Features: - Tanker Operator

INDUSTRY - FOCUS ON GERMANY
Hellespont has built up a considerable
presence, both in terms of ships and of people.
Today, the company has six crude tankers
(five Suezmaxes and one Aframax), six LR1
coated product tankers and three recently
purchased IMO II chemical tankers.
Not stopping there, the company ordered
another eight IMO II chemical tankers and six
platform supply vessels for delivery between
the end of this year and the middle of 2010.
All have been ordered through KG financing
schemes.
The company's ceo Christian Freiherr von
Oldershausen said that Hellespont had
earmarked its eight 17,000 dwt IMO II epoxy
coated newbuilding chemical carriers for a
pool operation. "It (a pool) creates a certain
stability of earnings and the KG fund
investors now understand this concept,"
he said.
Despite the 'credit crunch', von
Oldershausen said that there was still an
appetite among investors for shipping
projects, but the trick was to find the right
project. "Investors’ appetite for shipping
equity has not diminished. The problem is
finding a project that yields an acceptable
return as newbuilding prices have gone up
tremendously," von Oldershausen said.
The escalating cost of newbuildings has
squeezed margins. In addition, the German
finance houses that lend to the KG investors
have become more discerning as have the
investors themselves.
From Hamburg, Hellespont technically
manages all of the fleet under new managing
director Captain Matthias Imrecke. Captain
Andrew Lidgard was also recently recruited to
manage the offshore fleet, also operating out
of the Hamburg office. For crewing purposes,
Hellespont has a small stake in Manila
12
Shipmanagement & Manning Inc.
Hellespont hopes to employ its first cadets
in August of this year as due to the number of
newbuildings, the company needed to grow its
seafarer pool. The company is already
achieving 92-93% seafarer retention and
claimed to have a large officer pool.
The company recently moved out of partner
Peter Doehle's offices on the Elbchaussee to a
more central location as more space was
needed. Another reason was to be near the
major banks, broking houses, laywers etc that
abound in the centre of Hamburg, von
Oldershausen explained.
To cope with the fleet expansion, four teams
have been set up in the office to look after the
crude, product, chemical and offshore sectors.
Von Oldershausen admitted that the chemical
carriers required more attention due to their
specialist nature. A dedicated health and safety
officer will be appointed soon.
Around the same time that Imrecke was
recruited to head up the technical management
team, former head Spyros Vlassopoulos who
had spearheaded Hellespont's start in Germany
went back to Piraeus to take charge of the
company's commercial activities, to strengthen
“
Hellespont ceo Christian
Freiherr von
Oldershausen receives a
commemorative plaque
from Father Apostolos on
the occasion of the
blessing of Hellespont’s
new Hamburg premises.
the relationship with charterers and subcharterers.
As for the current fleet, two of the three
13,100 dwt chemical tankers in the fleet are
working the spot market, while the third is
long term chartered to Vitol trading in Asia.
Von Oldershausen described the chemical
carrier market as "disappointing" in the first
quarter of this year. However, it picked up
slightly in the 2Q08.
He expected a "rough period" until the end
of next year when, "…..in line with
expectations of market participants things
should pick up again. In the meantime there
are a lot of newbuildings coming on stream,"
he said.
The six Panamax LR1s are timechartered to
Sanko for seven years and are operating in the
product market sector. Four of the five
Suezmaxes and the Aframax are also long
term chartered to the Japanese operator.
The remaining Suezmax -Hellespont Trust -
is chartered to Heidmar and is operating in its
Suezmax tanker pool. Sister Hellespont
Trader is also operating in Heidmar's
Suezmax pool having been sub-let from
Sanko.
“Investors’ appetite for shipping equity has
not diminished. The problem is finding a project
that yields an acceptable return as newbuilding
prices have gone up tremendously.”
Christian Freiherr von Oldershausen, CEO,
Hellespont Hammonia GmbH & Co KG
”
TANKEROperator � August/September 2008