“Right now we are just smiling and congratulating each other but it is business as usual in a fairly hot market, which of course adds to the joy for everybody.”
Torm chairman Flemming Ipsen breathes a sigh of relief after the company is reborn.
“Even a super tanker market would not have saved us from disaster."
But he adds it was debts rather than rates that proved tricky in the first place.
“In life many things happen by coincidence and it’s only when looking in the mirror that you see the red thread going through everything."
Ipsen waxes lyrical about the good fortune that saw Oaktree get involved with the owner.
Cuffs come off at Torm as Oaktree takes over wheel
“More volumes! Yay!”
Analyst Michael Webber struggles to contain his excitement after Iran sanctions are lifted.
“They were all very aggressive and were contracting loss-making deals. We expected them not to be making any profit but DSME was the only shipyard that announced it was making profits."
A source on the curious case of the profitable Korean shipyard. That may be about to end in spectacular style.
“Jung is not going to cover up all the losses incurred in the past. Exposing the losses will allow him and his team to come up with restructuring plans for DSME.”
Another player says the uncovering of big losses will work in boss Jung Sung-leep's favour as the new broom tries to clear up the mess.
Big DSME losses raise prospect of workout scheme
ABS's Kirsi Tikka says there are just too many rules.
Owners face confused sea of international and regional regulations
“July is usually the weakest market of the year but this year, July has been stronger than anyone expected. And every shipowner knows the market will improve but nobody knows when.”
Aquavita's Evgeniy Lavrenko clings to a small crumb of summer comfort.
Greece’s Aquavita battles for China chartering grip
“Knowing who the Russians are — they will cut off coal supplies to us at the most uncomfortable moment for us,”
Ukrainian prime minister Arseniy Yatsenyuk explains why he is sourcing coal cargoes from elsewhere.
Embattled Ukraine’s coal needs to ignite new trade to Black Sea
