Optimism examined

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

“I’ve always considered Mr Su a man of his word. I haven’t always thought his plans were realistic. .... You’re a man of great optimism, sometimes in a declining market, and that can be dangerous.”

Bankruptcy judge, Marvin Isgur, cautions Nobu Su that he is prone to taking a too optimistic view as he battles to save TMT.

“Bids compared to three months ago are significantly lower today.”

And Arrow shipbroker, Nick Johnston, explain why ship sale prices are failing to reach Su’s expectations.

(Predators swoop on four more TMT vessels)

“One underwriter said to me ‘I’ve paid out on the hull, I’ll pay out on the P&I and you’re asking me to potentially pay out again?’ I said ‘yes’ and then he replied OK.”

Lloyd & Partners’ David Smith pays tribute to the appetite for risk – or maybe the optimism - of underwriters who signed up to insure the wreck removal of the Costa Concordia.

(Third time lucky holds true for insurers of the Costa Concordia)

“Despite the challenging market conditions experienced over recent months, the investment community remains constructive on products.”

More optimism. Times may be tough in many shipping sectors but Navig8’s Jason Klopfer insists there is still investor interest in LR products carriers.

(Investors still backing products tankers as Navig8 raises $94.5m on Oslo’s OTC market)

“You do not see many charterers and traders that are around for five generations but you do see Greek shipowners who are around for five generations.”

A reminder from Freeseas’ Ion Varouxakis that there are owners who are used to navigating stormy seas and coming out the other side.

(Freeseas looks forward to better times after navigating debt storm)

“The issues that the Baltic has to get to grips with in ensuring its indices and its index products remain relevant are of much greater significance in the changing environment.”

Newly elected Baltic Exchange director, Peter Kerr-Dineen, indicates there are other important issues on his agenda as well as the future of the costly Baltex electronic trading platform.

“You’re the right man at the right time.”

Kerr-Dineen gets an enthusiastic endorsement from former Baltic Exchange chairman Hugh McCoy.

(Baltic rebel Kerr-Dineen grabs seat back on the board)

“It is to be hoped, however, that the increased certainty provided may remove some of the all too familiar obstacles - such as refusal to grant refuge and unfair treatment of seafarers - and prompt a more balanced approach to wreck removal negotiations."

Ince & Co’s Faz Peermohamed sets out some of the benefits of the Nairobi Convention as this wreck removal regime moves closer to entering into force.

(Wreck removal — will the Nairobi Convention prove a game-changer?)

“Our board is mainly interested in the provision of service to shipowners in the most cost-effective way and we will continue to talk about the strategic direction they want us to take.”

Gary Rynsard indicates that Steamship Mutual’s shipowner directors are taking a pragmatic view of the advantages and disadvantages of a P&I club diversifying.

(Steamship Mutual to move into hull war risks)

“As charterer, we never said we will not pay.”

Dalian Suntime’s Xiaoyu Sun rejects the allegation that the company never had the funds to cover the five to seven month time charter of an Eagle Bulk Shipping supramax bulker.

(Eagle Bulk chases Chinese charterer over unpaid bills)

"The drugs were concealed by mixing them with diesel to avoid detection.”

Kenyan drug enforcement official Hamisi Massa reveals a new cocktail has been devised by smugglers trying to sneak heroin past port security.


Heroin scam revealed)

“The idea is that we send the blueprint to the crew on board the tanker vessel, they will push ‘print’ and in a matter of hours get the part.”

Maersk Procurement’s Martha Rehnberg has an eye for innovation but maybe she should check out with a few chief engineers the suitability of ABS as a material for piston rings and cylinder liners.

(Widget revolution)