Friends and foes

We take a look at what was said in the market over the past week.

“The gap in expectations was not always possible to bridge. Equitable underwriting is the cornerstone of mutuality and unless an owner is prepared to pay his fair share, a parting of the ways becomes inevitable.”

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.

(Why BW took an axe to Britannia Club entry)

“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.

(Barge-based FLNG proves to be next big draw)

“The drawback with conventional diesel-electric systems is that most electricity users on board depend on the grid maintaining a voltage of 60Hz.”

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.

(Permanent magnet technology at the heart of Inpower innovation)

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.

(TNK eyes expansion)

“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.

(FRO losses reduced)

 “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.

(Spooky silence on toll changes)

“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.

(Evitt back at V.Ships)


  1. Quotes of the week: shipping wit

    We take a look at what was said in the market over the past week.

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    Study suggests Greeks may not have bragging rights in S&P market to themselves.

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