We take a look at what was said in the market in the last week.
“In the short term, it could get pretty ugly. A lot of owners are running out of liquidity. Those who decided to bet on the spot market are getting hurt and are quickly running out of cash.
“Fragmentation has contributed in no small way to the volatility in charter rates because it has created that herd mentality where people are either totally depressed — as they are right now — or totally manic as they were a couple of years ago. We think that will have to change.”
Wilbur Ross gives an analysis of the state of the shipping industry.... but is he suggesting there could be good pickings for vulture investors?
(On the lookout for new targets)
“The outlook is what drives our strategy.”
Good to know that Thoresen Thai chief, Chandchutha Chandratat, subscribes to the view that it is better to be forward looking that fixated on the rear view mirror.
(Cautious approach and pessimistic market outlook led to shrinking of dry bulk fleet)
“We don’t necessarily have to buy assets. Just buying assets is one possibility and, of course, in that case you need to raise additional equity or additional funds.”
Akis Tsirigakis narrows down the possibilities after Nautilus Marine Acquisition Corp makes a filing that it might do a deal “through a merger, capital stock exchange, asset acquisition, stock purchase, reorganisation, recapitalisation, exchangeable share transaction or other similar business transaction.” Just hope he has missed none of the possibilities out.
(Owner homes in on ‘buyout prey’)
Hamburg owner Carsten Rehder on why he is splashing out up to $200m on containerships with electronic engines!Lets hope that electrons are cheaper than oil.
(Carsten Rehder in $200m box order spend)
"As sustained market weakness may lead to lower asset prices and more opportunities for acquisitions at attractive prices, we believe our long standing relationships with several financiers and well known charterers, combined with our current and expected liquidity, are likely to allow us to grow our company further.”
Dale Ploughman of Seanergy Maritime Holdings looks on the bright side despite needing a waiver on a loan covenant.
“We have a special survey coming and we feel that it is going to be quite expensive and since the shipping market appears to be heading downward, this is our best option.”
China’s Sea Star Shipping bites the bullet and decides to scrap a 22 year old capesize for $70m less than the vessel cost three years ago.
(Chinese hit by $70m loss on scrap sale)
“One driver behind this is the cost of risk and an obvious objective is to reduce spending on insurance but there are also a number of other elements.”
Lars Henneberg explains the thinking behind a shake up of AP Moller-Maersk’s insurance arrangements.
(Maersk move to shake up insurance cover)
Looks like a pat on the back for Lars Rhodin and his team from Standard & Poor’s
