Golden Ocean, Star Bulk, Bocimar, CTM and Golden Union form Capesize Chartering jv

Capesize Chartering brings together Golden Ocean Group, Star Bulk Carriers, Bocimar International, C Transport Holding CTM), and Golden Union Shipping, which will combine and coordinate the chartering of all five parties.

“The parties operate in the highly competitive and fragmented capesize industry, and neither party owns, controls or manages sufficient capesize vessels to provide competitively priced bids and efficient trading and operations to serve its customers,” Golden Ocean said in a statement.

The new joint venture is to start operations from mid-February from the existing offices of the five companies.

“For the customers this represents the benefit of a wider geographic area in which vessels can be made available and with shorter spread between loading dates,” the statement said. 

“For the shipowners the major benefit is achieving a reduction in costs, since always the best positioned vessel can be offered for a fixture of a cargo.”

The new joint venture aims to reduce ballast voyages, associated costs and bunker fuel expenditure.

“Our business vision and model will be to offer to the market, irrespective of ownership, the best suitable vessel taking into account the respective vessels' characteristics, position and availability,” it said.

The aim will be to improve and stabilise net voyage returns for the owners in the joint venture.

So far this year capesize T/C rates have averaged $6,510 per day.