World News
Star Bulk Joins Capesize Vessel Pool
Star Bulk Carriers Corp. (Star Bulk) has announced that it has entered into a pooling agreement with C Transport Maritime S.A.M. (CTM), Golden Ocean Group Limited (Golden Ocean), and Bocimar International NV (Bocimar) for Capesize vessels with "the overall aim of enhancing economic efficiencies."
Star Bulk says that it has included nine of its Capesize dry bullk vessels in the agreement, all of which had been previously operating on the spot market.
The pooling agreement is said to consist of a total of 65 modern Capesize vessels, which will be managed out of both Singapore and Antwerp.
"Each vessel owner shall continue to be responsible for the operating, accounting and technical management of their respective vessels," said Star Bulk, noting that the agreement is expected to garner the company improved scheduling ability through "joint marketing opportunity."
As Ship and Bunker previously reported, Panamax and Supramax owners are increasingly placing their vessels under the control of shipping pool operators in order to stem losses resulting from a dramatic fall in dry bulk rates on the back of depressed commodities markets and the Chinese economic slowdown.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 504.50 | 2.50 | 620.00 | 3.00 |
| Rotterdam | 456.00 | 1.50 | 621.50 | 2.00 |
| Houston | 476.00 | 7.00 | 624.00 | 1.00 |
| Fujairah | 496.50 | 2.00 | 713.00 | 2.50 |
| Global 20 Ports Average | 526.50 | 0.50 | 712.00 | 0.50 |
| Global 4 Ports Average | 483.00 | 2.00 | 644.50 | 0.50 |
| Global Average Bunker Price | 570.50 | 1.50 | 751.00 | 1.00 |
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