MBU503 Chartering Practice

MBU503 Chartering Practice

MBU503 Chartering Practice

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Your group members have been given an internship with a company whose fleet is made up primarily of tankers; they also own some dry bulk carriers. The company is currently reviewing their ship owning and operating strategyand have asked the interns to study what happened generally in the dry bulk market in 2020 and what the future predictions are for this marketwith a view to determining the future strategy for three vessels in the company’s fleet. 2Within theirfleetof 35 vessels, the company owns a 14-year-oldPanamax bulk carrier, the “ElliRose”, a 9-year-old Handymax bulk carrier, the “India Rose” and a 4-year-old Handymax bulk carrier, the “Jessica Rose”. Your boss, Zoe Chionómpala,has asked you to work together to produce a report advising herwhat the company’s strategy for thevessels detailed should be.The recommendations that you make in your report should be evidenced based and make use of the data you have available to you in Clarkson’s SIN database, Lloyd’s List and Drewry Reports –ALL availablevia the Library.Given the vessels respective ages you are expected to discuss any upcoming regulatory changes or steps the company must take to ensure compliance with existing regulations. For example, any headline expenditure (installation of plant or machinery e.g. exhaust gas scrubbers) that the company will need to plan for when calculating the profitability of each vessel. Consider, for example,when is a vessel expected to undergo intensive periodic condition surveys?It should be noted that in 2019 the company invested in a retrospective fitof a”closed loop” exhaust gas scrubber system for the “Elli Rose” in anticipation of the MARPOL Annex VI SOX Regulations that came in to force on 1stJanuary 2020. The “India Rose”does not have a “closed loop” exhaust gas scrubberand so must currently use low sulphur bunker fuel. The “Jessica Rose”was fitted with a “closed loop” exhaust gas scrubberwhilst she was being built.Consider in your report whether, based on freight rate earnings from 2020,and expected market outcomes,the company should continue to tradethe”Elli Rose”, “India Rose”and “Jessica Rose”? If you determine that the vessels should not continue to be traded then they should be soldeither on the second-handmarketor sold for demolition. Include a comparison ofthe expected returnsthat can be expected in either of those markets. NByou do not have the ldt details for each vessel so should use generic data for this aspect.If the company disposesof any vessel detailed above what type of vessel should the companyconsider replacing her with? You must suggest an alternative vessel if you consider sale or demolition of any vessel, again this must be a data driven suggestio

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