The shock from the bankruptcy filing of OW Bunker seven months after an IPO is vividly described by Jens Moeller Nielsen of the Danish Shareholders’ Association.
(Rapid collapse sets cat among pigeons in Denmark)
“Despite living a completely honorable life, I have been the victim in recent weeks of slanderous allegations by former Petrobras director, Paulo Roberto Costa, whose content has yet not been verified by competent public bodies.”
Transpetro president, Sergio Machado, protests his innocence of involvement in a Petrobras bribery scandal.
(Kickbacks probe puts brake on Petrobras)
“We did not expect a fair outcome. This isn’t justice - it’s an act of shifting responsibility from a government safety agency and the operating company for failings and outright illegality.”
Sentencing of the master of the tragic South Korean ferry Sewol to 36 years in jail provokes a reaction from seafarers union leader, Mark Dickinson.
(Top union slams severity of Sewol crew sentences)
“Revisions in the outlook for the global economy mean that the cautious optimism we have previously expressed for the markets beyond Q3 will have to be tempered.”
Pessimism from chief executive Jan Kastrup-Nielsen as more red ink spills on to J Lauritzen’s ledgers.
“Supramax/ultramax dry bulk shipping desperately needs the consolidation currently present in the cape sector and container shipping.”
Thoresen Shipping’s commercial director, Mike Anderson, explains why owners of smaller bulker need to get together to counter the muscle of industrial cargo interests.
HSH Nordbank chief executive, Constantin von Oesterreich, explains why he is taking draconian steps to cut expenses.
“Shipyard overcapacity is huge, interest rates are low and players with no previous engagement in the industry are entering.”
Norwegian shipowner, Jan Olav Tonnevold, explains his scepticism about prospects for a market recovery.
(Tonnevold sceptical of shipping prospects)
“We will look to further increase our spot-market exposure through additional in-charter and continuing to allow some of our fixed-rate fleet to naturally roll off existing time charters, rather than pursue replacement fixed-rate contracts with these vessels.”
Kevin Mackay of Teekay Tankers is in confident mood after the company reported a third quarter return to profit.
(Teekay Tankers looks to charters to milk spot upturn)
“We can pay $77m for a five-year-old VLCC and employ it for five years at a 13% unlevered return. It’s a great time to get into VLCC ownership.”
Ted Petrone of Navios has no doubt about the merits of acquiring large tankers.
(Navios sees VLCC sweet spot as crude offering shapes up)
“We are very supportive of the International Group but we’re not here to make our competitors happy. We’re here to provide the best results for shipowners. If occasionally that will mean that we are unpopular, that’s fine. In fact, I’d rather prefer that.”
(Committed to diversification)
“Just because large insurance organisations haven’t come in and challenged the P&I model previously, that does not mean to say that they won’t. I’m not convinced that just because things haven’t happened in the past, they won’t happen in the future.”
And a future ain't what it used to be warning from Grose.
