George Gourdomichalis backs a deal for Greek owners to voluntarily pay double tonnage tax to boost the nation’s coffers. Wonder what Virgil would have made of it?
(Mixed reaction by Greeks to voluntary double tonnage tax)
“Mr Restis is confident that a thorough investigation by the Greek authorities will reveal that the accusations of criminal wrongdoing are baseless and that he will be vindicated.”
The shipowner shrugs off the little matter of arrest over alleged fraud when he is already battling allegations of being in cahoots with the ayatollahs.
(Shock and disbelief in Greece over Restis arrest)
“From the start of the year the optimism of Abenomics has seen the Japanese yen devalue and at last Japanese shipping and shipbuilding can see some hope. We’ve also seen negotiations for eco ships increase and the spot markets bottom out and start to rise.”
Imabari Shipbuilding’s Yukito Higaki is upbeat about the orderbook as he acquires Tsuneishi’s Tadotsu shipyard.
(Imabari bucks trend to seek growth in downturn)
“There were no labour riots in Rongsheng. Operations and production at the yard was normal. We had to restructure the company’s labour force due to the fast expansion of our offshore business.”
Chen Qiang of embattled Rongsheng Heavy Industries finds reports of labour disputes at the shipbuilder less than helpful while he is trying to win new orders.
(Rongsheng pins hopes on capturing new orders)
“We have already seen a significant increase in newbuilding prices and yards are indicating further price hikes in an effort to cover their increased costs.”
Ship finance specialist George Lazaridis sees Greek owners betting on recovery.
“If you increase the size of the fleet, you will keep the market low,” he said, noting that this would be particularly evident in an already over ordered sector.”
But Seasure’s Richard Rivlin fears more ordering may amount to owners shooting themselves in the foot.
(Resurgence of Greek orders 'timed' for market recovery)
Is US bankruptcy judge Marvin Isgur suggesting his own rulings on the TMT Chapter 11 filing are surprising, or is he indicating he went into the court room with preconceptions of the outcome? Either way somewhat disconcerting.
(Win for TMT in Houston keeps creditors at bay)
“These are modern assets and it would be extremely sad to see them sold for half of what they were worth two years ago. I want the chance to restore [TMT’s] health, to pay back our creditors, and we cannot do this without a means of generating earnings.”
Nobu Su fights to keep TMT afloat as a Texas bankruptcy court considers how best to reorganise the company.
(Su reluctant to sell ship assets)
“The result, following the collapse of nearly all shipping markets, is that the laws of US corporate bankruptcy have invaded the shipping industry under the guise of reconstruction. This even where the companies have little or no base in the US, have never filed corporate of fiscal tax reports in the US and with few, if any, of the creditors in the US.....The only recent shipping Chapter 11s that have been successfully restructured the debtors were those that were pre-packed and had strong supporting new equity. Others such as Marco Polo and Omega have been a disaster and the latest, Today Makes Tomorrow (TMT), has all the signs of being even more disastrous.”
No mincing of words by ship finance veteran, Paul Slater.
(Chapter 11 throws up a conflict of laws)
“We just have to continue writing down the value of our assets as ship prices continue to drop.”
Realism from Geir B Larsen as Brovigtank continues to bleed kroner and sell ships in a difficult market.
(Brovigtank completes tanker fleet 'tidying-up')
“Today, this is difficult as the charterers take the opportunity to demand many options in the period deals that do not suit us,” Ellefsen said.
Spar Shipping’s Jarle Ellefsen is finding a strategy of being a tonnage supplier to long term charterers is getting more difficult.
(Spar loses supramax hires in STX Pan Ocean collapse)
“There will be no arrests and no foreclosures, but an orderly continuation of running the business until the markets have recovered. And then the ships might be sold to third parties.”
A defiant Claus-Peter Offen believes his group can ride out the KG storm with a warehousing solution for the worst affected vessels.
(Offen adopts 'warehousing' policy to remain at top of boxship ladder)
“A real company — not just a group of assets.”
Not crystal clear what Anthony Gurnee thinks is so special about Teekay but you sort of get the idea he thinks an outfit rooted in the industry is a better model for IPO hopeful Ardmore than an asset play venture.
(Ardmore falls back on its strengths as roadshow unfolds)
P&I broker, Malcolm Godfrey, suggests that it is time for clubs to balance building funds for a rainy day with the storms shipowners are already battling
(Broker calls on P&I clubs to ease burden on owners)
"An organised effort was made to physically remove over 15 full trolleys of dry foods, spices, canned foods, cooked foods, milk, raw meats, pasteurised eggs, cheeses of all types, baking goods, raw fruits, raw vegetables, and a variety of both hand held and counter model food equipment, pans, dishware and utensils to over 10 individual cabins shared by two or three galley crew members in order to avoid inspection.”
May be best to bring a picnic if you are going cruising with Silverseas rather than risk food hidden under crew beds during a US hygiene inspection.
