Did he jump or was he pushed? Chief executive Ulrik Andersen has exited John Fredriksen’s Golden Ocean Group with this message: “There’s a time for everything, and right now, the time is right for a sunny summer spent with family.” The company is about 40% owned by John Fredriksen interests. The Oslo shipping magnate has a reputation for demanding high levels of performance from his C-suite team and has often moved swiftly to replace key players.
Meanwhile, Fredriksen issued an open attack letter to the management of International Seaways, in which his company Seatankers has a 16.6% stake. It slammed executive compensation and poison pill procedures and targeted two executives — Lois Zabrocky and Kate Blankenship — who are up for election on Tuesday. In response, Seaways said the letter raised questions over the targeting of female execs and went on to flag the “disruptive and value-destructive actions by Seatankers’ founder” in the failed Euronav/Frontline merger.
Elsewhere, a new dry cargo broking shop is to open in Athens on Monday, staffed by brokers previously at Lightship Chartering and Arrow Shipbroking who jumped ship. GR8 Chartering Hellas will handle handysize bulkers up to ultramaxes worldwide from its office on Leoforos Syngrou. The desk will comprise five brokers who worked previously at Lightship’s offices in Athens and Geneva, as well as three brokers who left Arrow.
In the newbuilding markets, the crush for MR product tankers continues. But there’s no need to panic about the growing orderbook, according to Clarksons Research, which is playing down the effect on rates. Among those at the yard gates was Greece’s Chemnav Shipmanagement, which is said to have made a surprise order for tanker newbuildings — breaking a 17-year hiatus in the shipbuilding market.
Meanwhile, cash-rich liner players may have to wait up to 12 months longer than they expected for newbuildings booked at South Korean shipyards. Evergreen is one of a string of container ship operators now in talks with yards to limit the impact of severe labour shortages. Brokers indicated that there have already been delays of around three months, with the labour shortfall set to peak at about 10,000 workers this year.
And finally, it’s coming home — again. London will once more play host to shipping’s biggest football tournament. The US and Panama-based law firm sponsors of the Marine Challenge Cup have announced its return for the second time since the pandemic halted fixtures for two years. The summertime tradition for the UK/European shipping community is scheduled for 6 July in Dulwich, south London.
