“It’s an anomaly to see such strong rates and so many willing sellers unable to find a willing buyer.”
Euronav chief executive Paddy Rodgers puzzles the mystery of why 50 VLCCs are for sale in a strengthening tanker market.
(Big names head list of owners with VLCCs on sales block)
“Right now there are headwinds and serious headwinds....having said that, we think this is going to be a cycle just like other cycles, and it will turn. And we’ve got the staying power to see that happen, and we’re optimistic about our eventual returns in the dry bulk area.”
And Bruce Karsh of Oaktree Capital appears unconcerned about his outfit’s ability to ride out the current dry cargo market.
(Current dry bulk cycle ‘just like any other’ for Oaktree)
“It is surprising to me that so many shipowners are just putting their heads down hoping the crisis will just go away.”
Seems Philippe van den Abeele of Consortium Maritime Trading has come around to the view that for bulker owners sticking your head in the sand is not a good way to see the way forward.
(Consortium Maritime looks to coal futures)
“We believe an additional six vessel sales will be necessary to fund newbuilding working capital and cash burn for the remainder of 2015.”
Spiro Dounis has lifted the UBS view of Scorpio Bulkers stock to a ‘buy’ but believes further action is needed to boost the company’s financial position.
“All of a sudden, we see the industry, the markets needing those vessels to fill up the voids..... today’s $15,000 per day will be comparable to about $20,000 per day about eight, 10 years ago. ....So we’re very happy with the charter revenue we get from them.”
Seaspan’s Gerry Wang is upbeat about the containership market outlook.
(Listed box owners ponder next move as rates surge)
“So for acquisition of vessels, we believe the best strategy for Navios Maritime Partners is to really focus on the container segment, as we have enough dry bulk vessels to get an upside when rates increase.”
Angeliki Frangou sees a better box than bulk future for Navios Maritime Partners.
(Boxships still Navios ‘best buy strategy’)
Advice from gas shipping pioneer, Rodney Hyne-Jones, who knows just how chilly LNG can be.
(Exmar’s Hyne-Jones parties into an Antwerp river sunset)
“An operation that combines the best of BG and the best of Shell represents a strong threat to its LNG rivals.”
Michael Tusiani of Poten & Partners hopes BG’s entrepreneurial approach will be preserved in Shell’s more conservative culture but warns only time will tell.
(Shell and BG: will their strengths be merged?)
“I guess it’s a challenging market for shipowners and probably CMB wanted to use the money that was vested in us in a more profitable way.”
Sounds like an admission from Anglo-Eastern chief executive, Peter Cremers, that shipowning is a better financial prospect than shipmanagement.
(Anglo-Eastern top management takes control in Bocimar buyback)
“It’s a bit cheaper.”
But Cremers issues a reminder that Anglo Eastern’s policy of rotating masters brings financial benefits over Teekay’s strategy of swapping the same masters around on particular ships.
(Teekay pays its way out of 55-ship joint venture)
“It certainly is an arrest like none other that I have ever seen.”
Seward & Kissel lawyer, Bruce Paulsen, comments on the seizure of the containership, Maersk Tigris, over a commercial dispute by seagoing Iranian revolutionary guards.
“There is no need for the Americans to escort their ships in this region.”
But Iranian rear admiral, Habibollah Sayyari, makes reassuring noises that there is no wider threat to shipping in the Strait of Hormuz.
(US ponders further Hormuz escorts as Tigris saga rolls on)
“Maersk Line put up a security in relation to the underlying court case.”
And lo and behold Rickmers reveals that the Maersk Tigris is free.
“I think we’ve got to realise and face up to the fact that every major operator — well, bar Saudi Aramco — is cutting their exploration and production spending in 2015 by an average of, say, the high mid-teens. This is not going to change in the foreseeable future.”
Marc Edwards of Diamond Offshore warns the downturn in the oil business is going to be longer lasting than some expect.
(Diamond expects overcapacity to prolong offshore downturn)
Jorn Hinge polishes United Arab Shipping Co’s green credentials as an 18,800-teu environmentally friendly monster is named in South Korea.
