Boston Carriers, Inc. operates as an international shipping company.
The company, through its wholly-owned subsidiary, Poseidon Navigation Corp., owns and operates a dry bulk vessel that is able to transport iron ore, coal, grain, steel products, cement, alumina and other dry bulk cargoes internationally.
Operations
Vessel Management
The ship management of the company’s vessel is provided by an affiliated third party management company (the company’s controlling shareholder also controls the...
Boston Carriers, Inc. operates as an international shipping company.
The company, through its wholly-owned subsidiary, Poseidon Navigation Corp., owns and operates a dry bulk vessel that is able to transport iron ore, coal, grain, steel products, cement, alumina and other dry bulk cargoes internationally.
Operations
Vessel Management
The ship management of the company’s vessel is provided by an affiliated third party management company (the company’s controlling shareholder also controls the management company). The ship-management company provides commercial, technical and operational management services.
Commercial Ship Management
Commercial ship management of the company’s vessel involves identifying and negotiating charter party employment for the vessel. The company uses the commercial services of third parties for the chartering of its vessel. Charter brokers research and negotiate with different charterers, and propose charters to the company for cargoes suitable for carriage by its vessel. The company then evaluates the employment opportunities available for its vessel and arranges cargo and country exclusions, bunkers, loading and discharging conditions, and demurrage.
Technical Ship Management and Operation of the Fleet
The technical ship management of the company’s vessel and the operation is performed by an affiliated third party ship-management company under the terms of the management agreement between the parties. Once the company’s vessel is chartered, the third party ship-management company provides supervisory staff to manage the day-to-day operations of the company’s vessel to ensure that the terms and conditions of the charters are being fulfilled.
Crewing and Shore Employees
The company’s manager is responsible for recruiting, either directly or through a crew manager, the senior officers and all other crew members for the company’s vessel. The company’s vessel is crewed primarily with Greek and Philippino crew members. The terms of employment conform to international standards or to general collective bargaining agreements to allow unrestricted worldwide trading of the vessel.
As of December 31, 2017, the company had a range of 20 to 21 crew members employed on the company’s vessel.
Customers
The company uses brokers that have relationships with major dry bulk charterers, which the company serves by carrying various cargoes over a multitude of routes worldwide. The company charters out its vessel to major steel producers, potash products producers, and various shipping companies.
Business Strategies
The company intends to improve its fleet through timely and selective acquisitions.
Environmental and Other Regulations in the Dry bulk Shipping Industry
A variety of government and private entities subject the company’s vessel to both scheduled and unscheduled inspections. These entities include the local port authorities (applicable national authorities, such as the United States Coast Guard, harbor master or equivalent), classification societies, flag state administrations (countries of registry) and charterers, particularly terminal operators.
The company’s vessel maintains International Safety Management and ISPS certifications for safety and security of operations. The company’s vessel is subject to the Federal Clean Air Act (CAA) vapor control and recovery standards for cleaning fuel tanks and conducting other operations in regulated port areas, and to CAA emissions standards for so-called ‘Category 3’ marine diesel engines operating in the U.S. waters.
History
The company was formerly known as Integrated Inpatient Solutions, Inc. and changed its name to Boston Carriers, Inc. in 2016.