We take a look at what was said in the market over the past week.
"The core rule is that owners have to believe it. It's like Peter Pan, do I believe in fairies.”
Euronav’s Paddy Rodgers continues his literary allusions by appealing to tanker owners to take a leap of faith in the current market.
Bulls, bears and believing in fairies
“The big chill in drilling will come in 2017, and then it’s good not to stand on one leg but many.”
Dan Sten Olsson prophesies fairly distant doom in the drilling sector. TradeWinds thought it was pretty cold out there already.
Stena to scale back investments in face of downturn
“We are not making it easy for ourselves. No wonder the system of cascading broke down, as all trades were already awash with ships ready to be filled up with cargo but still sailing underutilised.”
Bimco says boxship owners only have themselves to blame for current woes.
Bimco blames delivery glut for boxship woes
“How can you imprison a ship’s cook for five years for weapons possession when the only thing he’s handled is pots and pans? It’s an injustice.”
The Seaman Guard Ohio crew should hire ITF seafarers’ section chair Dave Heindel as their lawyer - how could a court argue against that?
"If you want to raise cash, call your friend the shipbrokers, not your investment banker.”
Ted Jadick, president of DNB Markets, says owners have more chance of raising money through S&P than via lenders.
DNB Markets: Wall of worry faces investors
“We have received positive signals from SCI about doing this.”
IRISL’s A Ezzati says the previously wound-up joint venture Irano-Hind could be about to make a comeback.
Irano Hind could be resurrected
“In difficult times, we must find an understanding. We used to do this more often in old times… you better watch my words and do it yourselves.”
Panagiotis Tsakos has some wise words for the whippersnappers of Greek shipping – cooperate or suffer.
Tsakos fields ‘the $70m ship question’
“Too many wild rumours are going around. The actual flow of laid-up ships still looks pretty normal to me.”
A Greek coastguard downplays the rumoured rush by bulker owners to stack loss-making ships.
“You could walk from ship to ship from Skaramangas shipyard to Corinth without getting your feet wet.”
Panagiotis Tsakos remembers the really bad times of the 1980s, when ferries were put out of business by a solid chain of cargoships in layup.
“In the movies, or at least the US movies, when someone is in a death struggle, the guy who assumes the other guy is dead and walks away usually gets hit over the head with a shovel.”
Bob Burke of Ridgebury Tankers says warring oil producers are not going to cut oil production any time soon – for good reason, if this analogy is accurate.
