We take a look at what was said in the market in the past week.
George Tsakiroglou of Overseas Marine Enterprises on the background to his $150m lawsuit against hull underwriters for “malicious scuttlebutt” spread after the tragic loss of the Alexandros T and 26 of the capesize bulker’s crew.
(Tsakiroglou to appeal UK ruling)
“In retrospect, we realise the cancellation deal saved our company.”
Seven Seas Carriers chairman Eivind K Lunde was also in retrospective mode as he reveals that biting the bullet and taking a more than $24m loss on the cancellation of a couple of supramax newbuildings on order in China was the right thing to do.
(Seven Seas order chop ‘saved company’)
“Something has got to give. The industry cannot sustain the current market situation, and hence capacity will at some point be removed in order to restore balance.”
Liner trade analyst SeaIntel welcomes the growth of alliances as a counter to the problem of perpetual containership overcapacity.
(Alliances up pressure on independents)
“Container shipping is coming back to its senses. The alliances formed now are on the scale we’ve not seen before.”
RS Platou analyst Rahul Kapoor is also positive on liner trade link ups.
“The market needs to see US and Europe move back towards a consumer recovery, and for lines to realise that tonnage below panamax is actually in shorter supply than most realise.”
But Clarksons Research sees the main problem is with vessels of over 8,000-teu rather than smaller tonnage.
(Bimco calls for supply action)
Clarksons Research chief Martin Stopford puts the current problems of the tanker industry in perspective.
“Asset values will decline further in line with freight rates and many more owners are bound to face cash-flow problems.”
German ship finance bank DVB says all crude carriers over 15 years old should be regarded as plausible candidates for scrapping.
(Sell tankers for scrap at 15 years old!)
"We remain focused on strategic growth through the addition of two to three new ships per year and expect to continue to return excess cash to shareholders.”
Carnival chief, Micky Arison, remains committed to expanding the biggest cruise line despite reduced earnings.
“Release calls are a material barrier to movement of business between clubs.”
Top broker Willis sends a message to Brussels as it continues to focus on the disparity between the amount clubs charge to shipowners who leave and the risk that underestimated claims will prove problematic.
(Release calls back under Willis fire)
“Before anyone considers abolishing the existing system he has to be able to offer a better alternative, which has not been the case up to now.”
But Turkish insurance broker Omni has a word of warning for the antitrust investigators in Brussels currently probing the P&I clubs.
(Warning of more volatile times ahead for P&I)
“Our core business is Turkey and that’s going to continue, although we hope there is also going to be more international business. I’m not going to give much of my time to Dubai other than managerial things.”
Aret Tasciyan explains that insurance broker Omni is going to continue to focus on the business it knows best despite its growing internationalism.
(Turkish Greek link up in Dubai)
“Until I get a global network up and running you don’t have to worry about me going to cut hay at the farm.”
Maybe a bit of bad news for ABS as legal top gun Brian Starer has no plans to retire as he nears 67.
“As IRISL and its subsidiaries continue their deceptive efforts to escape the grasp of US and international sanctions, we will continue to take action.”
Sounds as if US treasury department official David Cohen is planning a Christmas spread without beluga caviar.
