Posidonia perspectives

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

“The professionals I don’t mind because they know what they are doing. The outside money I find ridiculous because they only spoil the market and they have a short-term view.”

John Angelicoussis is concerned that too many vessels are being ordered by people who do not have his belief in charter backing for newbuildings.

(Prominent owners talk to TradeWinds)

“We are shipowners, and shipowners we shall remain, with our own money — and, of course, in partnership with our banks. But we will not spend our skills and devotion to become operators of tens of vessels belonging to other people and purchased with other people’s money.”

Captain Panagiotis Tsakos also appears to have an aversion to OPM or other people’s money.

(Tsakos keen to rectify tanker imbalance with dry bulk and boxships)

The risk management people took over from the business people, so the power of the business people was lost within the bank structure and you got paralysis through analysis.”

But a serious malady is diagnosed by George Syllantavos of Nautilus Shareholdings.

(Owners look for alternatives to make up funding shortfall)

 “As Greece is in the process of ending the most testing period in its modern history, economically and socially, Greek shipping could become a key driver of economic recovery at national level, as well as in the context of global prosperity and welfare.”

Union of Greek Shipowners president, Theodore Veniamis, is upbeat about the contribution that could be made to national wealth.

(Spotlight back on Greece as Posidonia nears)

“They could lead to a smaller fleet being handed over by my generation to the next generation — something that has not happened in the past 72 years.”

UGS secretary, Panos Laskaridis, warns the government must be careful about the long term consequences of fiscal actions.

(Greek shipping rethinks relations with the state)

“It is to be hoped that the severe loss of confidence created by the uncertainty of the tax regime will not result in heavy losses in the future.”

The Greek Shipping Co-operation Committee is also concerned although Golden Destiny appears to still see a gilded future for Greek shipping.

(Shipping shines bright as Greece bids to recover)

“I believe the LNG carrier market has a long way to go. But the charterers are very, very careful to choose among players or owners who have in-house experience and an impeccable track record.”

George Procopiou is gearing up to tap gas market opportunities.

(Dynagas goes public to accelerate LNG sector expansion)

“You could call [the reefer trade] a business in a run-off mode but it is a slow, profitable run-off and, as things seem today, we may have to reinvest in a few ships to continue servicing very specific trades.”

Thanassis Laskaridis appears pretty chilled out about prospects for the traditional breakbulk reefer market.

(Prominent owners talk to TradeWinds)

 “When the cargo starts flowing and the buyers start buying, ports will be congested as well, and this always helps the market.”

Safe Bulkers Polys Hajioannou is upbeat that delay in shipping South American grain is going to be good news for the dry cargo market.

(Delayed South American grain exports poised to boost market)

“Lower and lower speeds mean many more ships than might have been required will be needed. And more capital will be tied up in cargoes on longer ocean voyages. Is that efficient?”

Tom Boardley of Lloyd’s Register doubts that cutting engine power to achieve Energy Efficiency Design Index requirements is the way to go.

(EEDI: Can shipping combine safety, environmental and efficiency targets?)

“We struck an agreement with the miners to transport the mineral to China for free but the cargoes would be registered under our name. Once the minerals were sold, they could pay us the shipping charges.”

Still room for a bit of wheeling and dealing in the capesize market according to Winning Shipping’s Sun Xiushun.

(Winning stays one step ahead)

“In terms of deals, we are even busier than 2005 because there are more companies to do follow-ons and these are not just issues of common shares but in some cases more complicated products like convertible bonds.”

Seward & Kissel's Gary Wolfe appears to be caught up in a new IPO gold rush.

(IPO levels reach gold standard in New York)

“We have a peculiar situation now because it feels like there has been an oil price crash even if it has not really crashed.”

Low oil prices and high costs have created strange times according to Jarand Rystad of Rystad Energy.

(E&P cuts aid solid cash-flow improvements)

“A cautious approach has been taken and more margin built in to the estimates but it is difficult to predict if that is the end of the story.”

Lars Rhodin’s  NeverEnding Rena story continues with dark forces from down under continuing to gobble up dollars.

(Rena wreck removal bill set to leap by further $75m)

“If true, the allegations depict a scheme of entities born out of a fraudulent bankruptcy proceeding, controlled by a single individual, established to avoid creditors and admiralty jurisdiction in the United States.”

US judge, Robert Doumar, takes a robust view of allegations that Vista Shipping is linked to failed Industrial Carriers Inc.

(US judge rejects Vista Shipping’s efforts to unshackle Cape Viewer)

“It is not systems or machines that commit fraud. It is people.”

So not much prospect of putting a colour copier or other office equipment behind bars although ICC crime guru, Pottengal Mukundan, concedes they are useful accomplices for bill of lading crooks.

(Digital age opens up shipping trade finance systems to fraud)


  1. 3D printing ‘poses shipping security threat’

    G4S warns that thieves are replicating devices to open cargo seals.

  2. Quotes of the week: shipping wit

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

  3. Scandinavian owners win deal-making crown

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