Clipper establishes new Supramax pool

Marine Equipment Products and Services, Shipbuilding and Shipyards — By on January 6, 2015 at 4:05 PM

Clipper PhoenixClipper is pleased to announce the establishment of the ‘Clipper Sapphire Pool’, a new commercial pool for modern Supramax grab fitted bulk carriers between 52, 000 and 58, 000 deadweight. The new pool will commence operation immediately, with 16 vessels initially committed to join in early 2015, of which Genco Shipping & Trading Limited (“Genco”) has committed 50% of the ships and Clipper the balance.

Clipper currently operates a fleet of approximately 100 modern dry-bulk vessels. With the commencement of this newly established Sapphire Pool, Clipper will operate a total of 52 ships within four distinct pools: Besides the Sapphire Pool, these count the ‘Trader Pool’, with 14 sister vessels of 30, 000 dwt, the ‘Emerald Pool’, with 8 34-38, 000 handysize vessels; and the ‘Clipper Logger Pool’ with 14 handysize logs fitted ships, and further newbuildings committed.

Gary Vogel

Gary Vogel

“We are pleased to continue to grow our pool management business which now carries a 20 year track record of performance, ” says Gary Vogel, Partner and CEO of Clipper Group. “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.” Gary continues: “I truly believe Clipper offers a value proposition unequalled in dry-bulk pool management; in performance, value, and scale, as well as goal alignment with the other members.”

John Wobensmith, President of Genco adds, “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.”

Under Genco’s agreement with Clipper, the Genco Pyrenees was the first vessel to deliver into the Sapphire Pool in early January, with other vessels scheduled to follow soon after. With 16 ships as a start, Clipper is actively working to grow this pool with both existing partners and new first class owners in the coming year. Furthermore, Clipper is in discussions to establish an additional Ultramax Pool specifically focused on New 63, 000+ deadweight vessels, of which Clipper currently operates eight, including the two largest Ultramax vessels; the Clipper Excalibur and Clipper Excelsior (66, 000 dwt).

“Jo”

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