C TRANSPORT MARITIME
A WORLD LEADER IN DRY BULK SHIPPING
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C TRANSPORT MARITIME
A
I PROFILE
WORLD LEADER IN
DRY BULK SHIPPING
C Transport Maritime (CTM) has been offering leading management services to partners and clients in the shipping industry since 2004. Based in Monaco, with around 200 vessels under management, it is a large operator. The company also manages three pools in the Supramax, Panamax and Capesize markets. Carlos Pena, Chief Commercial Officer, explained more to Hannah Barnett.
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W
ith a depth of experience and a
The two largest pools, the Supramax and
wide scope of operations, CTM
Capesize Revenue Sharing Agreements
is a world class vessel manage-
(RSAs), also overperformed their respective
ment company. “That is our core business
indices by 8% and 14%. “So, the benefit
and that is what we are good at,” reflected
of being in our pool as opposed the spot
Chief Commercial Officer Carlos Pena.
market was between $600,000 to
“We have managed hundreds of vessels
$800,000 per ship, which is pretty substan-
over the years, so our knowledge in the
tial, particularly for owners with multiple
dry bulk market runs deep, and our net-
vessels in our fleet,” explained Mr Pena.
work is wide.”
At the same time, the public ship owning vehicle that CTM manages, GoodBulk, took
A good year
advantage of the strongest sale and pur-
2022 was a rewarding year for C Transport
chase environment in many years to sell 12
Maritime. The company won the Safety4Sea
vessels: 11 Capesizes and one Panamax.
Dry Bulk Operator Award. Vessels under the
Of course, the company would not be
commercial management of CTM carried 54
able to operate on this scale, and enjoy
million tonnes of cargo of 61 different types.
such a successful twelve months, without
The company loaded at 276 different ports
a robust and professional crew. “We have
and visited 100 countries.
an active roster of 688 crew members
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C TRANSPORT MARITIME
I PROFILE
manning our vessels,” said Mr Pena. “That is
“Consolidation does not necessarily mean
through our collaboration with Augustea
ownership concentration in a few hands; it
Ship Manning in the Philippines. The crews
can simply be a commercial consolidation.
under our management are trained to the
All it means is fewer entities controlling more
highest industry standards, undergoing
ships,” Mr Pena explained.
over 200,000 hours of training in 2022.”
The company is also a founding member of Capesize Chartering Ltd (CCL), which,
The benefit of pools
alongside CTM, is comprised of Bocimar
CTM has been managing shipping pools
and Star Bulk. All vessels entered into the
since its inception. The company now con-
Capesize RSA become part of this alliance,
trols three pools in the Supramax, Panamax
whilst still remaining in the care of dedi-
and Capesize markets, under Supramax,
cated management teams.
Panamax and Capesize RSAs. These help
“Overall, being in a pool brings many
reduce fragmentation in the dry bulk sector
advantages for owners but also for char-
and improve efficiency of service and costs.
terers,” explained Mr Pena. “The pool will
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be privy to better information, leading to improved decision-making and more opportunities. Vessels are positioned around the world and can take advantage of the rates in a myriad of routes, as well as optimise the best ship for a cargo or trading route. The peaks and troughs of the market are evened out, and the owners in the pool can benefit from superior market information.” All ships in CTM’s pools are run and operated on the spot market, which has yielded better results for the company over the years and has the added benefit of flexibility. More vessels in fewer hands reduces fragmentation, unequal information and increases negotiating power. “For charterers, the pool is a good ‘owner’, because of its volumes and the process of fixing is already standardised to most charterers’ standards,” Mr Pena continued. “Charterers can communicate with only one company which is fronting the decisions, plus charterers can get flexibility from the pool that an owner may not be so keen to do or can’t do. For example, options on trips or switching ships depending on the dates.”
Investment opportunities Another profitable arm for CTM comes in the form of Stone Shipping Ltd. Incorporated in Bermuda, Stone Shipping is a chartering vehicle formed in 2019 for the purpose of chartering-in Supramax and Ultramax vessels, either on fixed- or floating-rate periods, on behalf of investors.
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C TRANSPORT MARITIME
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As Mr Pena explained: “Stone Shipping is a chartering vehicle that aims to give access to the dry bulk charter-in market
CTM is opening a typically closed sector of the dry bulk industry to investors. The platform has delivered highly sat-
to both first-time and seasoned investors.
isfying returns to its investors with the
It has a market neutral strategy and its
last one that closed coming in at +35%
returns have been very good.”
IRR. Since its inception, Stone Shipping
The charter-in market is one that is nor-
has raised $44 million across five pri-
mally reserved for shipping companies
vately invested funds and has char-
and ship managers with extensive knowl-
tered-in close to 30 vessels. The vast
edge of the sector, a long-standing repu-
majority have been employed on the
tation for good performance and a strong
spot market in CTM’s Supramax pool,
financial footing. Through Stone Shipping,
the Supramax RSA.
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Shipping sustainability
CTM has done almost 20 sale and pur-
There is no doubt that a fleet this large
chase transactions in the last 12 months for
comes with a lot of responsibility. Some of
various clients, transactions that are trans-
that involves environmental accountability.
forming CTM’s managed fleet to a more
“Clean oceans and air are essential
modern and fuel efficient one. Carbon
for our very existence, not only as a
emissions from the global fleet on a per-
company but as individuals,” said Mr
deadweight basis have fallen considerably
Pena. “It’s about making a difference
in the past 15 years, showing how much
where we can drive growth and value
more efficient ships have become. For
for clients, whilst simultaneously pro-
instance, one of CTM’s 2022-built 180,000
tecting the environment and benefiting
tonne ship consumes 60% less fuel than a
society. This is why we engage with
2010-built 180,000 tonne ship.
financial institutions for the promotion
With an ongoing vision to create value
of the Poseidon Principles and we
for its operating partners, it is evident that
started the process of inking our first
CTM is a company continuing to adapt,
sustainability-linked loan.”
evolve and grow, as the market requires.n
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