Company

Values

Since inception in 1960, the Union Commercial Group of companies has prided itself on adhering to the virtues of trust, integrity, loyalty and reliability.

The group remains strongly committed to these fundamental values which over the years have solidified our relationship with our:

  1. Charterers and End-Users
  2. Clients/Investors
  3. Financiers
  4. Brokers
  5. Underwriters
  6. Suppliers

We are focused on the bulk carrier business, where we aspire to continue our established growth patterns through measured additions of quality fuel efficient Japanese-built ships. As we work within a “high risk” industry, we prefer to recommend to our clients to remain conservative in their investment choices. Our determination to achieve is informed by past experience, current momentum and attention to innovation. Our operating philosophy is shaped by “old-school” values and strict adherence to the highest ethical standards.

We are confident that we are in a strong position from which to negotiate and adapt to the ever-changing business environment that is shipping.

History

Union Commercial Incorporated evolved from Union Commercial Steamship Company which was established in 1960 by Mark Scufalos (born: 1930; dec’d: 2000). Mark Scufalos thought that Greece, with its concentration of shipowning principals and its proximity to the strategic Suez Canal and the Middle East markets, offered unique opportunities for development and so pioneered operations from Piraeus at a time when New York and London were the preferred marine centres. The validity of his thinking still holds.

As Union Commercial Steamship’s fleet grew, so did its expertise in all matters relating to the management of vessels including that of marine insurance.

What began as an internal necessity rapidly developed into a consultancy service for other Owners and in 1969, recognizing that the appropriate specialist skills were still in short supply in Greece, Union Commercial International Ltd. was established in London to handle various technical and insurance matters. This venture proved to be quite successful and within a short time Union Commercial International was handling the insurance requirements of over 120 ships owned by independent shipowners.

Concurrently with the above, Union Commercial’s managed fleet grew to include 40 vessels of all types: conventional cargo ships, car carriers, bulk carriers, refrigerator ships, oil tankers and container ships.

Today

Union Commercial is managed by the two sons of the Group’s founder, Michael and Pantelis “Pete” Scufalos, who joined the company in 1986 and 1982 respectively. Michael Scufalos serves as Managing Director and Pete Scufalos as Head of Commercial Operations.

Since 1978 the Company has focused exclusively on the management of dry cargo vessels, principally in the handysize, handymax and supramax sectors, selling off Container and Cargo Services, and since 1999, benefiting from the combination of improved communications and the availability of a more skilled workforce in Greece, has redeployed all commercial management activities to Greece.

The Company received its ISM Document of Compliance by Bureau Veritas in November of 1997. Union Commercial presently employs twentyfour shore-based staff and at any one time approximately two hundred oceangoing seamen. Reflecting the Company’s emphasis on quality operations the on-shore Technical Department consists of two full-time Port Captains, three Superintendent Engineers and a consultant Naval Architect.

Union Commercial’s currently managed-fleet consists of handy/supramax log/bulk carriers, built mainly in Japan, ranging in year of build from 2008 to 2017 and which are exclusively classed with Nippon Kaiji Kyokai. Having taken delivery of 8 (eight) bulkcarrier newbuildings between 2007 and 2016 of which two (2) from Hakodate Shipyard, two (2) from IHI Marine United Yokohama as well as (3) from Imabari and one (1) from S.Korea’s SPP shipyard, the group continues its fleet renewal/expansion with selective additions and orders.

Services

Union Commercial is organized so that it can handle all facets of ship management. From the initial financing of a vessel’s purchase, to her chartering and to every detail of her daily operation, the company provides the full spectrum of services. These include:

  1. Shipyard contract negotiation and supervision
  2. Management, documentation and maintenance of class requirements
  3. Assistance in accessing competitive ship finance from European and Japanese financiers and/or in the placement of equity in shipping investments
  4. Organize and participate in foreign equity capital projects
  5. Hull and Machinery and Protection and Indemnity insurance cover
  6. Maintenance and repair
  7. Crewing
  8. Procurement of spares/stores
  9. Bunkering and supply of lube oils
  10. Full accounting/audit practices of operations
  11. Internal quality and safety controls

In past decades Union Commercial has bought, sold and managed on behalf of clients approximately 150 vessels of most types such as Bulk Carriers (including Capesizes), Tankers, Tween-Deckers, Reefers, Containerships, and, in one instance, a large sophisticated Pure Cement Carrier.

Union Commercial prides itself on being able to cater to the differing requirements of a number of clients including:

  1. Individual Shipowners
  2. Limited partnerships owing one or more vessels
  3. Cargo Owners/Charterers expanding into ship-owning
  4. Banking and other Financial institutions

43 Kyprou & Ag. Tryfonos St.
Kifissia, 14562, Greece

T: +30-210-428-3747
F: +30-210-428-3754
M: info@unioncommercial.gr

© 2024 Union Commercial Inc. All rights reserved.