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Mistakes in focus
We take a look at what was said in the market over the past week.
“We keep hearing the same things, keep making the same mistakes and end up with the same outcomes. If we can change the way we talk and think maybe [the vicious cycle that has plagued the industry for decades] can change.”
“Let us do what we do best. The future is larger companies with highly liquid stocks that give [investors] access to a tanker play without the risks of ownership and good transparency. Don’t invest in ships!”
Euronav’s Paddy Rodgers advises that investing in new tankers is only for Groundhog Day weathermen.
“Certain banks are certainly not able to do it because it is a life-and-death situation. What they are obviously after is minimising the haircut at all cost.”
Philip Clausius of Transport Capital warns it is not just shipowners who are finding times tough, some banks are also near the edge.
“We want to get a new good man to fill out the chair after Carsten....We have to find someone knowledgeable about shipping with a strategic mind.”
Norden chairman Mogens Hugo is not looking for someone to fill Carsten Mortensen boots but his chair. Which is easier?
“We might as well have been on a very long vacation. For me, it is now a case of either retiring or start buying ships again. I believe that [buying ships] will happen. But we have to be opportunistic.”
Doctor Einar Chr Lange prescribes a dose of shipowning as a remedy against advancing years as he turns 71.
“Accumulated losses are rapidly approaching £3m. This situation cannot continue. Costs need to be covered, or the venture should be shut down.”
Former Baltic Exchange chairman Peter Kerr-Dineen warns that the Baltex futures trading platform is based on a flawed business plan and needs to be axed unless it can be dragged out of the red.
“I had a dream, and still have a dream, that we provide and maintain an ability to provide 99.9% availability of safety services.”
Words from Inmarsat’s Peter Blackhurst but not delivered from the steps of the Lincoln Memorial. Let's hope that one in a thousand missed call is not from a sinking ship.
“One of the hijacked tankers was released quickly possibly because the pirates realised it had the wrong type of cargo.”
Is the International Maritime Bureau suggesting that picking a cargo that the pirates don’t want is a good way of avoiding prolonged seizure?
“We are believers in diversification and have been doing that since the beginning but we will grow gradually and with a purpose.”
The Swedish Club’s Lars Rhodin is not going to be jumped into a hasty response to the ambitions of others.
“They want to use my 40 years of making mistakes to try to avoid the same experience.”
Is Jonathan Jones suggesting that getting it wrong is better than getting it right as a mentoring qualification?