No way to treat a banker

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


What John Fredriksen said to a banker who wanted to hand him $5bn.

“It is a bit like an old marriage, we often have our quarrels.”

Fredriksen reveals his relationship with right hand man, Tor Olav Troim, is not all sweetness and light but it seems they agree enough to keep making money.

 “I have quit drinking spirits, I only take wine and beer these days. And I have quit smoking, although that is boring.”

Looks like the reformed party animal will have to celebrate his 70 birthday with nothing stronger than champagne.

(Messenger boy who became a shipping billionaire)

“He can make quicker decisions about massive amounts of money faster than anyone.”

Former OSG chief, Morten Arntzen, reveals his admiration for Fredriksen but acknowledges it help that he has his own billions.

(‘You can put John in the same class as Mc-Kinney Moller and Sammy Ofer’)

"We view our investment in VLCCs as an opportunistic addition to our tanker portfolio timed to take advantage of an expected rally in VLCC freight rates and asset prices that we believe may occur earlier than other segments.”

William Hung of Teekay spin off ,Tanker Investment,s puts down a near $250m bet that an optimistic view of the sector is justified.

GetBetterIns.jpg(TIL seals $250m deal)

“We believe that the worst may be behind us.”

Hornbeck finance chief Jim Harp is also hopeful that demand is about to pick up – this time in the Gulf of Mexico offshore market.

(Hornbeck predicts rise in number of rigs for US GoM)

“I don’t think we are in for a boom right now.”

But Western Bulk chief executive, Jens Ismar, damps down prospects for the improving dry cargo market.

(WB readies for rebound)

“They will be more efficient if they know they are rated, as we are rated, and may be removed if they underperform.”

A warning that P&I club correspondents need to up their game from Danaos Shipping’s Zoe Lappa-Papamatthaiou. And the clubs should also watch out as she thinks they should have more claim handlers and fewer managers.

(P&I clubs need to vet quality of correspondents)

“We look forward to a thorough examination of this matter by the court.”

IOPC Funds director, Jose Maura, anticipates the next bout with Gard over the many issues that figure in the legal battle over the Nissos Amorgos tanker spill back in the nineties.

AcuteHearingIns.jpg(Gard wins $58m UK court ruling on Nissos Amorgos)

“It is important for us to hear the grass growing in London.”

IUMI secretary general, Lars Lange, reveals he keeps his acutely sensitive ears to the ground on frequent visits to the UK.

(IUMI targets a bigger voice in shipping world)