Marie Celeste reprised

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

MarieCelesteIns.jpg“The conditions for the fracture were not able to be simulated."

So that’s it. Job done. The break up and sinking of the MOL Comfort was not due to shortcomings with the structural strength of the containership according to Japan’s Ministry of Land, Infrastructure and Transport and Tourism. Just one of those things that happen at sea....a Marie Celeste scale mystery?

(Probe finds MOL Comfort hull was not overstressed)

“We must start from the premise that if you cannot afford to pay your seafarers then really you should not allowed to operate ships.”

Revolutionary talk from Seacurus’s Thomas Brown who seems to have overlooked that shipping is an industry red in tooth and claw.

(Market ‘can meet back-pay requirements’)

“Analysts must be careful not to be blinded by history, becoming seduced by the superimposition of the last three years’ seasonal market developments and assuming this coming first quarter will follow the same pattern. Even disregarding iron ore trade developments, the market is — in so many ways — not the same."

James Leake of Arrow Research is upbeat about iron ore trade driven growth but is he suggesting rivals need a more sophisticated approach?

(Owners cash in on dry renaissance as newbuilding wagers look set to pay off)

“It’s like getting married knowing you are going to get divorced. And you can’t make a pre-nuptial agreement because you can’t control anything. You just appear to have a lot of ships but they aren’t yours."

Ted Petropoulos of Petrofin Research endorses a trend for Greek owners to buy vessels with their own resources instead of seeking bank finance.

(Tight money sees Greeks ready to bankroll ship buys)

“When the time is right we will build the fleet again.”

A strategy above reproach described by Sadan Kaptanoglu and such a relief there is no intention to go for badly timed acqusitions.

(Kaptanoglu opts to resist newbuilding temptations)

“On top of that, you have an upside potential based on our ability to aggregate optionality and flexibility in the system.”

A strategic advantage described by Western Bulk’s Jens Ismar. Such a pity that there are not wider opportunities to aggregate optionality and flexibility around .

(Western Bulk sits on a stack of charter options)

“Overall it’s been a fantastic year for shipping equities. As a group, the US-focused shipping stocks are up 51% this year, with four out of every five making gains during 2013.”

Equity analyst Omar Nokta of Global Hunter Securities celebrates a strong dry bulk led rebound in shipping stocks.

(Dry bulk sector at the heart of shipping stocks recovery in 2013)

PremiumRightIns.jpg“It will not be expensive but it will not be cheap. It will be a similar in deductible levels as well.”

Ufuk Teker of Turk Pandi Sigorta Sirketi comes up with a Goldilocks solution. Premiums will not be too big, neither too small, in fact just right. Lets just hope the bears are happy.

(Correspondents and Turkish state team up for new P&I venture)

 “For these niche-market vessels I think we are the best solution for European owners. We never say no, economic prices, good quality. It’s a very good combination for European owners, who are demanding.”

Sakir Ergogan of Turkey’s Tersan Shipyard is a man who likes to say yes.

(Turkish yards reel in Scandinavian owners)

“In the absence of effective competition in many regions of the world, there is a growing belief that tougher controls on liner shipping are needed to regulate carrier practices relating to freight tariffs to provide much needed transparency into shipping charges and surcharges.”

Global Shippers’ Forum Chris Welsh hits out against the new PS liner shipping alliance.

(Shippers baulk at Brussels support for P3 Network)

 “Hence [there is] less competition and, in some oligopolistic markets, a situation where shippers may in fact be confronted with higher freight rates and less choice of services.”

Unctad secretary general Mukhisa Kituyi is concerned that despite growth in trade volumes there are fewer liner operators serving many countries.

(UN throws its hat into liner regulation debate)

“There is a clear reduction in the number of Lloyd’s Open Forms each year and I would like to urge shipowners, property underwriters and protection-and-indemnity clubs to use it more often and understand the value of LOF.”

Andreas Tsavliris would like to see a revival in usage of his favourite salvage contract.

(Tsavliris calls for LOF contracts revival)

“This is a new day for us and we are ready for growth.”

Humpuss Intermoda Transportasi chief, Theo Lekatompessy, looks forward to expansion after a deal with Athens Investment Fund

(HIT hails debt deal)

DealsAddUpIns.jpg“Bergvall is a business with plenty of growth potential. We saw in the team people with great entrepreneurial spirit and drive to take the business to the next level. We are looking for niche businesses around the world where a combination with Gallagher results in one and one equalling more than two.”

Arthur J Gallagher’s acquisition strategy explained by Vyvienne Wade... but not too sure about the maths.

(Bergvall Marine joins the Gallagher broking empire)