Services - Legal and Financial Consulting Services to prospective investors
Commercial Management Consulting
For vessels so contracted, we act as administrators of legal aspects including registration, bareboat charter agreements, etc., as well as for commercial aspects including fund management, loan agreements and preparation of accounts for each respective company.
Supervision and Consultancy
Our substantial knowledge in this field is available to you. Our services include:
- New Building Supervision
- Sale & Purchase Inspections
- Mortgage Bank Inspections
- Drydock Supervision
- ISM / ISMA / ISO 9001: 2000
- Auditing, Ship Security Assessments
- Preparation of Ship Security Plans.
Worldwide connections to first class brokers and underwriters ensure that we are in a position to offer favourable conditions and competitive premiums for all kinds of marine insurance.
Foreign Flags and 2nd Registers
Ask us for flag advice, because for a shipowner it becomes ever more difficult to make the most suitable choice amongst foreign flags and registers, because of their increasing number and frequent changes of requirements, regulations and alterations of fees.
The selection of suitable candidates is aided by the use of computerized testing techniques, which allow us to ensure that each candidate does indeed have the necessary technical abilities, as well as a sufficiently good command of English to perform his duties o the standards that we, and our clients demand. It is characteristic for Poseidon Shipmanagement Ltd's crews, that we have a high retention rate, both for officers and for ratings. We believe this is an essential ingredient in ensuring that our Management System is not only implemented onboard, but improved upon. Input from crewmembers fully conversant with our requirements ensures that our procedures remain practical and effective.In summary:
- We provide qualified crew, as required by the Owners, in regards to nationality, number of crew, consistency, wage scales, union cover, etc., and in accordance with Flag State, and STCW 95 requirements.
- Our crew management services are provided on a lumpsum basis.
- We select and employ the vessels' crew.
- We provide the necessary payroll arrangements.
- We ensure that requirements for manning levels, rank, qualification and certification of the crew are always in accordance with flag state requirements.
- We ensure that all crewmembers are in possession of a valid medical certificate, issued by a proper authority.
- We ensure that all crewmembers are sufficiently fluent in the English language.
- We ensure that any special requirements that the Owner, the vessel, or its trade, may require, are met.
- We provide in-house and external training as required by STCW, and as may be requested by the Owners.
- We provide special cadet training schemes.
We also offer all the banking arising out of the operation of these vessels so that they can monitor with us the performance of the vessel as well as its whereabouts.
Electronic Management Services
Our shipmanagement company, Poseidon Shipmanagement Ltd provides the electronic facilities, in which each owner at any time can log into and find details about each vessel both on the financial as well as on the operational side.
Preparation of Shipmanagement Reports
We maintain open communication lines with all the investors on a monthly basis through monthly management reports regarding the activities of the vessel. Further, additional reports are prepared on a quarterly basis with official performance evaluation and mandatory personal meetings. Finally official annual meetings in form of AGMs (annual general meetings) are to be held in which the yearly performance of each ship will be presented, fully analyzed and provide the forum for strategic decisions to be taken.
Sub-contract Shipmanagement Services
Poseidon Shipmanagement Ltd is responsible both for the commercial, as well as technical management of the fleet and if necessary will subcontract certain activities such as crew management, technical aspects and chartering to other well established and trusted ship management companies in Piraeus Greece and also Cyprus (including family owned ship management companies).
Every business has a determining factor that its success depends on, and like any other business, in bulk carrier shipping the most important factor for successful and profitable operations is the right charterer that commissions the vessel over a period of time.
Poseidon Shipmanagement Ltd's policy is to hire vessels to well known and reputable charterers with a sound, -if not solid-, financial position behind them that would be highly dependable and reliable in both good as well as harsh shipping economic conditions.
This undoubtedly produces a slightly cheaper hire charter for the vessels but this option is highly preferable in order to minimize or even eliminate all the financial risks and establish positive cash flows so that mortgage payments and other ship related commitments are met timely.
The market sometimes swings to very high or very low levels but on the downside side, it can "kill" a weak, small, and non-reputable charterer. In such an occurrence, the ship-owning company can be left without income over a long period of time and with mounting operational expenses accumulated on a daily basis. This could potentially have catastrophic results to the ship-owning company and therefore small and unreliable charterers and are always avoided by Poseidon Shipmanagement Ltd.
In the current financial conditions, certain products have been developed (i.e. financial derivatives) to counter account these volatile movements in time-chartering. We will use these derivatives to hedge against potential movement of freight prices changes.