Genco and Clipper form pool

07.01.2015

Peter Georgiopoulos’s Genco Shipping & Trading has teamed up with Clipper to form a new supramax pool.


 




Peter Georgiopoulos




Genco will contribute half of the 16 vessels in the initial fleet of the Clipper Sapphire Pool, the Danish owner said.


Gary Vogel, chief executive of Clipper, said: “We are pleased to continue to grow our pool management business which now carries a 20 year track record of performance.


“We are strong advocates of pooling, not only from a manager’s perspective, but from that of an owner, as we directly reap the benefits of efficiencies and economies of scale alongside the other pool members.”


It marks the second co-operation between Georgiopoulos and Clipper, with Baltic Trading a founder member of the handysize Clipper Logger Pool established in 2013.


John Wobensmith, president of Genco, said today: “We have been very pleased with our participation in the Clipper Logger Pool, so it was a logical decision to extend our relationship into the supramax space as well.”


The 58,000-dwt Genco Pyrenees (built 2010) is the first Georgiopoulos vessel in the pool and efforts are underway to recruit new members.


Discussions are also taking place regarding the founding of an ultramax pool for new vessels of 63,000-dwt plus, Clipper said.


The move comes with supramax rates at basement levels after a terrible fourth quarter of 2014 for the dry cargo market.


Supramaxes are presently trading at around $9,000 daily in the spot market, down from $13,000 per day at this stage a year ago, Clarksons Capital Markets says.


source:www.tradewindsnews.com

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