July 23, 2015

Sea World Management: A dip into a pool likely

Monaco: In 2015 Monaco-based Sea World Management is emerging as one of the shipping operators most active on the S&P liquid bulk market.

The company, founded in 1990 by Roberto and Luca Corvetta, from January this year has purchased four MR tankers: Montenero from D’Alesio Group, Lisca Bianca from Augusta Due, Cape Bruni and Cape Bille from Konig & Cie.

“We are going to manage a fleet of seven similar MR oil and chemical tankers employed on time charter with profit share clauses and carrying refined products and edible oil for first class charterers. We don’t have a precise plan with an exact number of ships to buy, we will just see what the sale and purchase market will offer in the near future and we are ready for snatch any opportunity,” Roberto Corvetta tells Maritime CEO in our regular Friday shipowner slot.

With a compact management team of experienced shipping professionals, Sea World Management in the last 25 years has been managing many kinds of vessels, mainly oil and chemical tankers sized from 30,000 to 40,000 dwt but also obos and bulk carriers. The company used to operate tankers until the age of 15 years for the transport of refined products and then switched them to the edible oil shipping segment.

“As for the medium range tanker market we are quite confident for the future, the freight rates trend for the rest of 2015 and next year should maintain the present path mainly because the orderbook for 40,000 dwt tankers appears to be very slim” explains  Corvetta, who is the ceo of the company. “Looking at the asset values, prices of second hand medium range tankers are slightly but constantly going up and that is one of the reasons why we decided to speed up at catching some opportunities.”

In addition to the new investment plan, Sea World Management is also working on another project.

“We are considering a strategic alliance with a pool manager, whose name I can’t reveal, for employing some of our ships on the spot market,” Corvetta reveals. “With a fleet locked into period charters, Sea World is well poised to meet the immediate and long term challenges that the tanker market has to offer.”