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Friends and foes
We take a look at what was said in the market over the past week.
Grantley Berkeley explains why the Britannia Club came out of the protection and indemnity renewals 6m gross tons lighter.
“Britannia are a key business partner. We respect and understand their reputation for being conservative and taking a long-term view. But, unfortunately, shipowners have a shorter horizon in terms of managing their costs.”
The reason owners and insurers can’t always hit it off at the renewal ball from BW’s James Brosnan.
“EDF has the gas. We are just going to operate, build and own the unit. It’s like a nice couple — we found each other.”
But some business partnerships are made in heaven. Exmar's Nicolas Saverys on a good looking hook up.
Geir Larsen identifies a fundamental technical challenge. Guess Inpower’s permanent magnet motors and generators use current of a different frequency. And lets hope that grid does not require a long cable back to shore.
At the current cyclically low asset values for both secondhand and newbuilding tankers, we believe this market provides favorable opportunities for investment in future growth either through the ordering of new, fuel-efficient vessels or the acquisition of quality on-the-water tonnage."
More of the same then from upbeat Bruce Chan of Teekay Tankers. Let’s hope that’s just vessels and does not also apply to the red ink.
“Crude tankers are going through one of the worst winters ever with VLCC rates close to zero, limited number of fixtures and very high availability of VLCC tonnage.”
But who’s got it right. A significantly more negative view from Frontline which continues to retrench.
“Whatever changes in the tolls... I can guarantee that it will end up being more than it is right now.”
Realism born of long Panama Canal experience from Norton Lilly’s Mike Ross.
“There was no hesitation when I was offered the position. I jumped at the chance of taking on this new challenge. “The future is certainly looking bright and I’m looking forward to making the most of this exciting opportunity.”
Impressive enthusiasm from V Ships’ new Greek hire, Alastair Evitt.