We take a look at what was said in the market in the past week.
“Kayne Anderson is the 800-pound gorilla in the MLP [master limited partnership] space.”
Evercore Partners senior managing director Mark Friedman after ‘King Kong’ Kayne snapped up some of John Fredriksen’s Knightsbridge.
(‘Big gorilla’ investor with major shipping appetite snaps up Knightsbridge shares.)
“We like to spin off things when there is a market for it.”
Tor Olav Troim is all in a spin after TUI announced plan to spin off Hapag-Lloyd from the parent.
(Plan to spin off Hapag-Lloyd supported by Fredriksen.)
Prince Charles: "Is he offering you a wedding present?"
Prince William: "He's asked me if I will marry his daughter."
The Royal family pair has an ever-so-quaint giggle during a charity broking day at ICAP.
“Maersk is bullish about demand, ordering of these ships is a rubber stamp, a signal that growth in our [boxship] sector is sustainable, and it shows that there will be a strong future for large containerships.”
Greek owner John Coustas of Danaos Corp on Maersk’s rumoured impending $4bn+ order for 18,000-teu behemoths.
“It’s happened before. Shipping falls out of favour. Things change and shipping comes back into favour. You never know.”
A shipping source as Lloyds Banking Group is rumoured to be cutting and running from shipping.
(Lloyds aims for outright shipping exit.)
“We feel that the large ships, namely the capes and VLOC’s, are in for some hard times ahead. Not necessarily tomorrow; but surely in the year to come.”
And soon? And for the rest of our lives?
Greek shipbroker N Cotzias warns that newbuilding cancellations need to pick up in order for dry-bulk to make it through.
“Many will find some clubs’ pride in their new found free-reserve levels hard to swallow, given that they were funded in this manner.”
Arthur J Gallagher P&I chief Malcolm Godfrey asks clubs to remember where their cash comes from.
(Gallagher says underwriting losses soaking up claims returns.)
“Do not be misled by a seemingly low P&I general increase.”
Godfrey also reckons we should not get carried away by low increases, but should look at the bigger picture.
(Gallagher says underwriting losses soaking up claims returns.)
“Having been involved in P&I business for over 25 years, I believe that the mutual club system works extremely well and, let us not forget, provides P&I cover at cost and without profit.”
They’re not in it for the money, you know.
Godfrey on the continuing EU investigation into the International Group P&I cartel.
(‘True competition’ in P&I just a matter of time.)
"I can only imagine how many ridiculous lawsuits are slapped against companies each and every day, which is why we have had to give so much power to the beards and their high-visibility jackets and their watch-your-step, swim-at-your-own-risk, coffee-is-hot signs that are plastered all over the ships."
Carnival cruise director John Heald headbutts health and takes a swipe at safety after a passenger threatened legal action to recoup royalties allegedly owed to him after an impromptu stage performance onboard one of its ships.
“It [piracy] is going to remain out there until the penalties have become severe, and until all countries actually do impose the penalties. Long jail terms, effectively without parole, to make sure that these people know that once they get caught they never get back out again.”
Seanergy Maritime boss Dale Ploughman is up in arms about the threat to the Greek owner’s ships from pirates in the Indian Ocean.
“I see the CEP as a self-destructing company. Maybe in many years’ time we will no longer be needed and could donate the tonnage to a Somali coastguard.”
Putting high-speed and heavily-armed vessels in the hands of people in Puntland sounds like a splendid idea.
Sean Woollerson of the Jardine Lloyd Thompson on its plans to launch Convoy Escort Programme, a private navy to protect ships from pirates off the Horn of Africa.
(‘Private navy’ is close to kick-off.)
“Ispat has definitely got some cash-flow problems but it is nothing unusual. Ispat like any other company goes through good times and bad times.”
Abhijit Chaudhury, chartering manager at Mittal-owned Ispat Industries is on the defensive after a Restis ship was chased down by the Indian Navy following charter disputes.
(Ispat cash-flow trouble ‘not unusual’.)
“In response they keep our cargo as ransom and then give us negative publicity.”
Ransoms aren’t just for the Horn of Africa, Chaudhury says of Ukrainian charterer Phaeton International.
(Ispat cash-flow trouble ‘not unusual’.)
“In fact, when I came through immigration today I was almost surprised they let me in as we had so many loud parties when I lived here and the Swiss were always complaining!”
FIS boss John Banaszkiewicz reminisces about his previous life as a Swiss yodeler at the Sailors’ Society’s Geneva fund-raising bash.
(Geneva makes a classy splash at shipping ball.)
“We are a very low-profile company and we do not like to have too much publicity.”
An executive at secretive, Singapore-based boxship owner Soon Fong which is said to have penned a pair of newbuildings in China...but they don’t want to talk about it right now.
(Low-profile Soon Fong returns to dry-bulk.)
“I sometimes wonder if Petrobras itself really knows how many ships it wants until it starts poring through the bids.”
One offshore source reckons the Brazilian oil giant likes looking for houses before it has been offered a mortgage.
(Petrobras tenders point to rates rise for PSVs.)
“Van Diepen, regretting that the GOU [Government of Ukraine] had forced him to do so, showed the Ukrainians cleared satellite imagery of T-72 tanks unloaded in Kenya, transferred to railyards for onward shipment, and finally in South Sudan. This led to a commotion on the Ukrainian side.”
US official Vann van Diepen loses patience with his Ukrainian “friends” in US cable leaked on WikiLeaks which alleged that the hijacked Faina’s cargo of weapons was destined to bust an arms embargo.
“It would do nothing for the industry and it would do nothing for our society, for our health and for our environment. It would be a siren call for disaster; we would be heading for the rocks.”
European environment commissioner Janez Potocnik doesn’t want owners to steer clear of the IMO’s stringent emissions targets.
