“There would be very few people out there who would not be forced into taking some action as it's rough out there right now.”
Jens Ismar sums up the predicament for bulker owners.
Bulk Invest looks to 'find a way forward'
“When things really hit the fan, the banks look at minimum liquidity covenant. Banks will not budge on that.”
Analyst Amit Mehrotra opts for the more polite fan analogy in his latest survey of the dry market.
Risk of domino effect in dry bulk covenants as downturn drags on
“Analysts, bloggers and others are not our customers - the oil companies are. Some commentators make statements about the age of our fleet. In many cases we hear things that demonstrate a lack of knowledge and experience about our industry.”
Herbjorn Hansson has a pop about ill-informed opinion on the state of Nordic American’s fleet.
“Stock markets are subject to fluctuations driven by speculation, fear and greed. Please look at our results, and consider the dividend yield at today's prices.”
Hansson again, asking investors to pause and consider the company’s track record on pay-outs. Speculation, fear and greed is a trenchant summary. But what about the negative points?
Herbjorn Hansson hits out at analysts
“We are in an excellent position to continue to invest during the downturn. And don’t forget that is the way companies operating in cyclical businesses do make money. Having said that what we will reduce is investment in new capacity and we will look more at acquired growth or second hand equipment.”
Nils Andersen tries to cheer himself up with the old “invest in a down-cycle” mantra.
AP Moller switches on distressed deal radar
“It is an inflection point for tankers and we want to try and capture that.”
John Michael Radziwill is looking to cash in on the healthy suezmax market.
Radziwill company Bretta puts suezmaxes up for sale
“While Norway is undoubtedly one of the world’s leading marine centres, London is the heart of the global speciality insurance industry.”
New Norwegian Hull Club chief executive Faz Peermohamed says he need staff in the UK.
Norwegian Hull eyes growth with London outpost
“Companies barged in on us suddenly a couple of weeks ago.”
A Greek official signals the start of bulker layup season.
“Their approach is to first put one or two ships out of service and then see how market conditions develop.”
But another said there has been no stampede so far.
Flow of layups accelerates in Greek waters
“Unfortunately, for the majority of the cost reduction on the active vessels I think the big prizes, so to speak, are in the rear-view mirror.”
Tidewater’s Jeff Platt thinks the company’s cost-cutting drive is inevitably shifting down a gear or two.
Tidewater sees industry nearing its limit for deep cost reductions
“The people and facilities we prepared were insufficient in terms of quality and quantity.”
Hats off to MHI company president Shunichi Miyanaga for being honest in his assessment of the shipbuilder’s problems with cruiseships.
Mitsubishi losses on cruise contract $1.6bn and growing
“No, that was not the case, it would have happened anyway. We started the process quite some time ago.”
Fred Olsen & Co CFO Jan Peter Valheim insists the merger of Bonheur and Ganger Rolf during the shipping slump is merely a coincidence.
Finish line in sight for Bonheur and Ganger Rolf merger
“Show me one person in dry bulk today who is making money.”
Hands up if you can prove Alexander Saverys wrong.
“The only thing that can go wrong in our industry is the duration of a crisis.”
Saverys again. Nothing to worry about then. Oh, hang on...
