Is APMoller-Maersk chief executive Nils Anderson too modest to suggest he is alsodoing a good job in tough times?
“Alot of the cost reductions seem to be driven by a lower fuel bill, which couldbe temporary in our view.”
ButHerman Hildan and Frode Morkedal of RS Platou Markets seem somewhat sceptical.
(Scepticswonder how long Maersk Line's luck will last)
“Weare not exactly bragging about the result, but other owners are struggling morethan us.”
Is this a ‘my result is better than yours’ playground claim from Hansa Tankers managingdirector, Stein H Arnesen?
(Hansademerger hits Tailwind as profit stays weak)
“Ourresults are mixed and below expectations, due to re-positioning, docking andvetting issues, primarily related to crew requirements."
Buta straightforward assessment from Odfjell as it shrinks a loss to modestproportions.
“Twoyears ago, we were dying for money, but now we are sitting on a healthy pile ofreserves.”
Thefor sale sign is removed from Jaya Holdings offshore fleet by chief executive,Venkatraman Sheshashayee.
(JayaHoldings calls off offshore vessel sales)
“Itis pretty clear that there will be a continued drop in values of tonnage in thefive-to-10-year category not experienced previously as more vessels with betterfuel efficiency join the fleet.”
Apretty negative assessment of the outlook from shipping banker, Riaz Khan, ashe highlights deficiencies in the Hamburg ship valuation model.
(Howreliable is the Hamburg Model for giving additional value to a vessel?)
WesternBulk managing director, Jens Ismar, declares a preference as he indicates wherethree new bulk carriers are coming from. ButWestern Bulk sometimes opts for less than the best. There are Dayang andZhenjiang China built vessels in its fleet.
(WesternBulk fattens fleet with ultramax newbuild trio)
“We have reached a commercial agreement withthem and as long as they keep their promises, it’s fine. If they break thepromises they have made and stop paying, then we will have to see again aboutour legal options.”
HarryVafias of Stealth Maritime calls off litigation with Geden Lines but fires awarning shot across the Turkish owner’s bows.
(Gedenrestructuring deal with lenders in 'final phase')
“Thecourt found that certain loosely related, select entities of an entirelyforeign shipping enterprise—with no meaningful US connections but withsubstantial foreign assets; overwhelmingly (if not entirely) foreign creditors;and a foreign national as sole indirect or direct equity security holder—hadfiled for bankruptcy protection in the United States with both subjective andobjective good faith.”
TMT’sbanks argue that US judge, Marvin Isgur, got it seriously wrong in allowing theNobu Su led shipping venture to pursue a bankruptcy filing.
“Thepervasive characterisation given the ‘Puerto Rico conspiracy’ by the governmentindicates that the alleged conspiracy adversely affected anyone in Puerto Ricowho has bought groceries, retail merchandise, fast food, furniture, new or usedcars and medicines that were manufactured or sold by such household names asWalgreens, Burger King, and Office Max.”
Lawyersfor former Crowley Maritime executive Thomas Farmer argue he can not get a fairtrial on price fixing charges unless the case is transferred to the continentalUS.
(Ex-Crowleyexecutive fears unfair trial in Puerto Rico)
Seacurus’Thomas Brown is less than impressed with the P&I clubs ability to deliveron the Maritime Labour Convention as a seafarer’s bill of rights.
(Ownersrely on P&I repatriation cover as MLC deadline passes)
