We take a look at what was said in the market in the last week.
Ordinary mortals have long had a suspicion that any sort of money is better than no money at all but comforting to get confirmation from a master of the universe. Mark Long of HSBC on why private equity currently look a better bet than IPOs.
(IPOs are dead but bankers keep busy)
“Scrapping is attracting a lot of negative criticism, so I think it is inevitable that responsible shipowners will be looking at scrapping their ships at the most environmentally sound facilities in the future.”
Negative criticism may be doubly bad but not too much of a challenge for Tan Chor Kee of Pacific International Lines as his old ships hit the beaches of India and Bangladesh a good while ago.
(Asian trio enter ‘green’ recycling)
“I am very humble toward shareholders and creditors, and have to take my share of responsibility for what went wrong.”
Another reminder that there is nothing like a humbling experience for bringing even a shipowner down to earth. Axel Eitzen speaks of his withdrawal from the eponymous shipping group and his plan to start again.
(Axel C Eitzen gets prepared for a shipping comeback)
“We are going to restructure that team. It’s going to be great fun.”
Something to look forward to for ACM chief Johnny Plumbe but let's hope restructuring is a laugh for the whole office?
“It will be challenging to get these deals done but they will be done.”
Johnny Plumbe again and this time he is optimistic that three to five year tanker charters could be returning despite a deal to fix two Korea Line Corp vessels to AET appearing to have run aground.
(Deal to fix KLC tankers to AET dies)
Retiring IMO chief Efthimios Mitropoulos calls on the world’s shipping bureaucrats to rally around and support successor Koji Sekimizu.
“There is no contradiction between slow steaming and reliability. Slow steaming means we have a little more of a buffer to catch up so it actually goes very well hand in hand.”
Maersk chief Eivind Kolding on why slow steaming is here to stay despite the shipowner’s plan to make “make reliability the new rate war.”
“We’ll be happy to pass it on to another market, because the premiums generated are at the moment inadequate, and even if they are constantly readdressed and recalculated, the problem is worsening almost at a pace that you can’t keep up with.”
Andrew Voke of Chaucer underwriting tells British parliamentarians that the Lloyd’s of London market would be happy to see the back of no longer profitable war risks business.
(UK politicians hear how war risks business is suffering due to hardening pirate demands)
“There is no doubt at all that there is a corollary between the time spent there and the amount you pay. If you want to get your ship out more quickly, there is a premium to pay and there is a very good reason for that. At the end of the day, they are assets that earn a significant amount of money per day, so staying there costs money. A shipowner can make a pragmatic choice about how much he wants to pay to free his ship and crew more quickly.”
You pays your money – or not as the case may be – and take your choice. Stephen Askins of the Ince & Co law firm gives the low down on the price of getting a ship out of pirate clutches quickly.
(UK politicians hear how war risks business is suffering due to hardening pirate demands)
"Piracy is a part of organised crime, so it will have a significant impact on repelling pirates if illicit funds were cut off."
South Korea's ambassador Moon Ha-yong on a fiendish plan to turn DNA profiling against Somali pirates. Just hope they will line up in an orderly queue for the mouth swabs.
Alan Wilson is initially hesitant to reveal the secret of the North of England Club’s success but quickly relents.
“The strength of the North is undoubtedly its people. The commitment and enthusiasm is just awesome. There’s no question that has been the cornerstone, the bedrock of our success.”
However Paul Jennings another member of the management duo at the top of the P&I mutual thinks its is also a good idea to keep the staff on side.
(Secret of success is ‘looking after our shipowners’)
“Ship’s crew is not familiar with essential shipboard equipment procedures relating to the preventing of pollution of oil; crew was not capable of properly test/operate the oil water separator for the attending port state control officer.”
The US Coast Guard on how nothing much changes in the world of shipping. Just about recall that a vessel of the same name ran aground some time ago on a mountain in Turkey.
“Filthy”
A five times over description of the state of the Queen Mary 2 cruiseship when inspected in New York. Sounds like it's time for Cunard or should that be Carnival to get the galley cleaned up.
