We take a look at what was said in the market in the past week.
“Swaps are not an invader coming in. They are simply a way to diversify and improve the status quo.”
Arthur Worsley of Freight investor Services defends boxship derivatives from a backlash from some owners.
(Container paper trading defended.)
“The development seen in the first half of 2010 confirms the previous announcements stating that 2010 will be a difficult year for Nordic Tankers.”
The Danish owner is not overly optimistic after it posted a miniscule profit in the second quarter.
“These big ships would appear attractive to Odfjell and I can imagine they are a bit jealous now.”
One market insider as Stolt-Nielsen pulls off a large chemical tanker swap deal with Jo Tankers.
“At the moment it is just me and Jan. There is no risk of multiple fighting in the office because it is only the two of us.”
Former Torm boss Michael Skov who has resurfaced with a new shipowning company Tankers Inc alongside ex-colleague Jan Mechlenburg.
(Ex-Torm chief Skov resurfaces.)
“The good thing is I managed to get in shape for the first time in probably 15 years, so that is not too bad.”
Skov on his physical exertions - involving more volatile cycles - since leaving office.
(Ex-Torm chief Skov resurfaces.)
“We can from the first day start to invest in ships without having to worry about financial constraints.”
Sounds like Skov earned a packet on the cycling tour during his break from the wheelhouse.
(Ex-Torm chief Skov resurfaces.)
“We’re clearly pleased to be getting something out of this situation. It’s been a nightmare and a scandal but at least some cash is now flowing and more is promised.”
A creditor of Armada (Singapore) as dividends start to appear from the wreckage of the operator’s spectacular collapse 18 months ago.
“There has been far too much speculation in the market. This is why we have problems in shipping. There are too many people who think they can make money instantly, when in reality you need to work hard at gaining trust in the market first.”
Wah Kwong boss George Chou is less than impressed with some of his competitor shipowners’ conduct in the newbuilding market.
(Chou lashes out at undisciplined owners.)
“Still, in this very weak product tanker market the company is not burning cash, which we see as positive.”
Fearnley Fonds analysts Rikard Vabo and Lars Erich Nilsen on Torm which recently reported a loss but is holding on to its wallet.
“We just have to keep fighting.”
Ivar Halvorsen, CFO of Norwegian owner Cecon, after a mystery potential investor called off a cash injection.
(Ceco investor pulls cash offer.)
“It is a first class shipyard and we went back there to build our relationship.”
Chellaram director and chief executive Vishal Khurana as the Hong Kong owner inks a pair of bulkers at Hyundai Mipo.
“We want to keep matters confidential while we get the message out to our connections on a one-to-one basis and this can’t happen overnight.”
London insurance broker Leslie Judd on the newly-established East of England P&I Association which remains something of an enigma for the moment.
“What is the point of setting up an insurance company with your own money and writing crap? You would have to be pretty stupid to do that. There is no desperation to write premium. We do not have voracious outside investors to satisfy.”
That hasn’t stopped others in the past, Leslie.
“Whichever way you look at, for the LNG shipowner, there’s no real killings to be made.”
One gas ship broker is honest about the travails facing LNG owners at the moment.
“It is a victory for humanity over raw money and muscle power.”
Rizwana Hasan, a lawyer with Bangladesh Environment Lawyers Association, as the country comes down hard on the shipbreaking industry.
“You made an intentional decision to steal from your employer 116 times. Your employer was not just a corporation, behind the corporation were people, you cheated stockholders and you affected your co-workers.”
Tacoma federal judge Benjamin Settle sentencing a former employee of Maersk in the US for embezzlement. She’ll be living in a box for a while to come.
(Ex-Maersk employee jailed in US.)
“It’s much like driving a car. You cannot keep looking in the rear-view mirror. You have to look ahead.”
Axel Stove Lorentzen of Lorentzen & Stemoco defends the Norwegian broker as talk of internal rifts persist.(Copyright)
