John Fredriksen’s Golden Ocean and Petros Pappas’s Star Bulk - are involved alongside Golden Union Shipping, CTM and Bocimar. 5 of the world’s largest capesize owners have joined forces to form a new pool.
Golden Ocean said the parties operate in the highly competitive and fragmented capesize industry and do not own sufficient tonnage to provide competitively priced bids and efficient trading and operations for customers.
The pool will begin operating this month.
Golden Ocean explains customers will benefit from the wider availability of vessels and shorter spreads between the load dates.
Battling the worst market in almost 30 years, cost reductions, better positioning of ships, reduced ballast voyages, and lower bulker bills will flow from the new venture, Golden Ocean said.
The capesize market’s last pool closed in 2002.
Dry Bulk Shipping News - Shipbroker Notes