Chandris (Hellas) is the latest traditional Greek player to set up a separate entity to manage its dry bulk fleet, according to shipping sources and official filings.
The John Skordias-led company's new arm, Century Bulk Carriers Management, was registered with Greek authorities at the end of June, according to a shipping ministry document seen by TradeWinds.
The company lawyer filing the registration had the same Piraeus address as Chandris (Hellas).
Chandris officials declined to comment, in line with standard company policy not to discuss commercial matters.
However, Athens-based shipping sources said Century Bulk Carriers will eventually take over management of Chandris' entire bulker fleet, which currently consists of four capesizes, three kamsarmaxes, four panamaxes and four supramax carriers.
Management debut
Century Bulk Carriers has already taken management of its first ship. This is understood to be the 76,600-dwt Chris (built 2006) — the youngest among Chandris' existing panamax quartet, which has been recently removed from the Chandris (Hellas) website.
Another recent example of a traditional Greek shipping company setting up a separate bulker management outfit is Polembros.
As TradeWinds reported in June, the outfit set up Polembros Bulkers with a view to transferring over all of the nine bulkers it currently owns, plus any others it buys in the future.
Paris Kassidokostas-Latsis, Melina Travlos and Leon Patitsas have made similar moves.
Establishing separate management outfits for bulkers and tankers is seen as a more efficient way to structure operations.
Some took this approach to enter the dry sector with an eye on establishing a long-term presence. Others did so to engage in asset plays, while some simply wanted to split their dry bulk fleet from their tanker assets to sharpen their profile with charterers.
