“There really aren’t any magic ships out there in the dry bulk market.”
Analyst Amit Mehrotra has another go at defining the bulker crisis. Well, they may not be magic, but the ships are certainly making a lot of money disappear.
“There is conversations of up to 90 vessels but we’re not sure if the vessels have just anchored and waited for business.”
Angeliki Frangou asks when is a layup not a layup?
“After so many years with DNV GL, I have decided that I want to pursue more of my own interests and set my own agenda whilst I am still young enough to do so.”
Life begins at 60 for classification stalwart Tor Svensen.
Tor Svensen leaving DNV GL for academia
“What they’ve told just about everyone they’re backing in dry bulk is that if you need more money, sell some ships. I know MEP looked at that possibility but it’s hard when valuations are falling by the day. They were having trouble getting even $20m on ships they paid $70m for — they didn’t have many good options.”
Oaktree, a sort of Bank of Mum and Dad for impecunious shipowners, has closed its doors.
“He’s one of the most logically thinking people I’ve met. He likes operations, he likes organic growth, he has an unbelievable ability to identify good performances and to demand continuous improvement.”
Marine Harvest chairman Ole Eirik Leroey praises the business acumen of codfather John Fredriksen, whose fish interests are now the most valuable part of his empire.
Oil a drain but Fredriksen still a big fish
“This is about creating a world beating shipowner controlled P&I club which puts member service first.”
Hugo Wynn-Williams and Grantley Berkeley explain why they are trying to merge their ship insurance operations.
Talks focus on merger of equals
“It’s a sad, sad sight we haven’t seen around here for 30 years. Layup interest is so great that owners get directly in touch with authorities instead of going through a broker or agent.
Costas Tselikas, director of Elefsis Shipping Agency, reveals the desperation of owners in today’s market. Pity the poor broker middleman, cut out of stacking business.
Elefsina anchorage steadily filling up
“I think with where the Gener8 share price is trading, everyone speculates. But it’s important to note that 83% of the company is held by pre-IPO investors and there is no way they are letting the company be sold for less than NAV.”
A shipping source says there will be no bargain to be had if Gener8 is sold.
Gener8 may be sold but not ‘on the cheap’
“Optimists believe an offshore recovery will come in 2017 or 2018. In reality, it is more likely to be 2020 or beyond.
Consultant Roy Donaldson has bad news for those glass-half-full types.
Offshore needs to ‘detox’ after years of high-flying
“This arrest is a very old dispute over speed and consumption, and we didn’t expect news of it to spread in the market. We know it has been reported that they are suffering and trying to make renegotiations but, in our eyes, they are a very top-class company.”
John Su has only good things to say about the Korean owner whose bulker he has just arrested.
Erasmus happy it has not been burned by cash pain hitting HMM
“The bottom line is that we expect that we will still be standing among the carnage whenever this market normalises.”
Todd Hornbeck is aiming to survive the Darwinian process currently engulfing offshore owners.
Hornbeck vows to survive ‘the carnage’
“We’re in a period of stress. I’d rather have less stress. I’d be comfortable being a private owner because there’s less to worry about. It’s not like if you’re public you have access to capital right now — the market is not open.”
Evan Cohen of DC Maritime Partners ponders the point of being subject to all that scrutiny and expense, if you can’t even raise any money.
‘Absolutely zero’ chance Scorpio Bulkers will ditch public listing
