”I have to say today’s results make us to feel very much younger, 10 years younger.”
Nikolas Tsakos, chief executive of TEN admits a nice profit has a powerful rejuvenating effect.
“It’s like taking a wife, the wedding announcement is the only fun. So I think you have to be very, very careful.”
Buying a ship is like getting married according to Tsakos. You have to live with the consequences.
(Handsome profit sees TEN ready to expand further)
“I think 2015 for sure is going to be a good year. I don’t see many things that can spoil the party especially as Q3 has started with the first weeks of July at around [$]26,000 per day for MRs."
Marco Fiori of d’Amico International Shipping is upbeat about the immediate outlook for the products carrier market and even more bullish about next year.
(Fiori tunes into prices amid orders surge)
“We don’t think the values have gone up enough to reflect the un-availability and charter rates for this class of vessels, so we will just wait for some time and see what happens.”
Gerry Wang of Seaspan Corp is not ready to sell panamax containerships until prices improve.
(Seaspan sticks with its smaller boxships)
“We continue to believe that iron ore exports from Brazil and Australia’s ‘big three’ will jump in the second half of the year by at least 78 million tonnes from first-half 2015’s total — and we remain bullish for 2015 capesize rates prospects.”
Jeffrey Landsberg of Commodore Research and Consultancy is upbeat about dry bulk prospects.
(Decline in capesize deliveries lights up spot rates outlook)
“The mortgage bank has the right to sell above vessels at any time. It is very difficult for us to persuade them to give us more time until the market rises once again.”
Qiu Xiao of Chinese shipping company, Fujian Guanhai, acknowledges the dry bulk crisis has hit business hard.
(Former top Fuzhou owner-operator fears end is nigh)
“Owners of offshore support vessels and drilling companies have enjoyed seven years of unprecedented growth but now the balance of market power has changed considerably over a short period of time. Going forward, offshore companies and the banks need to tighten the dialogue in a constructive effort to work out the new rules of the game.”
With daily rates down by up to 40% the offshore game has changed according to Geir Sjurseth of DVB Bank.
A timely reminder from Navigator Holdings’s David Butters who lauds the crew of the gas carrier, Navigator Aries, who battled for three hours with a fire sparked by a collision.
(Navigator threatens to pursue claim against Tokei Kaiun ship)
“[Measures like this] in the heart of the summer, in the middle of the busy tourism period, are shocking — not just for the market’s investors and users but also to its analysts.”
A doubling of value added tax on ferry tickets in the midst of the high season has shocked Athens based XRTC Business Consultants.
(‘Shocking’ tax hike slams Greek ferries)
“They did it very fast, achieving it in just 12 months. This is impressive — it would be impressive anywhere in the world.”
Klaus Holm Laursen if Suez Canal Container Terminal majority owned by AP Moller pays tribute to Egypt’s gift to the world.
(Will lines pay for Egypt’s ‘gift’?)
“The decision of the Mexican Supreme Court of Justice was a surprise to the club, as it will be to many others. Our argument made clear our view, shared by the group and that of legal experts, which is that what determines the right to limit is whether the vessel seeking to limit its liability can be considered a ship.”
The Shipowners’ Club has got the Mexicali blues about legal capers down south of the border.
(Mexican ruling challenges shipowners’ right to limit)
“I think it is absurd that this court will acknowledge that there is $560m a year adverse impact because of the law and then say we can’t do anything about it because you haven’t met the god-damn legal requirements for standing.”
Honolulu lawyer and politician, John Carroll, is frustrated that a US appeal court has rejected a challenge to the Jones Act.
“Surely it is time to say ‘enough is enough’ and give some relief to owners who have suffered adverse trading conditions for many years now?”
Another year of growing P&I club reserves leads to a plea for premium restraint from insurance broker Arthur J Gallagher.
