Capesize Chartering Ltd (CCL), the pool set up by four of the leading owners in the large dry cargo segment, appears to be going from strength to strength in terms of fleet size.
After launching three years ago with between 60 and 70 capesizes, pool members have now entered as many as 100 units.
Capesize brokers told TradeWinds that CCL has been one of the most successful pool ventures in the segment.
Its growth is primarily down to partners taking on new ships. Star Bulk Carriers took over Songa Bulk and Bocimar took control of five capesizes from Oscar Wehr of Germany.
Herman Billung, one of the company's founding fathers and a director, said he strongly believes in the philosophy of CCL, which he described as a “light pool” with very low overheads.
“We are drawing on our own resources,” he said.
Billung is a former chief executive of John Fredriksen-backed CCL partner Golden Ocean Group who left to head up Arne Blystad’s Songa Bulk.
Billung's new role
He was recently appointed director of CCL after Songa Bulk was swallowed up by New York-listed Star Bulk, which is also a partner in the pool.
The joint venture's operations in the Pacific is handled by the Singapore office of Golden Ocean, while Bocimar is responsible for the Atlantic operation.
CCL is a spot pool, but the members are free to pull out some of their ships to operate on period charters, Billung stressed.
The fourth pool member is John Michael Radziwill’s C Transport Maritime.
That the four founding pool members are still onboard gives Billung great confidence in the concept.
“We don’t have pricing power, but are able to optimise spot chartering and can speak with one voice. We don’t have a dedicated pool manager who takes all the profits,” he said.
CCL was launched as capesize rates were just $3,000 per day and hardly covering operating costs, leading the pool to consider laying up ships in the early months of 2016.
