Barrister and Tory member of parliament Stephen Phillips reveals he has a way with words when it comes to describing shipowner, Nobo Su, but then he is being paid, no doubt handsomely, to fight Polys Haji-Ioannou corner in a London High Court battle over forward freight agreements. But helpful that the QC is on Haji-Ioannou payroll as he is a shipowner who knows very little and lacks expertise about FFAs.
(Nobu Su changes tack as FFA case comes to court)
“Maybe one of their people can charter a plane and put the cash in the bag.”
US judge Robert Doumar comes up with a helpful proposal on how Vista Shipping offshoot Freight Bulk could have put up a security bond to prevent the sale of a capesize bulker for $8.3m.
(US judge confirms sale of Vista OBO to charterer Noble Group)
“I want to give a heads-up that we don’t see this downturn as anything other than normal, and we’re going to keep on buying and selling, so that we keep the fleet in an ideal state.”
There is falling utilisation, vessel oversupply, lagging demand and disappointing financials but no need to worry as this state of affairs is entirely normal according to GulfMark president and chief executive Quintin Kneen.
(GulfMark cuts estimates after posting disappointing quarter)
“We have been the market leader for low-specification, cheap and cheerful offshore vessels but we don’t think that the cost leader model will be sustainable in the future.”
A refreshing admission from Leong Seng Kiat, chief executive of Malaysian shipbuilder, Nam Cheong, as the company turns to higher specification craft.
(Nam Cheong unveils new generation of offshore ship designs)
The US Coast Guard offers an explanation of how 14 people came to be injured when a North Carolina island ferry ran aground.
“The data is increasingly manipulated by ships that seek to conceal their identity, location or destination for economic gain or to sail under the security radar.”
And it is not just Chinesse fishing vessels sending false automatic identification system data. The larger the vessel the more likely it is to go ‘dark,’ warns Matan Peled of shipping data company, Windward.
(Manipulated AIS data linked to rate rigging)
“Trust takes a long time to build but can be quickly undermined.”
Andrew Bardot of the International Group of P&I clubs warns a legalistic view, that will slow payment of compensation, will be taken as a result of the Nissos Amorgos debacle.
“There have been no conversations at all. We will take a view when the deal is completed.”
Rival reinsurance brokers are salavating at the prospect of a review of the International Group's relationship with Miller Insurance Services as Hugo Wynn-Williams gives an assurance that a deal with Willis has not been given a quiet nod.
(Willis tie-up could mean major reinsurance shake up)
“We believe that the Standard syndicate at Lloyd’s will enable members to benefit from the club’s high standards of service, reasonable pricing and leading financial stability across a broader range of marine and energy covers.”
Standard Club chairman and chief executive Rod Jones and Jeremy Grose set out the case for the protection and indemnity mutual moving into the Lloyd’s of London market.
(Standard Club set to launch Lloyd’s syndicate 1884)
“P&I is its own business unit so we won’t have people writing cargo one minute and P&I the next. We have dedicated P&I people for both underwriting and claims.”
Navigators marine chief, Colin Sprott, sets out the strategy as the company marks ten years in the P&I market and reveals its ambitions going forward.
“After many years of living in ivory towers of commercial torpor, the clubs seem to be in a process of fundamental change.”
Malcolm Godfrey of Arthur J Gallagher is concerned that looking after the interests of their shipowner members remains at the forefront as the P&I business changes.
(Gallagher senses seeds of cartel break-up in P&I club ambitions)
