We take a look at what was said in the market in the past week.
Sounds like it’s time for Alexander Papachristidis-Bove to trade up to a six litre Chevy and do his bit to revive the tanker trade.
"It is not about winning it is about learning to live with your partner."
George Economou looks forward to a return to a harmonious relationship with Cosco after a highly publicised chartering spat.
“Risk management is a separate issue to forecasting. FFAs are not forecasts. They are a sentiment index of where the market feels it is today. The spread between the bid and the offer gives you an idea of how tomorrow looks today. Tomorrow and the next day will look different again.”
Braemar Seascope’s Mark Williams reveals that crystal balls do not come into the equation at all.
“I do believe shipowners are not being as proactive as they should be .They are not taking into consideration what is going on in the rest of the world. They need to understand what type of strategy they need to follow considering that financial markets are extremely volatile. This is the new name of the game.”
Naftilia Asset Management’s George Elliot believes shipowners had to do more to convince investors the industry is a good bet.
"I would be astonished if we didn't see within the next 12 months four, or possibly even five, Chapter 11s of listed companies.”
But it looks like good business for Harry Theochari of the Norton Rose law firm.
“With no near-term signs of earnings recovery we caution investors against ‘bottom-fishing’ at current levels.”
Rigan Wong of Citigroup suggests it no time to go angling for a decent catch.
“Long-term, [oversupply] is just a blip on the horizon of growth and prosperity.”
But ExxonMobil shipping chief Jack Buono is confidently looking to the long term.
“I will not become a newspaper boy, to put it that way.”
Jo Tankers managing director Fredrik Gabrielsen narrows his career options as he changes course.
(Gabrielsen hands over to Odfjell at Jo Tankers)
“Greek owners are stepping up their interest in second-hand bulk carriers amid expectations prices are reaching a new basement level.”
Norwegian broker RS Platou sees a notable upturn in enquiries for modern dry tonnage.
“This was not a serious business purchase. No sane businessman would buy a shipyard without the state’s support.”
Transport analyst Alexei Bezborodov suggests there may have been funny business behind the fatal shooting of Russian businessman, Andrei Burlakov, in a Moscow restaurant.
“If they had not cut the oxygen to Arkhangelsky, he would surely have paid the principal amount of the loan and the outstanding interest.”
Beseiged shipping entrepreneur Vitaly Arkhangelsky gets support from Grigory Pasko of Reporters Without Borders.
(Oslo Marine fate is ‘just like Yukos’)
“We were reminiscing about the opportunities to develop career paths that just don’t exist anymore. No matter what your ambitions are, starting your own syndicate at Lloyd’s is now an impossibility because you need so much backing and there’s so much regulation.”
But Mark Barton and his partners have a solution.
“Make no mistake, the expansion of the Panama Canal has jobs written all over it. But we must unite to protect our jobs and market and the environmental benefits we offer to beat the canal.”
'West coast is the best coast' ports campaign to upgrade facilities to fight off the canal challenge.
