We take a look at what was said in the market in the past week.
The clubs weren’t talking about the antitrust probe but European Commission investigator Silke Obst was. Here she explains why the P&I clubs should not see past competition policy exemptions as any sort of precedent.
(Clubs embrace sound of silence)
“There is no reason why it [the International Group] should still exist next year. It is unfair against other mutuals and other insurers. The facts are lying in our offices that shipowners have cancelled their orders with us and other insurers after they heard how much they had to put up in release calls. Whether in cash or bank guarantees they were blocked from switching from an International Group club to the commercial market or a non-group mutual.”
Straight talk from RaetsMarine'sMartin Lanting about how he would like to see increased competition in the P&I market.
(There’s a kind of hush all over the cosy club insurance world)
“For the UK Club this has been a very important year. It means we have put the financial issues behind us and with confidence restored we can look at competing strongly as a result.”
The P&I club that once ruled the roost is climbing back on its perch according to top manager Hugo Wynn-Williams.
(UK Club well on the road to recovery)
Sounds as if life at Hafnia Management is hectic, confusing and maybe rather crowded but at least its not standing room only in the space they have found in Hellerup.
(Hafnia role much more hands on for Engholm)
“He doesn’t give a monkey’s what I say back to him because all he really wants is to put a story out to you.”
If Baltic Exchange chief Jeremy Penn is that irritated with John Banaszkiewiczmaybe he should consider a superinjunction.
(Ceasefire talk premature for Baltic and Freight Investor factions)
“Their price indications were some 50% higher than what we aimed at and we did not even get a written reply.”
Stena’s Ulf Ryder was so shocked at the $45m price tag Samsung put on a 38,000-dwt products carrier that he is off to China instead.
(China benefits from Stena/Samsung spat)
“You need three times as much supervision in China as anywhere else for an offshore vessel.”
But Ole Bjornevik who has ordered Chinese newbuildings since the nineties is still happy with the quality of vessel he gets.
(Boa turns a corner with newbuilds)
An unidentified shipbroker thinks it is time for some of his bulk carrier owning clients to blast off.
“It is a delicate issue to be insuring your charterer as, if it came out, there would seem to be a lack of trust and there could be a loss of face and trust.”
But Nick Roscoe of the Marsh broking group never claimed that charterers default insurance was an easy class of business.
(Marsh moves on charterer default)
“We are on the lookout for product tankers and I’m sure we will succeed in acquiring some this year. But it has to be at the right price.”
Good to see that Norden’s Carsten Mortensen has twigged that buying at the wrong price is rarely a good idea.
“I can’t really, because I would have to kill you afterwards.”
So be ready for violence if you ask where the the most promising business opportunities lie. Mortensen appears to take no prisoners.
“The outlook for 2011 is subject to considerable uncertainty, not least due to developments in the global economy and global trade conditions.”
Nils Andersen didn’t get to be the boss of AP Moller-Maersk without a deep understanding of the forces shaping the industry’s future.
“But there is more cargo on the water, there are more ships and therefore there is more business for we as brokers to do, although we have to work considerably harder to achieve the same income.”
Braemar chief, Alan Marsh, also appears to have a firm grasp of the dynamics of shipbroking.
The US Coast Guard thinks playing computer games while navigating is not a great idea.
"They were still close to the ship at this point so they didn't have a great angle to hit us. I think they were trying to scare us off so they could try with another rope, but we stood our ground and continued throwing things at the boat.”
Angry pensioner John Jeffrey explains how a group of passengers on the cruiseship MSC Melody replied to a hail of pirate bullets with thrown deckchairs.
