Greek Bulk Operator To Merge Capesize, Panamax Fleets

Thursday, June 21, 2001
Greek bulk shipping operator Ceres Hellenic said on Thursday it had agreed to merge its Capesize and Panamax fleets with those of Italy's Coeclerici, creating one of the world's largest bulk carrier fleets.

The ships will be operated by a new joint venture between the two private companies, Coeclerici Ceres Bulk Carriers (CCBC), which brokers said would be among the top six players in the transport of coal, grain and iron ore.

The two fleets have been working alongside each other for 18 months under a pooling alliance, Coeclerici Transport, in which Coeclerici handled commercial management and Ceres dealt with operations, said a Ceres spokesman.

Consolidation is widely seen as the only hope for maintaining earnings in the bulk shipping sector in the face of massive future oversupply of ships. The Panamax fleet is expected to swell by more than 10 percent this year, while ton-mile demand growth is estimated at only 1.5 percent.

CCBC will be 66 percent owned by Coeclerici and 34 percent owned by DryLog, an investment vehicle for the Livanos family which controls Ceres Hellenic. CCBC's 19 ships will have total capacity of 2.3 million tons and will continue to operate within the Coeclerici Transport pool of 85 ships, of over 10 million ton capacity.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Bulk Carrier Trends

Slower Demand for Larger Vessels Drags Baltic Index Lower

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Thursday due to diminishing demand for larger vessels.

Maersk Returns to Liverpool

Maersk has been welcomed to the Port of Liverpool with a formal reception for its feeder vessel Antwerp. The event on April 27 was attended by Seago and Maersk representatives along with customers,

Asia Dry Bulk-Capesize Rates Under Pressure

Capesize rates fall in a quiet market as holidays weigh; 20 charter-free capesize ships could add to downward trend. Freight rates for large capesize dry cargo

 
 
Maritime Contracts Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Simulators Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0607 sec (16 req/sec)