We take a look at what was said in the market in the past week.
“Todd Hornbeck is an American hero absolutely, and he has done a fantastic job in trying to oppose the White House over this moratorium but as soon as he wins one motion, they just throw something new at him. It is a David-and-Goliath fight but it’s as if David is just poking Goliath in the eye.”
A US offshore owner on Hornbeck Offshore Services’ top man Todd ‘The Tick’ Hornbeck fighting Obama’s evil moratorium on drilling after the Deepwater Horizon debacle.
(Some in US say they are 'under siege'.)
“There are a lot of rumours in the market. Some of them are true and some of them are not.”
Frontline CFO Inger Klemp is not willing to stick her neck out and put the record straight on a reported three-year charter for the VLCC Golden Victory from AOT.
(Frontline VLCC fixed for three years.)
“When the market is very high, people who haven’t done deals before see freight rates that make your eyes water and they all pitch in. If that isn’t greed, I don’t know what is.”
Distressed assets guru Jean Richards gives German KG companies and others a taste of her whip during SMM week.
“Being a Norwegian in Brazil is very nice. I have only had positive meetings with Brazilians. I do believe there’s a positive feeling here toward Norwegians.”
Eric Stole Karlsen, MD of Platou’s Brazilian operation, is placing the Nordic card down in Rio.
(Cod connection makes a Norwegian feel at home.)
“It’s been a lot of work in the past year. Actually, it’s been a lot more work than I anticipated. Sadly, I haven’t been able to see as much of Brazil - or of the beaches - as I would like. But the good news is, I’m still married.”
In an effort to follow his marital vows to the book, Stole Karlsen has kept the Speedos firmly in his locker.
(Cod connection makes a Norwegian feel at home.)
“I’d say 10 years from now we’d like to be double the size we are today. Now, we could be a little bigger or a little smaller than that. I have a crystal ball but it’s a little foggy.”
Hans Ellingsen, boss of Brazilian shipowner Norskan, needs to get his Mr Sheen out to gauge how things will shape up in the future.
(Full steam ahead on a knife-edge.)
“There’s proof for you that what you’ve heard about Brazil is not true. Not all work comes to a stop when the national team is playing.”
Marcelo Magalhaes, co-partner of Brazilian broking shop Tide Maritime, tries - somewhat successfully - to argue that some works actually gets done when the boys in yellow play ball.
(Aiming to stand out from the crowd.)
“We both have oil and shipping in our blood.”
Gustavo Sa, the other partner, reveals an apparent serious medical condition common to both!
(Aiming to stand out from the crowd.)
“It seems like where John Fredriksen points, the market goes. Deep Sea came in with the order and, just after that, the market picked up. It was amazing.”
Paulo Rolim, a vice-president of Brazilian builder STX Promar, is only now finding out just how powerful Big John is.
(Offshore specialist outgrows capacity.)
“When we used to speak about this project, both in Brazil and outside Brazil, people would look at us like we were aliens from another planet.”
Yeah, aliens from other planets are the worst type.
Sergio Machado, Transpetro boss, on the trouble he had in the early days getting people to swallow his tanker expansion plans.
(Forging Brazilian ambition into steel.)
“It was thought that a virtual shipyard was rubbish, was fake, was something meant to fool other people.”
Machado saw some baffling early resistance to the idea of 2D shipbuilding facilities.
(Forging Brazilian ambition into steel.)
“According to President Lula’s approach, oil was a gift from nature to change the lives of Brazilians and change a need into an opportunity.”
Machado thinks it’s divine law that Brazilians get all oiled up.
(Forging Brazilian ambition into steel.)
“I’m involved in a project with which I’m completely in love. It was a major challenge. There were many hurdles to overcome. And I want to see this child of mine walking on its own two feet and in perfect safety. Because this child is becoming physically fit and is doing all the homework to arrive there. And this is my project and my dream right now.”
Machado will soon be talking his beloved project to watch Brazilian football matches.
(Hands-on chief burns for this tankerr mission.)
“Since Alex is a six-foot-three inch Norwegian, we made kind of an odd couple.”
David Drummond, deputy MD at Teekay’s Rio office, is understandably feeling a little subordinate to towering boss Alex Tischendorf.
(Training and recruitment important part of Teekay operation.)
“We will be a Korean-type yard and we will reach Korean efficiency within two years.”
Robert Monteiro, CFO of Brazilian shipyard outfit OSX, is hoping for some Far Eastern energy in the workplace.
(Upfront in race for offshore 'treasure'.)
“The point is, you don’t need to own the ship to make money.”
Sophocles Zoullas, CEO of Eagle Bulk which is launching a new freight trading division to make money without ships.
(Eagle Bulk establishes trading arm.)
“There is no question that the 13 P&I clubs occupy a dominant position - but is that really the point here? For so long as that position works in favour of the customers of the associations, what is the problem? The clubs constitute an unusual, if not unique, case study in that they are effectively owned and run by their own customers.”
Insurance broking company Arthur J Gallagher gives its backing to the International Group P&I cartel which is being scrutinized by the EC on suspicion of it, well, running a cartel.
(Gallagher firm back of P&I system.)
"We can sit where we are; it will come to us.”
Navigator Gas boss David Butters is confident on LPG cargoes at a Jefferies conference in New York.
(Navigator boss confident on LPG.)
“Samsun is able to fix in the aframax tanker because it has good relationships with Korean energy players and the company is coping well under the rehabilation programme. Shipowners are aware of this and they are willing to work with Samsun.”
A tanker source as Korea’s Samsun Logix, which went belly up less than two years ago, takes a three-year charter.
(Samsun back in tanker business.)
“These commissions were paid in cash, which is rare. Normally, the company pays commissions through contracts that account for 3% to 5% of trading value.”
A report as China’s biggest iron ore trader, Sinosteel Corp, which was allegedly the subject of an investigation into irregularities in its business practices.
(Chinese trader defends record.)
“Our worries about navigational error and everything connected with this have eased as the shipping industry is less stressed.”
Ole Wikborg, Norwegian Hull Club executive, reckons shipping heads have cooled considerably of late.
(Sigh of relief as pressure on insurers eases.)
“This court is sending a very loud message to Somalia youths that piracy does not pay and they should not engage in it.”
Kenyan chief magistrate Rosemelle Mutoka in giving seven Somali men a nice place to stay for the next five years.
“In order to survive we will have to get things from the pirates, but it is very difficult for us to eat their food.”
Kim Sung-kyu, master of the South Korean VLCC Samho Dream which continues to be held off Somalia after being hijacked over five months ago.
(Samho Dream ‘running out of food’.)
“No information. You never call again. You don’t have to know my name. I’m a pirate. F*** you, you m***********. I don’t give a f***.”
A self-confessed Somali pirate onboard the Samho Dream shows his remarkable aptitude for foreign languages.
