Page 394 - Invited Paper Session (IPS) - Volume 1

IPS173 Athanasios Petralias et al.
According to BOP compilation manuals and guidelines and given the Task
Force on the recording and compilation of maritime transactions consultation,
in the majority of cases, the economic ownership can be identified on the basis
of the transport agreement among the legal shipowner (SPC/SPV) and the
operator/shipmanager. There have been identified three representative cases
of agreements: Time or Voyage Charter (Case A); Standard Bareboat Charter
(Case B) and Standard Management Agreement (Case C). Note that as
described above, the Standard management Agreement (Case C), is the most
common for the Greek case.
In cases of Time or Voyage Charter (Case A) and in Standard Management
Agreement (Case C), the legal shipowner (SPC/SPV) is considered as the
economic owner of the vessel. The operator/management company acts for
and on behalf of the legal shipowner; the legal shipowner receives earnings
from the economic activity (in terms of daily fee in Case A and net freight
earnings in Case C), whereas the asset (vessel) and the liabilities are attributed
to the legal shipowner (SPC/SPV).
In cases of Standard Bareboat Chartering Agreement, the economic
ownership can be transferred by the legal shipowner to the operator
(chartered) of the vessel, depending on the conditions set in the agreement
and whether they fulfill the indicative criteria set in the compilation manuals.
In view of the above the population included in the registry relevant for the
Greek Shipping Estimation Model is determined as follows. (A) Cases for which
gross revenues and expenditures related to shipping services are included in
the Greek BOP: Based on the list of management companies provided by the
Ministry of Maritime, identify the companies and their vessels, which are listed
in the commercial databases as commercial operators with country of domicile
Greece (checking logical coherence between the databases). Exclude from
these cases the third party operator is abroad. (B) Cases for which economic
ownership lies in Greece and import/exports of vessels (as well as shipping
services) are included in BOP: Identify ship owning companies and their
vessels, with country of registration of legal owner Greece. Exclude from these
cases there is bareboat chartering abroad. Include cases there is bareboat
chartering in Greece (these are rare/few cases for the Greek case). The vessel’s
registry is updated on a monthly basis by incorporating the new information
of the commercial databases.
The third step is, given the population of vessels included in the shipping
registry, to calculate revenues and expenditures by vessel, coded by BOP item
and counterpart country. Types of expenditures that need to be calculated
(see Figure 1) include Bunkers/fuel cost, Port Expenses, Manning costs, Vessel
Insurance costs, Maintenance and dry docking costs, Stores, spares and
lubricant oils costs, Flag state expenses and voluntary tax and Administrative
costs. Also transactions among the Commercial Operator and the Legal owner

383 | I S I W S C 2 0 1 9