We take a look at what was said in the market over the last week.
“Because I’m efficient and I don’t waste any time. I hardly have any time where I do nothing. I’m busy from the time I wake up till the time I go to sleep. I’m a goal-oriented person.”
“I will own nothing. It’s time for them to manage the family’s money and investments.”
When you are a self made billionaire like George Economou there is one thing that money can’t buy - nothing.
(Greek tycoon’s philosophy of life and business — interchangeable)
“Looking at the coming decade, unless you understand cargo and unless you understand how to deal with capital, you are nowhere. He’s one of the very few people who attempts to tick both those boxes.”
Praise for Economou from shipbroking legend Richard Fulford-Smith of RS Platou.
(Criticism greets almost every move but investors keep up the support)
“George has a very big personal enemy, which is time. He wants to do everything quickly because he thinks there is no tomorrow.”
Business consultant George Xiradakis reveals Economou is facing a tough enemy where it is hard to land a punch.
(Self-made billionaire going strong)
“I love shipping, especially tankers and especially when the markets are weak. Everybody can make money when the rates are good....It is all about hard work. The wealth is not so important but to create something.”
John Fredriksen reveals shipping beats sleeping and gets him up at four in the morning.
“They are like potatoes. The best are under the surface of the earth.”
Seems like harsh words about the Anker family from RS Platou partner Wilhelm Holst. But he will probably keep his job as he is talking about the illustrious ancestors of boss Peter Anker.
(25 years at Platou helm for Anker)
“My view is that shipping in all sectors is going to remain in crisis for at least another two years until there is some balance in supply and demand, which means I’m quite pessimistic.”
Nicolas Pateras on why he owns just four ships rather than the 50 he had at the peak period for Pacific & Atlantic.
(Owners cut exposure in bad market)
“A long-lasting shipping crisis is likely to see a substantial consolidation of the Greek fleet into increasingly fewer names.”
Greek shipping guru Ted Petropoulos of Petrofin sees more large companies emerging from the market downturn.
(Stark contrast unites giants)
“You hear about a lot [of deals] but not many have materialised and not many will materialise. I think one in 10 will actually happen.”
Piraeus-based lawyer Vangelis Bairactaris is sceptical on fund raising prospects.
(Credit flows through a new channel)
“At the moment it is uncertain when an improvement of the freight rates will occur, and the renewed uncertainty regarding the global economy is likely to postpone the expected recovery further.”
No crystal ball conveniently to hand in the Danish office of Nordic Shipholding.
Lets hope that Danish Ship Finance chief Erik Lassen is keeping those cheek swabs on file.
(Rules see profits ploughed back into maritime)
“In 1993, you could have said that the best days are behind, and in 2002 you could have said the best days are behind us, and you might be equally correct to say that today — which is to say, not correct at all.”
Investment banker Hamish Norton remains optimistic that shipping will remain an industry of interest to investors.
(Pressure on IPO entrants to be bigger)
“You serve a lot of people in a short time. The biggest thing I learned was cost control and to make money at every given level. They have a very fine tuned system to ensure a margin, whether they sell 100 or 1,000 meals an hour, they adjust staffing, preparation, purchasing, everything. It was good learning.”
"A $75m ship is always an expensive ship and a $25m ship is always a cheap one.”
Seems running a Burger King operation is good preparation for being chief executive of a handy sized shipping company according to Pacific Basin’s Mats Berglund a man who knows the crucial difference between ships and chips.
(Berglund burns for Pac Basin)
“There continue to be challenges in the current market for freight rates and vessel values which, combined with the state of global ship finance, has made it exceedingly difficult to accomplish the recapitalization outside of a court-supervised reorganization.”
Michael Hudner’s B+H Ocean Carriers comes up with an explanation for its bankruptcy filing.
“We have seen some new players come in following a herd mentality towards the only positive investment in shipping today, which LNG is. One needs to really remember that it is a game that has its own set of rules.”
A word of caution for new entrants to the LNG shipping business from Peter Livanos of GasLog.
(GasLog dedication - from manager to 10 ship owner)
“If Odfjell is looking for a good deal, then it will probably have to order the vessels at a Chinese yard, as they are quoting 10% to 20% less than the Koreans.”
A lesson in shipbuilding economics as Odfjell mulls a series of chemical carrier newbuildings.
(Odfjell set to ink chem tank series)
“This reduction is another example of our policy to be as fair and predictable as possible in setting premium levels and, when the results and capital position allow, to reduce the insurance cost for the mutual members below the estimated total call.”
Claes Isacson explains Gard response to the problem that it just goes on making money despite claims, soft insurance and volatile financial markets.
“They have been at sea for between six and 16 months and they have gone for 20 days and nights without electricity, which is dangerous. Other ships aren’t able to see the ship at night. If there are no generators, there’s no life.”
A less than biblical ordeal but it still mightily riled Sprite Zungu of the ITF.
