An insight into Ukrainian shipping at a time when the country is making headlines. Lets hope there is room for a toothbrush in Viktor Baranskiy’s luggage. The Vista Shipping chief explains how he turned $1m of cash into a company with a fleet of ten capesize bulkers, a couple of tankers and a mixed bag of other vessels.
(Suspicion shrouds the genesis of Vista Shipping)
“I could buy 45 ships in an afternoon if I were prepared to pay the prices that are being asked.”
Good job for UACC’s Per Wistoft that there are not MR products carriers to be snapped up on eBay.
(Too much Wall Street money ‘is spoiling the pot’)
“We now feel that with the cash at hand we are very comfortable in being sufficiently covered for the repayments that we have at hand. If we raise additional equity it will be for a purpose, and that will be that we can put it to good use.”
George Economou takes a different tack to the auditors of DryShips who have flagged doubts about the outfit's ability to continue as a going concern as a result of breached loan covenants.
(DryShips plays down ‘going concern’ view from auditors)
“Dry bulk shipping in the first half of 2013 experienced its weakest market conditions since 1986, while an improved second half demonstrated encouraging early signs of a cyclical upturn with increased rate volatility.”
Pacific Basin’s Mats Berglund can see some green shoots of recovery albeit.
“Most shipping markets are in the early stage of a cyclical revival, as fleet growth is expected to fall below recent levels for the next several years, while a stronger global economy revives growth in tonnage demand.”
Bullish remarks from Frontline as it mulls the case for more investment in crude carriers.
“What we were looking for was a patient management team willing to work with us, willing to dance with us, for quite a while.”
(Doubts over private equity if asset prices rise too high)
"Private equity has retired debt at a discount, bought existing fleets, or taken over prior contracts for newbuildings. But it has not created massive newbuilding orders. I don't know any industry in which private equity created overcapacity.”
Wilbur Ross is firmly on the side of private equity even if others have doubts.
“We do think there will be a gradual slow recovery because supply and demand is pretty balanced. You have to be in the market to capitalise on the moves when they happen — and they always happen.”
Euroseas’ Aristides J Pittas is ready and waiting for recovery in the containership market.
(Family’s global success inspired by forward-thinking leadership)
“We are genuinely agnostic to this trade. It is all about creating the best value proposition to our shareholders.”
Robert Bugbee confesses to being agnostic about ships but is he a true believer in another respect - In Greenbacks We Trust?
(Scorpio Tankers looks prepared to shed its VLCC fleet)
“We anticipate the short term LNG shipping rates will continue to decline in the near-term due to a surplus of vessels compared to demand.”
Peter Evensen of Teekay LNG Partners sees the shine coming off the business as a result of limited cargo availability and fleet growth.
(Shipowners admit to slip in LNG rates)
“US companies do not take ships apart on beaches nor force their workers to breathe in asbestos fibres and other contaminants. Rather, they use efficient modern equipment and their highly skilled workers operate with the utmost safety precautions.”
Former MarAd chief counsel, Denise Krepp, wants to see US flag ships scrapped domestically... but what about the economics?
(Recycling US-flag vessels at home is the best option for environment and jobs)
“Our members have made it abundantly clear that they want a hull market for Greece and Cyprus.”
Support for Hellenic Hull Mutual remains strong despite a cash call and fierce market competition according to Ilias Tsakiris.
“Working for Statoil is like putting a man on the moon.”
Mission accomplished for Daya Offshore's Dato’ Mazlin Junid as he describes a demanding Draugen field customer.
