Navig8 Announces Expansion of Supra 8 Dry Bulk Pool

Spar Draco, image courtesy Spar Shipping

Singaporean shipowner Navig8, announced on Friday that it’s Supra 8 pool of supramax-bulkers has expanded to 15 units from an initial four this summer.

The Supra 8 pool, which was organized in June 2012, now consists of: 3 vessels from Bergen-based Spar Shipping, and a pair of ships each from a diverse, international crowd consisting of US-based Maritime Equity Partners, Korea’s STX Pan Ocean, Greek shipowner Trojan Maritime, China’s Zhoushen Hefeng, Turkish owner Densan Deniz, and Japan’s Yamamaru Kisen.

In a statement to Fairplay earlier this summer, Navig8 Managing Director Matthew Neal commented, “This [pooling] has been an ongoing trend in the tanker market and, given similar circumstances in the dry bulk market, we expect to see something similar materialising,” said Neal. “Navig8 has a strong track record in setting up pools and would be a natural and key player in this necessary process.”

Spar, a dry bulk shipper with a fleet of 24 ships has entered the 53,000-dwt Spar Draco, Spar Lynx, and the 58,000-dwt Spar Capella into the Supra 8 pool.  According to shipping newpaper Tradewinds, all were on long-term charter to Grand China Logistics (GCL), which defaulted on charter payments earlier this year. Spar is pursuing a $12m compensation claim against GCL.

Spar managing director Jarle Ellefsen commented, “We believe in their concept,” he said. “At these low freight levels, the charterers tend to have the upper hand on time-charter deals and often ask for options. We felt it was better to be exposed to the spot market.”

Navig8 notes their future growth ambitions include pools in other dry-cargo segments.

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