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Fixed rate management solution to ease hardship for bulker owners

NEPA Projects and Investments has come up with an innovative solution for dry cargo owners to provide support during the present poor market conditions in the sector.

Fixed rate management solution to ease hardship for bulker owners

NEPA Projects and Investments has come up with an innovative solution for dry cargo owners to provide support during the present poor market conditions in the sector.

Fixed rate management solution to ease hardship for bulker owners
27 November 2015 - 23:27

Fixed rate management solution to ease hardship for bulker owners

NEPA Projects and Investments has come up with an innovative solution for dry cargo owners to provide support during the present poor market conditions in the sector.

The solution provides technical and commercial ship management services at a fixed daily rate, the technical risk being shared with owners as well as commercial profits. NEPA is aiming to attract traditional small owners and also financiers with under-performing shipping assets.

MD of Crowley Accord Ship Management Hong Kong, Sanjay Shesh, explained: "The traditional ship management model leaves the owners open to additional charges for a wide range of technical and crew related expenses. This is because the risk and benefit of operations are predominantly with the owners.

"The focus of owners has changed during the last few years, there is pressure growing for technical managers to commit to their estimates. Crowley Accord will show that they mean it when they make a commitment to owners that they will look after their ships as if the ships are their own. Crowley has been doing this successfully for many years with US-flagged ships".

Managing partner of NEPA Projects and Investments, Capt. Pappu Sastry, said: "From an owner's perspective, such a solution not just ensures fewer surprises and less administrative work but also reduces the need for owners to deploy their own staff to monitor technical managers. The benchmark will be set at zero variance for technical managers - once that is achieved then there will be no need for owners to cross check technical managers".

On Commercial Management, he commented: "We will offer owners a guaranteed fixed daily rate for one year, we will then share the profits of the commercial operations adjusted every quarter. This minimum rating for 'ídeal' ships will be set at just over the fixed operating cost given for technical and crew management. This is what we think is a real partnership".

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