TradeWinds, reporting from Maritime Cyprus this week, heard major Greek owner George Procopiou proclaim that shipping has “risen from the dead”. Pointing to the extreme swings in the fortunes of the dry bulk, container and most recently tanker market, the Dynagas tycoon said shipping was not for the fainthearted.
The conference also heard a plea by Cypriot president Nicos Anastasiades that sanctions against Russia should not harm European shipping. He was expressing fears that the implementation of the Russian oil price cap would see the continent’s shipping sector lose out to competition from China and India, countries unlikely to commit to the measure.
Meanwhile, the human toll of the criminalisation of seafarers was laid bare at the Limassol conference in harrowing testimony from a ship’s captain jailed in Mexico on drug trafficking charges. Polish master Andrzej Lasota said authorities in several countries struggle to deal with such cases and hang on to seafarers as “collateral”.
Major liner operators may be powerless to stem falling freight rates, it seems. The likes of AP Moller-Maersk and Mediterranean Shipping Co are looking to remove capacity from the market by cutting services, but rates are forecast to reach pre-pandemic levels by the end of the year regardless, TradeWinds heard this week.
Greek tonnage owner Danaos Corp sees an opportunity in the plunging container shipping market. Falling demand, freight and charter rates will lower ship values and provide it with buying opportunities, chief financial officer Evangelos Chatzis told a Marine Money audience in Athens.
A Russian maritime union has warned that the nation’s oil shipments could be hit by President Putin’s conscription drive. With 40% of the country’s seafarers thought to be eligible for call-up, the sector could be left with a dearth of crew members, the Seafarers’ Union of Russia said.
And finally, TradeWinds was given exclusive access to the world of “disgruntled” investor Ned Sherwood this week. The leveraged buyout specialist discussed his tussle with Navios’ management team as well as revealing his favourite shipping investment.
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