Baltic Briefing meets Sofia Kokkinis, deputy managing director of Baltic member Golden Destiny to discuss the firm’s recent appointment as a panellist for the Baltic’s S&P Assessment.
Golden Destiny is a Piraeus based shipbroking firm that was founded in 1994 and specialises in S&P, Research, Ship Appraisals as well as Marine Insurance broking services.
BB: How does Golden Destiny work out its weekly Baltic S&P assessment submissions?
SK: “Every Monday morning we hold a team meeting to discuss figures to be submitted for the Baltic S&P Assessment. During the discussion, both market sentiment & latest deals under negotiation or freshly concluded are taken into consideration in order to derive our final figure. Every member of our team indicates their figure together with their reasoning and collectively agree on vessel prices to submit as a panellist company.”
BB: Why do you think Golden Destiny is a reputable firm?
“We are a well established entity with a strong track record and long lasting relationships in the Greek and international shipping community, serving many shipowning companies and banking institutions. We are proud to say that we were the first in Greece to be ISO certified in our sector for all our services. Our credibility comes from a mixture of experience, maritime culture and current methods of practice. Our brokers enjoy vast experience in shipping and shipbroking, with the oldest member of the team having been active in the market since the late 70’s. To maintain calibre and credibility, we are very selective when recruiting. We always focus on people who not only possess knowledge of the sector but most importantly share the same ethical values that the company has preserved since day one.
BB: How do you resist client pressure to increase vessel valuations?
SK: “On some occasions, for example a vessel valuation, a long standing client might apply pressure to increase the valuation. In these situations, we stay true to our original figures and ensure that pressure is deflected away from brokers who are regularly involved with the client in question. Where it is possible to detect a conflict of interest / complicated situation, we will decline to carry out a valuation at the point of request. We are always ready to provide a full explanation for any valuation figure reached.”
BB: What is the benefit of the Baltic S&P Assessment when engaging in an S&P deal?
SK: “It is usually most useful at the start of the S&P process, giving a client a figure ‘in mind’ from the outset. Even before becoming panellists, we had confidence in the Baltic S&P Assessment, mainly due to its independence, viewing it as a trustworthy benchmark from which to begin negotiations on behalf of a client. The ‘human aspect’ of the Baltic S&P assessment is of immense value in current disrupted markets, where the ability of percentage methods and algorithms is very restricted. Sentiment is key.”
BB: What are your thoughts on the current dry market?
SK: “We are not pessimistic about the current dry market and are certain that shipping will have better days, however this might take a little time since market fundamentals are still some way off. The dry freight market will eventually enter the upward trend of the market cycle in a more sustainable environment and broking firms that have maintained their relationships along with good, ethical practices will still be there to serve their clients. For the moment we would advise against new-building and are pointing clients in the way of the second-hand market where there are many good vessels to be found at good prices.”
Sofia Kokkinis – profile
Sofia is the daughter of founder Michail Kokkinis, a well established shipbroker and former president of the Hellenic Shipbrokers Association. She has been working full time for Golden Destiny since 2006, but has been involved with the company since her school days, working during the holidays. Her first seafaring experience came at the age of 22 when she spent 10 days aboard a 28k handy bulk carrier.
After finishing her MSc in Shipping Trade and Finance in London at Cass Business School, Sofia initially worked on the research side of the business. At Golden Destiny, the Research and Valuations department has always worked very closely with the firm’s S&P brokers giving all the firm’s employees a rounded exposure & support. As a deputy managing director, Sofia now heads Research and Valuations department along with Golden Destiny’s Marine Insurance broking department.
About the Baltic Exchange Sale & Purchase Assessments
Baltic Exchange S&P Assessments are sent out every Monday at 1600 (London time) for the following vessel types:
Tankers – five year old– double hull VLCCs, aframax and MR product tankers
Bulk carrier – five year old – capesize, panamax, handysize
For weekly assessments visit: www.balticexchange.com/market-information/indices/BSPA/
Baltic Exchange S&P Assessment Panel Members
Arrow Chartering (UK) www.arrowship.com
Barry Rogliano Salles www.brsbrokers.com
Compass Maritime Services www.compassmar.com
Golden Destiny www.goldendestiny.com
Lorentzen & Stemoco www.lorstem.com
Mallory Jones Lynch Flynn www.mjlf.com
Optima Shipbrokers www.optimashipbrokers.com
SSY Valuation Services www.ssyonline.com
Yamamizu Shipping www.yamamizu.co.jp
Tanker S&P Assessment, 1 April 2013 – 25 April 2016
Dry S&P Assessment, 1 April 2013 – 25 April 2016