Pool helps to navigate maritime’s challenges

SEA PARTNERS NAVIGATION I PROFILE

Sea Partners Navigation, based in Cyprus, is a pioneering pool of first-class ship owners established to offer high-quality in-house management services. CEO Vangelis Tsangarides told Andy Probert how the company is driven by a passion for perfection, transparency and advancing outstanding ship management globally.

Located in Limassol, Cyprus, the selfdeclared “European metropolis for ship owners and managers” according to CEO of Sea Partners Navigation (SPN), Vangelis Tsangarides, his company has been busily building a ship-management pool that offers high-quality in-house services to the maritime sector.

“SPN is a pioneering ship management pool model that we strongly believe ship owners need in today’s world,” said Mr Tsangarides, who, since 1996, has worked in ship owning companies in Greece and Cyprus.

“Based on that philosophy, all our shipowner members enjoy the many benefits a pool operates. The aim is to enable them to join forces under one umbrella so that they will enjoy the dividends without the liabilities.”

SPN has created a financial formula based on KPIs to evaluate the return of each shipowner with vessels under its management. The company’s external auditors are engaged in reporting results annually with performance returns in complete transparency.

Forward-looking provider

The benefits are not limited to the pool’s financial benefits, but continue through all levels, from the operational status of the vessel to detailed budgets and onto high standard CRM, ERP and PMS systems, enabling owners to enjoy full access and fast 24/7 reporting.

Created in mid-2019, SPN’s current focus is managing several LPG carriers for a number of companies. One of its partners is Intergaz, one of the longestserving family businesses specialising in LPG operations.

“Managing LPG vessels of the size of our existing fleet is a demanding process,” said Mr Tsangarides. “Today we manage ships that perform up to 60 round trips annually, and we cannot forget that this performance has occurred during the Covid-19 era, with any zero off-hire periods.

“That is a result of strong dedication and professional services from a small and vibrant team of experts, with an exceptionally professional crew.”

From the beginning, the company invested in a vessel- and office-integrated software system which covers the entire vessel operation, including financial aspects. Office monitoring and reporting are accessible, allowing partners a complete picture of their assets in the blink of an eye.

In 2021, it signed an agreement with BIMCO, to install a vessel digital online performance monitoring platform for pool members by the end of 2021.

SEA PARTNERS NAVIGATION I PROFILE

“This tool will better monitor our fleet through key performance indicators and industry-leading benchmarks in a continuous effort to excel,” commented Mr Tsangarides.

Within the first half of 2021, one of its partners sold an LPG vessel and acquired a six-year-old LPG Japanese-built vessel. This helped reduce the age of the fleet while offering the latest technology onboard.

Looking ahead, Mr Tsangarides said: “Planning is essential. Before the end of 2021, we were in the process of obtaining the documents of compliance for other types of ships to operate beyond just LPG tankers.

Highly-challenging environment

SPN plans to evolve its digitalised ship performance monitoring software for both vessel and office, to offer a safer and more professional management model and create a better advantage in a highly challenging and competitive environment.

“The pandemic was not easy, but we succeeded in managing the vessels without any significant problems,” Mr Tsangarides reported. “Crew changes remain a challenging operation, but we have learned how to overcome the restrictions with good coordination and planning.

“However, travelling and logistic operations costs have increased tremendously. It is more important than ever to coordinate and plan perfectly to avoid further increasing management costs and trouble for crew repatriation. Efficiency and costeffectiveness come with the knowledge of the market.”

He added: “Nevertheless, since inception, we have operated as a full cloud company, where we can operate and monitor ships remotely through digital means. We are also positive that as vaccinations continue, we will manage to have safer crew changes and port calls, and things will slowly return to normal.”

Cutting-edge pool operator

Mr Tsangarides pinpointed what differentiates SPN from competitors in its sector:

“The personal touch that we have with our partners gives us a competitive edge, and for us, every single partner is essential whether they have one or 100 vessels,” he revealed.

“As a young enterprise, we have invested in people, which is another solid strength for our pool. We feel that with the expertise we have at SPN, we offer high-quality standard services. Training and continuous improve-

CEO Vangelis Tsangarides

ment are our top priorities along with the use of cutting-edge technology in management.”

He said: “We can see huge potential in ship management, and Cyprus is one of the main hubs for this specialised, demanding, and professional service.”

Traditional values of good and open cooperation, respect, flexibility and quality services help drive the long-term relationships SPN has with its clients and suppliers.

Unapologetically, Mr Tsangarides added: “Today, the market needs the SPN pool partnership more than ever. We see tremendous changes in different types of vessels, time charter rates, spot market rates, vessel sizes, new rules and regulations for decarbonisation and CO2 emissions, and increasing crew and transportation costs.

“Our vision and goals are to continue excelling for our clients and making SPN a focal point in the industry. As a group, we have more than 20 years of experience in the shipping industry and more than 45 years in the energy sector, LPG market specifically.

He concluded: “With knowledge and experience, combined traditional values and pool arrangements at its core, our company is looking to offer a new era on the dual-axis of ship owning and ship management.

“With these key strengths, we are sure that very soon Sea Partners Navigation will welcome more shipowners with the same values.” n