Understanding Penfield Marine LLC Operations
Discover the operations and concepts behind Penfield Marine LLC, a commercial fleet manager of oil tankers. Learn about the company's history, how pools work, and the benefits of pool earnings over traditional ownership models. Explore the factors that contribute to fair ranking within the pool system, such as speed and consumption. Dive into the world of ship management and efficiency with Penfield Marine LLC.
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November 17, 2020 Penfield Overview Joe Gaudiano Fleet Manger Penfield Marine LLC
Penfield Company Overview Company History Penfield s history What is a pool How a pools works Where does a pool spend money to save money What can you do as ship officers to help drive efficiency 2 P R I V A T E & C O N F I D E N T I A L
Penfield Company Overview Company History Headquartered in Southport, Connecticut with offices in Southport, London, and Singapore Commercially manages a fleet of 58 oil tankers ranging across 3 pools Founded in 2012 by Tim Brennan (USMMA) and Eric Haughn (SUNY Maritime) Employs 34 people including 6 Kings Pointers, 5 SUNY Maritime, 1 Maine Maritime, and 1 USCGA 3 P R I V A T E & C O N F I D E N T I A L
Penfield What is a Pool Oil Majors Ship owners Marketing firm for individual ship owners 4 P R I V A T E & C O N F I D E N T I A L
Penfield What is a Pool Oil Majors Ship owners Money Ships are ranked and paid on their performance over the month via the Pool Formula 5 P R I V A T E & C O N F I D E N T I A L
Penfield Traditional ownership vs. a Pool Spot $11,000 Pool Returns $11,000 Time Charter $8,000 - Owners traditionally could only time charter out their ships or trade the ships in the spot market - Spot market had higher returns, but the ships did not make money during a ballast - Time Charter had lower returns but it was consistent - Pool Earnings provide consistent market returns 6 P R I V A T E & C O N F I D E N T I A L
Penfield How do we keep it fair? Speed & Consumption Pool Ratings -Ships are ranked on a model voyage which considers the ships age, vetting approval, cargo intake, and most importantly speed/cons -Speed and consumption account for 66% of the pool formula 7 P R I V A T E & C O N F I D E N T I A L
Penfield Weather Routing IMO stated weather routing saves 3% on average in fuel consumption (1) - Penfield s 2018 fuel consumption was $162,028,807 - a 3% savings is approximately $4.8 million - ( 1) Imo reference and screenshot from stormgeo website 8 P R I V A T E & C O N F I D E N T I A L
Penfield Bunker purchasing -bunker purchasing Between 31-Oct and 04-Nov bunkers in Houston increased $25 per MT. Saving an average panamax vessel $900 per day if stemmed early - Bunker prices between Kingston/ Houston are $95 per ton. By bunkering in Houston a ship can save $3,500 per day - 1 pictures provided from www.clearlynx.com with permission 9 P R I V A T E & C O N F I D E N T I A L
Penfield Hull cleaning - Hull cleaning can significantly reduce bunker consumption (below example is 12.5% or 4 mt per day) ( 1) fuel consumption graph taken from storngeo s website 10 P R I V A T E & C O N F I D E N T I A L
Penfield What can you do as an officer - Embrace technology and understand where it can increase efficiency Always try to converse fuel - Be aware of abnormal things onboard (are you heating cargo consistently/are auxiliary machines running without a purpose) - Discuss with service providers and companies' potential savings (reduce RPM if favorable weather, increased consumption with no reason last voyage, etc) - 11 P R I V A T E & C O N F I D E N T I A L
