Capesize Dry Bulk Shippers Come Together to Form New Chartering JV

OSLO, Feb 10 (Reuters) – Five dry bulk transport corporations, together with transport tycoon John Fredriksen’s Golden Ocean will type a brand new enterprise to coordinate chartering providers, hoping to cut back prices in a fragmented market, the corporations mentioned in a joint assertion.

The corporations, together with Golden Ocean, Bocimar International, CTM, Golden Union Shipping and Star Bulk Carriers will type Capesize Chartering Ltd., aiming to begin up operations by the second half of February.

“The parties operate in the highly competitive and fragmented capesize industry, and neither party owns, controls or manages sufficient capesize vessels to provide competitively priced bids and efficient trading and operations to serve its customers,” the corporations mentioned.

“The new company will combine and coordinate the chartering services of all the parties,” they mentioned. “For the customers this represents the benefit of a wider geographic area in which vessels can be made available and with shorter spread between loading dates.” (Reporting by Balazs Koranyi, enhancing by Terje Solsvik)