"The yard would not have accepted defective dollars from us for a good ship, and we will not pay good dollars for a defective ship.”
Fighting talk from Precious Shipping’s Khalid Hashim as he battles Sainty Marine for a big reduction in the price of bunker thirsty ultramax newbuildings.
(Precious urges Sainty to cut price of last 10 in bulker series)
“The glass looks more than half full to me, with VLCC rates in the $30,000 to $40,000 level in the weakest period seasonally and positive industry fundamentals in the near term. But investors see it less than half full, as VLCC rates are down more than 50% in a month.”
Mark Friedman of Evercore reveals he walks on the sunny side of the street even if others prefer a shady sidewalk.
(Rates slump cools stocks and likely to delay IPO hopefuls)
“We find the outlook attractive in the tanker sector, chemical carriers and container sector amidst elevated rates, rising estimates and improving valuations, and have a strong pipeline of business for the second half of 2015.”
And Clarksons is also optimistic about despite financial and energy market worries.
(Clarksons records solid first-half results)
“We will continue to look for solid growth opportunities to better service our customers — where great assets can be acquired in conjunction with prudent charter coverage.”
Robert Kurz of American Petroleum Tankers spells out a business philosophy that is hard to argue with.
(APT wants more tankers in strong Jones Act arena)
“It is simply irresponsible to misplace blame on an industry that not only reliably delivers essential goods to Puerto Ricans and their families but one that is also investing heavily in Puerto Rico and its people when other industries are departing.”
Tom Allegretti of the Jones Act defence outfit, American Maritime Partnership, claims shipping protectionism is not a factor in Puerto Rico’s debt crisis.
(Puerto Rico debt crisis has many causes — but the Jones Act is not one of them)
Not everyone agrees with chairman, Douglas Wheat, that young guns on the OSG board are only there to provide exceptional vision and expertise.
(OSG turns heads with entrance of young guns)
“We will have a tight group in New York that will open doors and work closely together with the Oslo based investment banking team.”
Fearnley Securities is hopeful of making a mark in the US according to chief Even Matre Ellingsen.
“We are happy now with the structure of the company — the focus to have all our money invested where we have a competitive edge.”
Mats Berglund remains committed to Pacific Basin Shipping remaining a pure play dry cargo player despite the worst bulk carrier market in 30 years.
(Streamlined Pacific Basin ‘well placed’ to make most of upcycle)
“This extraordinary boom has now become a market with little demand and extreme pressure on prices, especially as regards offshore vessels.”
Havyard chief executive Geir Johan Bakke laments that the times they are a changing.
(Havyard moves to slash 100 jobs to battle offshore crunch)
“Once we’ve shown that it is a success I’m sure other people may be interested in joining and we’d be open to look at that. But we need to walk before we can run.”
The door is open to newcomers joining a new LNG party according to GasLog chief executive Paul Wogan
(Cool Pool launches bid to break LNG shipping mould)
“There needs to be a structure around the ship for the safety of workers and to prevent pollution escaping into the surrounding tidal areas.”
Sturla Henriksen of the Norwegian Shipowners’ Association urges members to avoid demolition years that run ships aground on the beach.
(Norwegian owners urged to avoid beaching yards)
“The higher the risk to which shipowners are exposed, the more important P&I insurance becomes.”
Good news for the Japan Club and its rivals from club chairman Junichiro Ikeda of Mitsui OSK Lines but maybe not so good in other respects.
(Japan Club confirms strong performance of $37.44m)
“We are now at a point where certain clubs have such large free reserves that we would argue they are getting excessive. Gard are a Club that fits neatly into this category.”
Aon likes Gard’s strategy of year after year reductions in the deferred but is not so please about holding a free reserve of nearly $1bn.
(Aon calls for premium restraint by ‘rich’ clubs)
“Miller have an extremely sound and well established knowledge of the programme. They have a big team to service it and do a thoroughly professional job.”
There may be market murmurings that it is time for the P&I clubs to put their reinsurance programme up for a competitive broker tender but the International Group’s Andrew Bardot believes the broker who has placed the business for more than 60 years is doing a good job.
“I honestly think he would approve of it…. there have been articles in TradeWinds at some stage in the past where Captain Vanderperre said he respected Anglo-Eastern. I would say ‘yes, if he was looking upon us now he would be happy.”
Sounds like it time for Peter Cremers to stop guessing and consult a medium on the merits of the Anglo-Eastern merger with Univan.
