In this brief note, we examine whether the entry of a vessel into a pool of financial investors (lenders and lenders) can be considered a reasonable alternative to term employment. What, why and how do pooling arrangements work? This conflict of interest between the parties is evident in different circumstances. The most common example is when a vessel is decommissioned due to operating delays. Pool managers are generally inclined to place the vessel from the rental network, as their main task is to maximize pool revenue. In addition, they prefer not to take a strong stand against non-rental in order to maintain good relations with their charterer/cargo interests, which helps them strengthen their market position as preferred tonnage suppliers. In addition, when a vessel is decommissioned, this time is not included in pool revenue calculations, which increases the daily reported income (TCE). The increase in TCE attracts more members and strengthens its market position as a tonnage supplier. A PoolCharter is essentially an hourly charter with a variable charter rate. When the vessel enters the pool, its distribution key is agreed, which determines its share of the result. This proportion is generally based on the vessel`s earning capacity relative to other vessels in the pool, and generally takes into account loading capacity, on-board equipment (types of hatches, cranes, number of cargo separations, IMO class, etc.), speed and consumption – power, age of ship, etc. This move is encouraged by owners who are already listed on the stock exchange, who want to be listed or who want to have large private equity investors as shareholders looking for a full or partial exit. For shipowners who are not immediately (or not at all) interested in seeking external public capital, pooling (type) at the operational level can provide a solution to the question of the size and importance of the market. The owner must adapt to the operating mechanisms of the pool (post-fixture) which may not always comply with the owner`s guidelines or requirements.
For example, an owner may purchase higher kidnap and Ransom insurance when crossing a piracy zone and pass these fees on to the charterer. However, when a vessel is in a swimming pool, the owner must meet the insurance premiums accepted by all pool members. Anything that goes beyond the agreed premium must be paid by the owner. A swimming pool is usually managed by a specially designed entity. The administrator may be a fully independent ship manager, a subsidiary or a subsidiary of a shipowner. As a general rule, the pool manager is responsible for the commercial management of vessels that have entered the pool. All the technical direction of a ship is retained by its owner. The owners engage with the pool manager through a pool agreement and, as a rule, in time chartering with the pool manager for vessels that have entered the pool. A pooling agreement is essentially a constitutional document. Just as the memorandum and statutes are used to set up businesses in the UK, the tanker pooling agreement is used to set up a pool of tankers.
In general (and among other things), such an agreement will cover the purpose of the pooling agreement; The authority of pool managers The ability in which pool managers act; and how the rent is calculated and paid to a pool participant. It is possible that the pool manager/charterer expects in return a silent pleasure obligation. As noted above, the lessor/mortgage will generally not be allowed to exercise a participant`s rights under the pool agreement, so that he or she will not be able to force the removal of a vessel directly from the pool manager or influence a participant`s discretion in the operation of the pool. This is dealt with in rental/financing documents in positive and negative agreements.