An endorsement of Wartsila gas fuelled two stroke engine technology from the guys at MAN B&W.
But Wartsila pours fuel on the fiery debate describing the MAN B&W high pressure system as “like a bomb.”
(Wartsila and MAN B&W square up in war of gas engines)
“This is not a revolutionary technology. The reality is in an environment when your rates triple, then you have an advantage, but at that point it is a high-class problem. All your vessels will be making a lot of money.”
Engineer Angeliki Frangou dons a Navios boilersuit to cast doubt on the benefits of Eco-ships but her argument has not won over Castleton Commodities’ Keith Denholm, a massive fan of eco-ships.
“Without a shadow of a doubt, without any exceptions, these ships are performing incredibly well, better than the shipyard description,” he adds.
(Debate still rages despite eco-bulker newbuilding spree)
“Proskauer should have identified and advised OSG of the significant actual and potential tax consequences of the new joint and several arrangement in the 2000 and 2001 credit agreements, but it failed to do so. This failure constituted professional negligence on the part of Proskauer.”
“OSG is in bankruptcy because of losses suffered as a result of its own bad business decisions and the global decline in the demand for its services. OSG’s complaint against Proskauer represents a misguided and desperate attempt to recoup those losses from Proskauer and its partners.”
OSG and its former lawyers, Proskauer Rose, come to blows over responsibility for tax troubles that helped drive the US tanker owner into bankruptcy.
(Lawsuit sheds new light on tax issues that troubled ailing OSG)
and
“This trend has to change. That is why... I am taking back the direct and full control of the management.”
Emanuele Grimaldi has no doubt that ailing Finnlines needs an immediate injection of entrepreneurial spirit and a true hunger for profit from the shipowner himself.
(Returning boss Grimaldi outlines ‘new era’ for struggling Finnlines)
Despite historic resistance from borrowers, the time has possibly come when lenders have legitimate grounds to argue that, once the loan is in default, they should be able to charge — and be secured — for their management time in working out a restructuring.
Clifford Chance lawyer, Alastair MacAulay, has a few ideas about ways to reform of bankruptcy practice.
(Borrowers should be more accommodating to lender interests)
“Having been in the business since 1974, I have seen many ups and downs in an industry that is not very good at risk management — ie owners borrow too much money. If a person, a company or a country borrows too much, they go to the wall in the end.”
A clear analysis from that voice of experience Nordic American Tankers’ chief executive Herbjorn Hansson.
(Owners warned off suezmax ordering by veteran Hansson)
“We are evaluating every opportunity to act as an early mover within a market environment where supply is reducing and tonne-mile demand is increasing.”
Navig8’s Jason Klopfer is upbeat about the state of the tanker market but hedging his stance on reports that it is set to order eight VLCCs.
(Navig8 is bullish on prospects for VLCCs)
A pretty straightforward go for growth plan from Icon Offshore’s chief executive, Dr Jamal bin Yusof.
(Expanding Icon Offshore nears $100m newbuilding contracts)
“When you have had five years of misery, you hope it is coming to an end. But I am always concerned when the orderbook starts to creep up.”
Analyst Natasha Boyden dampens down optimism for a dry bulk recovery as she switches to the a new finance arm of tanker broker McQuilling.
(Boyden back in business at McQuilling finance wing)
“The recovery, when it comes, is going to be later and weaker than it could otherwise be without this infusion of capital.”
Diana Shipping president Anastasios Maragaronis sounds a warning about private equity preference for bulker newbuildings over second hand tonnage.
(Long-term charters ‘limit’ Diana upside)
“The way certain private equity funds are investing in shipping is short-sighted and problematic, and could prolong the crisis for part of the companies who already have it tough.”
Danish Ship Finance chief executive, Eric Lassen, is also concerned about speculative investment.
“Although we don't anticipate this translating into a material increase in the charter rate environment in the near term we believe 2014 will provide a significant opportunity for an already robust demand for dry bulk commodities to outpace overall supply growth.”
But Globus Maritime chief executive George Karageorgiou sees positive longer terms signs for the dry cargo market.
“We do not believe that the carriers will sail much slower, as the potential bunker savings from further slow steaming would be negligible.”
And SeaIntel has a take on the question of fuel efficiency in the liner trade.
(Asia-Europe carriers ready to hike rates yet again)
WR Berkley’s Bjorn Olav Norbye fears broker power as an increasing threat in the hull insurance market.
“The situation where a broker can get an order in the morning and have it placed by lunchtime is sadly one I don’t think will continue.”
But Brit’s Simon Stonehouse sees limits to what brokers will be able to do.
(Increased broker muscle ‘putting hull premiums under greater pressure’)
