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Made in China
We take a look at what was said in the market over the past week.
A clear message from Torvald Klaveness true believer, Jan Klingsholm. But has he got a little red book?
“As a young man at the time, I had the sensibilities of a young teenage male, which is to say very little sensibility at all. It is wonderful now, a third of a century later, getting some of the backdrop to what was going on at that time by reading this book.”
Andreas Sohmen-Pao missed out on opportunities to view history close-up, including a meal with paramount leader, Deng Xiaoping, but is now reading up about his grandfather, YK Pao.
“There’s just a phenomenal amount of money — and so much of this is below the radar. We’ve done some amazing deals that we can’t discuss. There are some major shipowners in bed with private equity that nobody knows about — I don’t think people realise just how ingrained private equity is in the business.”
There is so much money in New York that Norton Rose’s Harry Theochari can’t wait to get back to London.
“The fact that they are lawyers does not disqualify them from satisfying the descriptor - commercial men.”
But Australian judge, Lindsay Graeme Foster, believes lawyers are also commercial men. So presumably have more than a passing interest in lucre.
“That’s where the money is.”
A straightforward answer to the big question of where to tap hot capital from Morgan Stanley’s Fotis Giannakoulis. MLPs are his choice as he picks up a bottle of hopefully chilled Dom Perignon.
"I do think that a company can have too many ships at once.”
Star Bulk chief, Spyros Capralos, sends a caution, presumably to himself, as the managed fleet passes the 100 ship mark.
“The only reason we have more ships in the past month is simply because the market is weak."
SwissMarine’s Peter Weernink grabs the upside in recent weakness in the capesize freight market.
Shipping faces an uphill strugle in trying to recruit able and committed talent according to Rajaish Bajpaee of Bernhard Schulte Shipmanagement.
“Any investment that an owner makes on this front [crewing] will pay rich dividends in the long term.”
Advice from Nigel Palmer chairman of the Britannia Club, a former head of the Merchant Navy Training Board, who over a 36 year career with BP Shipping rose from cadet to director of fleet operations.
“Mr Su has been forced to file this suit to bring these injustices to light and recoup what has been stolen from him because none of these individuals have ever told the true story.”
Oh Mr Su what can we do about such great injustice. Well the pleadings of Hoover Slovacek senior partner Joseph Slovacek are a start.
“We operate a number of services where these ships will operate either as a total concept change or as part of the existing systems,” said Buitenwerf.
Double Dutch? Yntze Buitenwerf explains that Seatrade is either going to do something different or just the same.
"I am pleased that the board has estimated that I, with my experience, can contribute to securing further development for a period of time. I have stressed to the board of directors that I am not a candidate for the position.”
A thanks but no thanks message from acting chief executive, Klaus Nyborg, as Norden searches for a permanent boss.
“A full wreck removal would expose workers to much higher levels of risk than have been experienced in the Rena operations to date.”
A plea that New Zealand not insist on a full wreck removal of the Rena…and it is not just the extra $300m at stake.
“I can afford to wait rather than buying at the top.”
Turkish tycoon, Robert Yuksel Yildirimis, is in no hurry to splash out on a series of 10 newcastlemax newbuildings after a $100m rise in yard prices.