Monaco’s C Transport Maritime (CTM) says its bulker pool operation has beaten the Baltic Exchange’s index by 6.5% in the first half of 2023.
The John Michael Radziwill-led company said the supramax revenue sharing agreement (RSA) is “going strong in a bad market”.
In the first six months, the Baltic Supramax Index averaged $10,457 per day, down 61% from the same period last year.
“This means that a vessel traded on the spot market in our supramax RSA earned about $120,000 more from the market than it would have done on a normal index-linked charter,” CTM said.
The best results came in the second quarter, when the index was bettered by 12.3%.
The fleet of more than 50 vessels had 170 fixtures concluded at an average of 28 per month.
These charters involved the transport of more than 9m tonnes of more than 40 different types of cargo over 8,100 days.
The utilisation rate was 95%.
The RSA welcomed three new shipowner members in the period.
In May, CTM said it was adding more bulkers to its supramax pool through little-known Oslo owner Forra Ultramax, which contributed one ship, with more potentially joining later.
Stone Shipping builds the fleet
Forra Ultramax’s major shareholders include Uthalden and Marine Holding (35% each) and Oceana Navigation (15%).
Stone Shipping added two bulkers, while CTM client CBC handed over its latest newbuilding last month.
CTM was due to hand over a newbuilding of its own in July.
Stone Shipping is a CTM-linked investment vehicle targeting supramax and ultramax bulk carriers.
It is a joint-venture fund between investors — including Radziwill — to invest in dry bulk shipping over the short term.
The RSA is the largest supramax pool in the world.
CTM says it offers flexibility, with owners needing to give only two weeks’ notice of entry and a maximum three-month exit window.
The commission charged is 1.25%.
