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Billung: Consolidation needed in tough market

The new dry bulk platform Capesize Chartering Ltd. will include up to 80 vessels at first, says Golden Ocean CEO Herman Billung. The coming months will remain difficult, he says. Platou is far from convinced about the venture's efficiency.

Photo: Golden Ocean

As many as 80 dry bulk vessels will start out as part of the new dry bulk platform announced by Golden Ocean, Star Bulk and three other carriers today, Tuesday, Herman Billung tells ShippingWatch while also stressing that the new entity represents a communication platform and not a pool.

The respective carriers will contribute their own Capesize vessels operating in the spot market. At first, this number will include 70 to 80 vessels that will be operated "in a more efficient manner" through the new platform, which will try to find the right ships for the right cargoes, he explains. The carriers will not establish a joint office, rather the activity will be handled from the carriers' headquarters and the companies will operate with separate cash flows.

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