Sharing Agreement
In CCL all vessels are traded on the spot 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 5 BCI Voyage Reports (C2, C3, C5, C7 & C17) basis their “eco” speed descriptions or as agreed amongst the members. 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 dwt - Newcastlemax 209,000 dwt; preference maximum 15 years of age at time of joining CCL.|
|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/Redelivery||60 days notice. No fee; No penalty; Redelivery in the Far East.|
|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|