We take a look at what was said in the market in the past week.
“We’ve lost trust....Don’t make us lose our patience....The party’s over. Enough talk....Give us back what we’ve laboured for.”
Angry bondholders send a message from the streets of Torre del Greco demanding Deiulemar Campagnia di Navigazione give them their money back.
(Deiulemar woes spill onto the streets)
“What I resent in the Deiulemar case is a conscious effort to pass assets from one company to another and basically treat its clients unfairly.”
Paragon Shipping’s Michael Bodouroglou joins the protest noting that while his company has lost income individuals have tragically lost their savings.
(Shipowner creditors see red over ‘asset switching’)
“This may sound strange but there’s a saying that you have to have a fair amount of cash available if you want to declare bankruptcy.”
Ship finance lawyer Lawrence Rutkowski of Seward & Kissel explains why Chapter 11 is not for the pennyless.
(Comfort for lenders but Genmar case is limited)
"We have young crew and I am afraid with this experience, they may get put off and give up the profession. This is the darkest hour of my career where I cannot protect the dignity of my own crew."
Capt Jitendra Singh Negi stands up for the crew of the Oasis 1 stuck in an Oman repair yard for five months without pay.
"With a modest orderbook and refinery capacity shrinking in the West and expanding in the developing world, we believe product tanker rates will experience structural improvement in the coming years."
Hope analyst Urs Dur is talking about propping freights up rather than a structure in danger of falling down.
And analyst Doug Mavrinac seems to be talking about shipping sectors rather than some nebulous place.
"The big vessels are here to stay, this is a technical thing and we are just waiting for the ports to be adapted to receive our ships. It's going to happen soon."
Vale finance chief Tito Martins sees a future for 400,000-dwt ore carriers whether owned by Vale or others.
“It wasn’t difficult to compete on a price level with the larger firms but if there were complicated cases that required a full team of people to handle it, size became a problem.”
Vincent DeOrchis on why his future is with Montgomery McCracken rather than a law firm with his name on the shingle.
I believe that [John] has the skills to lead the company to even greater success and further strengthen the company's position in both of its chosen sectors.”
Good to see that John Dragnis is a chip off the old block and Goldenport is in safe hands. Just like James and Rupert Murdoch?
“With capacity remaining plentiful, resistance to upward pricing pressure is expected to continue for the foreseeable future.”
Lloyd's of London pours cold water on the notion that the Costa Concordia is set to be a market changing event.
(Lloyd’s scores profit on 2011 marine premiums)
“We will continue to target the Iranian regime and specifically the IRGC as it attempts to continue its nefarious infiltration of the Iranian economy.”
But lets not forget the concept of the military industrial complex originated in the US rather than Iran.
“Post incident actions by well trained personnel never fail to surprise and shipping needs to work harder at developing the checklist discipline achieved in the airline industry.”
Room for improvement according to V Ships Nigel Adams who is calling for more focus on the dangers of enclosed spaces.
