We take a look at what was said in the market in the past week.
“I hope we’re in the 21st century. I hope it was not given to me because I’m a woman. I don’t believe there should be a distinction between a woman and a man, to be honest. It’s a matter of achievement.”
Greek shipping stalwart Angeliki Frangou on taking up the Commodore mantle at CMA.
“I like shipping because it’s a business in which you never get bored. Look at what’s happened in just the past few days: you have an economic let-down in the US, an earthquake in Japan, rising oil prices because of developments in the Middle East and German bankers having problems. You have so many different angles and every day is a different day. You always need to be alert and vigilant. On the other hand, if you don’t enjoy this kind of thing, if you see it as work - it never ends.”
Frangou takes her home to work and her work to home, clearly.
“The company's board of directors has established a committee comprised of independent directors to oversee these potential financing transactions as Peter C Georgiopoulos, the company's chairman, may have an economic interest in the counterparty to such a financing transaction.”
Is St Peter riding to Genmar’s rescue? The Georgiopoulos-led outfit is delaying publishing its annual report as it seeks refinancing with nearly $130m of impairments in the final quarter.
“I would assume he could put up $20m, $30m, $40m and be part of a restructuring team.”
One analyst on Georgiopoulos who may have to part with some personal credit cards to dig his empire out of the mire.
“There will be no fire sale here as it would be lose, lose.”
Another analyst reckons Genmar won’t contemplate torching its fleet on ebay.
“An alliance is like a marriage. An agreement that you are good friends. Most of the time you like going together but it depends how the night goes.”
Jose Manuel Noya, commercial director of Spain’s Navantia Shiprepairs Fene-Ferrol on getting into bed with oil majors and large shipowners.
“We repair anything but we feel more comfortable with things that others cannot do.”
Noya says no job is too big or small – just don’t give him the easy stuff.
“Every day is the same: Everything changes. In normal business if you make a schedule you like to keep it. In our business you make a schedule and make it again.”
Same ship, different day, according to Noya.
“GNMTC confirm that one of her product tankers named Anwaar Afriqya¿has been subject to an armed piracy by a group of terrorist believed to be linked to terrorists group currently based in eastern part of Libya.”
It’s not just East Africa which has a piracy scourge now as Libya’s national carrier reports that terrorists (AKA rebels) have plundered a tanker.
“Anything that is 20 years old is going to be difficult. Over 25 years is more difficult. You can’t rule out the odd cargo but it is more likely that it will only be for spot and less likely for period.”
One LNG broker reckons getting on for over 20 is well past your sell-by date.
“The ship's manifests do not show any cargo in contravention with international regulations, and we do not have any more information at this stage. We are currently in contact with the vessel's owner in order to ascertain further information."
CMA CGM goes on the defensive as its chartered boxship Victoria is halted by Israeli forces over suspected illegal weapons bound for terrorist groups in Gaza.
“Why should we fight back? From our point of view we have done nothing illegal, as we would not do anything illegal.”
Jochen Dohle of owner Peter Dohle is wiping his hands of the fiasco.
“CMA CGM, which has been present in Japan for many years, will remain mobilised as long as necessary to bring aid to the Japanese population and ensure the continuity of its operations and services for its customers.”
The French liner giant maintains it is up and running with a promise of help for those affected in Japan.
“Yes, I’m a happy pessimist. Despite my extreme negativism about markets on the panel, it doesn’t worry us at all, quite frankly. In some ways, we look forward to the opportunities.”
Rory Hussey of ING insists banking bipolarity has its ups and downs.
“It is fairly worrying that some cash buyers are taking such a big gamble when it is not yet certain that they will be able to open.”
Ed McIlvaney, a broker at EBM Shipbroking, thinks too many scrap players are putting their hard-won chips on a shaky Bangladesh.
“All the ships I sailed on are long since razor blades.”
Mike Rowley, director and general manager of Mitsui OSK Bulk Shipping LNG division, shows his razor-sharp wit.
And some quotes on events in Japan in the past week.
“Approximately 90% of Japanese crude oil imports originate in the Middle East, so we will see this route impacted over the period of the closure. However, most of the shipments are on time chartered vessels and therefore it will be interesting to see what happens with these liftings. Of the crude on the water and destined for Japan at present, much of this may get resold, which may have a further effect on the crude price.”
Shipbroker Braemar spells out the likely good and bad scenarios for shipping from the Japanese tragedy.
“At this point of time we do not expect any vessel diversions, however, schedule delays are possible and we will keep you informed about any schedule changes.”
Hapag-Lloyd seems to have emerged from the tsunami and its aftermath relatively unscathed.
“While it's difficult to immediately assess the impact of this event on the shipping industry, given the importance of maritime trade to Japan we expect the impact to be fairly significant.”
Natasha Boyden, an analyst at Cantor Fitzgerald, fires an early warning shot of long-term pain for shipping from the earthquake, tsunami and possible nuclear fallout in Japan.
“Personally, I don’t worry. But frankly speaking I don’t know.”
A manager at a shipowner on the threat (or otherwise) of a nuclear fallout in Japan.
“Despite the fact that the North Eastern region of Japan consists of only a fraction of the economy, some marine-equipment manufacturers have suffered losses and as a butterfly effect, it is raising concerns at some of the yards, leading them to decide to declare force majeure.”
One broker tells of some significant woes for some Japanese companies in the maritime industry.
“From the TV news, it looks like the shipyard is submerged in water and only its jib cranes can be seen.”
A Japanese source on Yamanishi Shipbuilding which was the scene of the miraculous escape of over 100 workers from last week’s tsunami as they rode to safety on two Italian newbuildings.
