Ananalysis of the decline and maybe fall of major league US shipping company OSG fromJonathan Chappell of Evercore Partners .
(Morea case of missed opportunities than mistakes)
“Chapter11 can do many things but it can’t fix an industry ....If you have too muchdebt or are in the worst part of the industry or people won’t charter yourvessels because of the Chapter 11 stigma it makes things much tougher.”
EvanFlaschen of the Bracewell & Giuliani warns that there are limits to thehelp a bankruptcy filing can provide.
“Inshipping, you have to be able to afford the mistakes you make.”
Refreshinghumility from shipowner and academic Stavros Tsolakis even though DST Shippingappears to be doing a lot of things correctly.
(Greekplayer DST works bad market to its advantage)
“Peopleknow that we have both the expertise and we can execute fast and moreimportantly, we have the financial muscle to move ahead and should somethinghappen, then I can tell you that of course we are going to have a look at it.”
Costamarefinance chief Gregory Zikos indicates that adding new and older vessels to thefleet is on the agenda.
An embarrassingadmission that Wilh Wilhelmsen can’t afford to pay a previously announceddividend so shareholders will have to settle for a quarter of what they wereexpecting.
“I can tell you we are not going to sell just to sell – there willnot be any fire sales.”
MarcoFiori of d’Amico International Shipping is planning to order more ships but despitered ink on the books feels under no pressure to dispose of existing tonnage.
“Wesee a lot of interesting opportunities these days and more than we saw a yearor a year and a half ago.”
OleHjertaker of Ship Finance International explains a move into the car carrierbusiness.
"Weare now in a war. They wanted to force us to fall down but they didn't succeed.Today, in global markets we lose markets and the world is putting limitationson us. We will continue even if there is only one country working with us.”
MohammadHussein Dajmar is resolute that IRISL will press on although sanctions areseriously damaging the company.
“Thepremium the eco-ship can command is very small compared to the investmentrequired. Investment on existing ships is more profitable at today’s prices.”
JohnCoustas reveals he is sceptical that the new eco-ships will deliver theflaunted savings once they put to sea.
(Danaosprincipal lambasts yard claims for eco-ships credibility)
“I would say that overall the charterers’market is not as transparent and as regulated as the shipowners’ market,”
NewIntercargo chairman John Platsidakis is concerned that shipowners may not haveadequately appreciated the counterparty risk through the boom years.
(Strengththrough unity is the way to go for Intercargo)
“Valeis willing to time charter these vessels for their entire lives at prices thatreflect the cost of investing in them, while giving reasonable rates of return.”
GurinderSingh shipping chief of Brazil’s Vale mining group says he is open to offersfor the Valemax bulkers and would prefer to be a charterer than an owner.
“Wehave been growing very steadily but not crazily.”
LucienLesuis reveals that Charterama is not rocking the boat too much in the charterersliability market.
