“There has been a change in perspective because of the low oil price. Norway cannot live as this filthy-rich country anymore and people are asking how can we make a living here without oil?”
Tough times ahead according to Oystein Meland of the Bergen Shipowners’ Association but will there be less partying at Nor-Shipping.
(Norwegian owners face tough times)
“We all know that the market is dreadful but we have decided we will go through with this regardless.”
Is stoical Herman Billung suggesting Golden Ocean is a less than apt name for his company as it doubles its dry bulk troubles?
(Golden Ocean boss bullish over merger)
“No, it’s not doomsday but I think it’s going to be weaker before it gets better and that is just going to be a main issue and an investor focus, at least this year and probably into next.”
The impact of falling oil prices has yet to fully impact the offshore sector according to Swedbank analyst, Stig Erik Kyrkjeeide.
(Offshore suffers ‘gradually and then suddenly’)
“The shipping side is making returns but not what it should to justify the investment. There are other places to put the money and get a better return.”
Seems that Thomas Wilhelmsen is suggesting there’s not much future in car carriers and ro-ros.
(Wilhelmsen stresses the whole over parts)
“On one occasion the rumours had it that I was seriously ill or even dead, so I had to jump on a plane to New York to explain this situation.”
Septuagenarian shipowner John Fredriksen plans to be at Nor-Shipping to show he is alive and kicking.
(Fredriksen shoots down rumours of retirement)
“My father took a lot of risk, many times, but he could do that because it was his company, he created it and it was his to lose. I am not in that position. I am much more conservative....I will not put the company on the line.”
Niels Stolt-Nielsen may be a chip off the old block but aims to be a safer pair of hands than ‘Jackpot Nielsen.’
(Remembering pioneer Jacob Stolt-Nielsen)
“It is not something we need to do but my philosophy is that you raise capital when you can, not when you need to. Then, the pricing would be very different.”
An opportunistic approach to raising capital explained by Sveinung Stohle of Hoegh LNG.
“The ‘eco’ story is still a good one. Ours is a margin business and every $1,000 you can save is an important one.”
Oil prices may be lower but Western Bulk chief executive, Jens Ismar, is keeping an eye on the outgoings.
Sounds like Nikolas Tsakos has lost faith in his favourite oracle and turned to an astrologer.
(TEN to beef up profit run with new terms on redelivered ships)
“The board cannot think of a more suitable candidate to take command of this ship, than Faz. We are very attracted to what he can offer given his significant experience with the insurance, legal, and commercial sectors of the shipping industry."
A ringing endorsement of Faz Peermohamed as the next chief executive of the Norwegian Hull Club from fellow lawyer, Hans Olav Lindal, who is also the shipowner chairman of the mutual.
Memorable voyage from India to Bergen
“After 30 years at the helm, John leaves behind him a club fitter than ever to face any challenges ahead, and in pole position to continue its prosperous development. His entrepreneurial spirit, his enthusiastic dedication and his highly competent contribution to the club are true testaments to our slogan: ‘Expect More’.”
But Lindal and his fellow directors are sorry to see John Wiik heading for the exit door.
John Wiik, architect of club’s success to date
“We buy when we feel the prices are right and we have systems or long-term business for ships.”
Stena Bulk chief executive Erik Hanell has a strategy that beats buying when prices are not right and there is an absence of long term business.
(Stena set to bide its time on next breed of suezmax newbuildings)
“We try to minimalise downtime, linking up and triangulating trades.”
Omegra’s shipping chief, Lukasz Ogryczak, has caught on that idle ships and ballast voyages are not a good idea.
“We are not interested in fixing vessels that are part of some sort of toxic charter chain. We avoid these as part of our risk strategy. We need vessels that we know will be able to perform.”
And further elaboration of a strategy of avoiding trouble and minimising risk.
(Expanding Omegra beats own forecast)
and
(Shipowning on cards as strategy to manage risk)
“We have the biggest backlog we’ve had in some time but in shipbuilding that doesn’t necessarily make you feel comfortable because you generally don’t extend out 20 years.”
Greedy! Is this an argument for decades long shipyard orderbooks being enshrined in law alongside the Jones Act?
(General Dynamics Nassco basks in commercial shipbuilding boom)
“I like Greece and I like Greeks. There are so many expats that come and think they are on some kind of permanent holiday and never really engage with the country. From the first, something clicked.”
Hellenophile, Simon Ward, finds a Mediterranean climate preferable to Coventry.
“In my experience, those who buy to sell make mistakes and I think this is what’s happening now. But Greece always comes out stronger from any shipping recession and I don’t think this is going to be any different.”
Sounds as if Ursa Shipbrokers has a less than typical client list.
"I was afraid I was going to spill my drink. It was really nothing ... and we got another day in Bermuda. Perfect."
Just the sort of passenger that the cruise industry needs. Bill Hagelberg was neither shaken nor stirred by the grounding of the Norwegian Dawn.