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Chairman's Commentary
NYMAR goes where East meets West. Win a prize for being the first to identify where NYMAR has been!!! Captain Peter Swift, Master and Commander (AKA General Manager): NYMAR caught up with this industry veteran as he shuttles between Connecticut and England where he maintains homes. Retired from OSG, Peter is anything but idle, having assumed the command of the Maritime Information Forum as it gains momentum. Dahlman Rose Indices Dahlman
Rose & Co has agreed to provide NYMAR
readers with its Dry Bulk Shipping and
Tanker Shipping Indices. Monthly News Friday deadline for USSP
March is here like a Lion, CMA Conference on the Horizon
[read more] NYMAR partners with Journal of Commerce and Baruch's Weissman Center on trade in May
Limerick Whiz Chairman Shaerf Challenges the Bar
Maritime Association to honor 5, including New York's Peter Georgiopoulos
NYMAR Adds Brian Devine to its board
Financial
Performance Charts Taste of NYC | Events & Entertainment Upcoming
events & entertainment in the Big Apple. |
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One of the keys to NYMAR's success is our ability to provide information to our members and to the community at large.
Last year we revamped our website and with the power of our regular newsletter and e-blasts we are able to reach out to a wider segment of our community.
Our newsletter – which you are now reading goes out to about 2,700 interested parties. Our website gets an average of 150 visitors a day. The page that attracts the most attention appears to be the "events" page… everyone wants to know what's going on!
Well in our case – a lot! NYMAR will be hosting a May 8th breakfast conference in conjunction with the Weissman Center at Baruch College and we have just had the first of what is planned to be a series of networking receptions. Our first "Connect the Dots" reception last month brought together over 50 people interested in each other and in expanding their reach within the cluster. We plan on having these events on a quarterly basis.
I have often asked the younger folk at AMA what is the most important ship in the shipping business. They are, by now , tired of my refrain for simply put the most important ship in the shipping business is the "relation ship"! At NYMAR in the months ahead we will be doing our utmost to foster the development of such relationships.
Within our cluster we have great resources and great people and it is the ability to bring them all together under one roof that helps excite this community. Spring and summer bring a lot of events into town and as we lead off with the heavily attended CMA conference in a couple of weeks we are reminded how important the networking aspect of our community really is.
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Can you guess where in the world our NYMAR member took the photo shown on the left? Each month, we will feature our signature hat in yet another unforgettable location as testimony that NYMAR is everywhere! Please contribute your photos of where your NYMAR hat has taken you recently! Email your photo to Carleen at info@nymar.org and we will feature it in the next issue! |
NYMAR goes where East meets West. Win a prize for being the first to identify where NYMAR has been!!! 
Retired from OSG, Peter is anything but idle, having assumed the command of the Maritime Information Forum as it gains momentum. Peter has been an active seafarer since he was 13, when he joined the training ship "Arethusa" UK (renamed the "Peking" now in South Street Seaport) in 1956. He joined Turnbull Scott Shipping Company as a deck apprentice in 1959, and sailed in all ranks from apprentice to Master in product and crude oil tankers, general cargo, bulk carriers, ore bulk oil, ore/oil, LPG and LNG ships. | NYMAR: | Peter, you have spent a lifetime in the maritime industry. What feels different, and what remains the same? |
|---|---|
| Peter: | On the plus side the business is much more efficient and very green. On my first trip we washed crude oil tanks directly overboard; there was no other option. Of course it was only an 18,000 ton ship, but still…Seafarers are more in touch with their families now with shorter voyages and much improved communication, and in general training has improved. On the down side, the restrictions put on seafarers is an international disgrace. Gone are the days when you could have a walk ashore with comparative ease. Try and get through an airport or terminal today and it is like entering the old Soviet Union it is a disgrace and needs to be rectified. The worst development I have seen is the criminalization of the seafarer all over the world. This a wrong the seafarers societies must work to reverse. |
| NYMAR: | In your illustrious career, you have weathered many market shifts. Is the one we are in now reminiscent of previous cycles, or does it stand out? |
| Peter: | Yes this one does stand out from the two other I have seen in that it was much quicker and more global. It is also different from the seafarers point of view in that it reduces the expected shortage so we hope less loss of seafaring jobs. Less comfort here for shore staff and less again owners and shareholders. |
| NYMAR: | Having been on the inside of a shipping company, how are cost cutting decisions made when it comes to operations? Assuming you are at peak efficiency at all times, where do the cuts appear? |
| Peter: | The fact is the same as in any other industry: if the money is not being earned it can not be spent and you are given a budget to meet. You may think you have reached peak efficiency but of course you never have. There is always a way to achieve a savings and the best companies will find the right way to do it. It will be tougher this time because people should remember that eight years ago we were deeply cutting operating expenses before the latest boom markets. But there are usually some pet projects and schemes going on in the office which do not actually help the ship operate more efficiently. This is where the most savings can be made. It is possible to cut costs without reducing quality. |
| NYMAR: | Do you have any particular words of caution/advice for today's turbulent times? |
| Peter: | Yes look after your crews in all respects this is not by any means a matter of just money. Do not cut on basic safety and maintenance, cut on administration and needless paperwork. More difficult to do than you think. If the legislative bodies would go on a five year vacation that would do us all a favour. Rules rushed in without due thought and the proper equipment to comply is a major problem and waste of money which could be partly saved and partly spent on basics. |
| NYMAR: | You are heavily engaged in the development of the Maritime Information Forum. This project has been bubbling up for some time. Why are you so committed to the MIF, and where does it stand today? |
| Peter: | For as long as I have been in the Industry everyone has been talking about improving the image and lots of money and effort has been spent. In general it has been uncoordinated on an international or even national basis which is a shame. The Maritime Industry Foundation seeks to achieve this at absolute minimum cost in one website www.maritimefoundation.com. It pulls together all the information already available from many industry partners from shipbuilding to recycling. I was very honoured when I was asked by the founding members to take on the task as General Manager. It is a bit like being the Chief Mate again which I always thought was the best job on the ship! The Foundation is in good shape with substantial founding members and a growing number of new members and every cent is spent on the heart of the matter: The Knowledge Centre which is improving by the day. Take a look. |
| NYMAR: | If you were counseling a young person today about joining the maritime industry, what would you tell him/her? |
| Peter: | Go for it! Get a first class education with no student loan. Have a great career with the best people in the world of all nationalities working and learning together. Good pay and free food and lodging great vacation travel the world. The ability to change career path easily and come ashore if you want to at almost any stage and have a very exciting job. You will never be bored. |
Dahlman Rose & Co index data is calculated by Standard and Poor's and disseminated on a real-time basis by the Chicago Mercantile Exchange, representing publicly available indices that track the movements of U.S. listed Marine Transport companies.
US Shipping Partners has received another reprieve from lenders over loan defaults, but the waiver does not give the company long. The tanker and tank-barge owner told the US Securities and Exchange Commission (SEC) that it has reached a deal to waive loan covenants until last Friday. The agreement was effective 27 February, when the last waiver was set to expire. After defaulting on loan payments, US Shipping is undergoing an effort to find strategic alternatives such as restructuring or a sale of the company. -Tradewinds
March is here like a Lion, CMA Conference on the Horizon
This coming March 23, 24 and 25, more than 2,000 maritime professionals will be coming to the 20th CMA Shipping Conference and Trade Show.
By now we are sure you have seen the program, but in the off-chance you may have not here is the link www.shipping2009.com to the CMA show website. This event has always been about showcasing the talent, commercial skills and business opportunities that abound within the Association. It is also about bringing to our backyard the most important ideas, products and services from literally around the world that help make our business work. Together the networking potential is enormous and we really believe that the Show can generate a half year's worth of business and leads in just its three days.
Please visit the website www.shipping2009.com for more detailed insight and to sign up. As a member of NYMAR you are, of course, eligible for the reduced CMA Member rates to attend parts or the entire event. We are fortunate to have such a resource in our Maritime Cluster.
Capital Link a Capital Opportunity
Capital Link will be hosting its 3rd Annual Invest in International Shipping Forum, which will take place on March 26, 2009 at The Metropolitan Club in New York City. This event brings together ship owners, investors, bankers, and major financial firms discussing the current economic storm impacting global trade and shipping companies. Given the current turmoil in the global financial and shipping markets, this conference is expected to attract even bigger interest from investors and ship owners.
The "Invest in International Shipping" Forum is one of the industry's most prestigious events with over 600 investment professionals expected to attend this year. The Forum has become the annual meeting for the Wall Street shipping investor community including fund managers, financial advisors and planners, public and private plan sponsors, traders, index providers and the whole sell side brokerage community.
An invitation-only event, Capital Link's annual "Invest in International Shipping" Forum allows senior representatives from the investment management community to hear a comprehensive view and outlook of the various shipping markets right after the companies' annual results. Book your reservation today, as space is running out.
To learn more about the Forum or to register please visit:
Capital Link 3rd Annual Invest in International Shipping Forum website
NYMAR partners with Journal of Commerce and Baruch's Weissman Center on trade in May
Please Plan to Attend a Breakfast Seminar: Polishing The Big Apple: A look at today's shipping realities. Featured Speakers will include:
- Paul Bingham, Managing Director- IHSGlobal Insight
- Joseph Bonney, Editor-in Chief- Journal of Commerce
- Stephanie Kasselakis, Chief Counsel- Poten & Partners
- Richard Larrabee, Director-Port Commerce, Port Authority of NY & NJ
- Omar Noktar, Research Analyst- Dahlman Rose
This event is being hosted by: Weissman Center for International Business, the Journal of Commerce, and NYMAR (New York Maritime Inc)
When: May 8th 8:00-10:00AM Where: Weissman Center (55 Lexington Avenue at East 24th)
Cost: $35 per person ($25 for NYMAR members)
RSVP: Lene Skou at Lene.Skou@baruch.cuny.edu. Please reserve early as attendance is limited.
Limerick Whiz Chairman Shaerf Challenges the Bar
NYMAR Chairman Peter Shaerf, fresh off almost successfully (by 6 votes) defending his 2008 Tradewinds limerick title, spoke to the New York Admiralty Bar on Wednesday night the 11th promoting the merits of NYMAR and, in true style, ended the proceedings with a timely limerick or two...
I was called to the Admiralty Bar
Dinner and good company for sure
But what I am wishing
Is you'll partake of my mission
To raise the flag for NYMAR
So with your support and a bit of good luck
We will succeed while others are stuck
As the premiere cluster
We're certainly robuster
Than the others...but let's avoid cluster-%uck!
Maritime Association to honor 5, including New York's Peter Georgiopoulos
International Maritime Hall of fame will honor five industry luminaries in May at a celebratory dinner at the United Nations. Amongst the five are New York's own Peter C. Georgiopoulos. Peter has a distinct honor and singular achievement of being the only person to be, concurrently, the Chairman of three NYSE listed public companies. Peter is Chairman of General Maritime (GMR), Genco Shipping (GNK) and lastly Aegean Marine Petroleum (ANW). The awards dinner is on May 13th and Peter will be feted along with four other industry personalities primarily from the ports and labor communities. For more information, email motivejkr@aol.com.
NYMAR Adds Brian Devine to its board
Brian Devine, Partner at Blank Rome LLC, has been added to the NYMAR Board of Directors. At Blank Rome, Brian focuses on the representation of financial institutions and borrowers, with a particular emphasis on maritime-related assets. Formerly of Healy & Baillie, a founding member of NYMAR, Brian adds an additional global and finance-driven perspective to the NYMAR Board.
Shipping
Company Performance Chart (NYSE)
(source: NYSE)
| Symbol | Company Name | Price 2/12 USD | Price 3/10 USD | % Chg | Current Mkt Cap ($mm) | Exchange |
| BOL-FR | Bollore (Financiere de L'Odet) | $78.81 | $76.02 | -4% | $2,394 | EN Paris |
| FRO-US | Frontline Ltd. | $27.89 | $17.56 | -37% | $1,367 | NYSE |
| VPK-NL | Koninklijke Vopak NV | $27.74 | $26.48 | -5% | $2,109 | EN Amsterdam |
| KEX-US | Kirby Corporation | $25.27 | $21.72 | -14% | $1,168 | NYSE |
| SMIT-NL | Smit Internationale NV | $38.38 | $34.00 | -11% | $772 | EN Amsterdam |
| TK-US | Teekay Corporation | $18.83 | $13.18 | -30% | $960 | NYSE |
| AXB-US | Alexander & Baldwin, Inc.* | $23.32 | $17.28 | -26% | $709 | NYSE |
| NAT-US | Nordic American Tanker | $29.62 | $24.81 | -16% | $940 | NYSE |
| DSX-US | Diana Shipping, Inc. | $15.48 | $13.53 | -13% | $1,016 | NYSE |
| OSG-US | Overseas Shipholding Group Inc. | $32.85 | $22.59 | -31% | $607 | NYSE |
| SFL-US | Ship Finance International Limited | $11.36 | $4.76 | -58% | $346 | NYSE |
| TNP-US | Tsakos Energy Navigation Ltd. | $18.72 | $13.23 | -29% | $498 | NYSE |
| EURN-BE | Euronav NV | $11.05 | $9.05 | -18% | $597 | EN Brussels |
| CMB-BE | Compagnie Maritime Belge | $15.81 | $14.49 | -8% | $647 | EN Brussels |
| SSW-US | Seaspan Corporation | $10.96 | $8.34 | -24% | $557 | NYSE |
| EXM-BE | Exmar NV | $9.24 | $6.60 | -29% | $300 | EN Brussels |
| SAGA-FR | Saga S.A. | $69.86 | $69.86 | 0% | $526 | EN Paris |
| GNK-US | Genco Shipping & Trading Limited | $17.03 | $14.08 | -17% | $446 | NYSE |
| ANW-US | Aegean Marine Petroleum Network, Inc. | $19.87 | $16.18 | -19% | $688 | NYSE |
| TGP-US | Teekay Lng Partners L.P. | $18.32 | $18.25 | 0% | $534 | NYSE |
| EXM-US | Excel Maritime Carriers | $7.49 | $4.43 | -41% | $198 | NYSE |
| GMR-US | General Maritime Corp. | $11.14 | $6.89 | -38% | $399 | NYSE |
| SB-US | Safe Bulkers, Inc.* | $5.92 | $3.28 | -45% | $179 | NYSE |
| DAC-US | Danaos Corporation | $5.91 | $3.99 | -32% | $218 | NYSE |
| NNA-US | Navios Maritime Acquisition Corporation* | $8.98 | $9.06 | 1% | $287 | NYSE |
| KSP-US | K-Sea Transportation Partners L.P. | $18.20 | $15.90 | -13% | $217 | NYSE |
| NM-US | Navios Maritime Holdings Inc.(Marshall Islands) | $4.00 | $2.24 | -44% | $225 | NYSE |
| TOO-US | Teekay Offshore Partners L.P. | $13.90 | $11.09 | -20% | $222 | NYSE |
| DHT-US | Double Hull Tankers, Inc. | $6.69 | $4.49 | -33% | $171 | NYSE |
| ISH-US | Intl Shipholding Corp. | $20.03 | $18.54 | -7% | $133 | NYSE |
| TNK-US | Teekay Tankers Ltd | $11.83 | $9.05 | -23% | $113 | NYSE |
| HRZ-US | Horizon Lines, Inc. | $4.14 | $3.25 | -21% | $98 | NYSE |
| GSL-US | Global Ship Lease, Inc | $3.45 | $2.08 | -40% | $71 | NYSE |
| NMM-US | Navios Maritime Partners L.P. | $8.45 | $7.34 | -13% | $100 | NYSE |
| OSP-US | OSG America L.P. | $8.15 | $5.94 | -27% | $89 | NYSE |
| ORE-PT | Sociedade Comercial Orey Antunes Sa | $2.50 | $2.50 | 0% | $43 | EN Lisbon |
| *
2008 new listings Delisted - VIKG-FR, Viking S.A. Delisted - ATB-US, Arlington Tankers Ltd. |
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Shipping
Company Performance Chart (NASDAQ OMX)
(source: NASDAQ OMX)
| Symbol | Company Name | Price USD 2/12/2009 | Price USD 3/11/2009 | % Chg | Current Mkt Cap ($mm) | Exchange |
| MAERSK.B-DK | A.P. Moller-Maersk A/S | $5,296.72 | $4,372.50 | -17.4% | $17,994 | Copenhagen |
| DNORD-DK | D/S Norden A/S | $35.83 | $26.32 | -26.5% | $1,116 | Copenhagen |
| TORM-DK | Dampskibsselskabet Torm A/S | $11.14 | $9.26 | -16.9% | $641 | Copenhagen |
| DFDS-DK | DFDS A/S | $66.85 | $58.30 | -12.8% | $448 | Copenhagen |
| BRO.B-SE | Brostrom B | $6.67 | $6.45 | -3.2% | $410 | Stockholm |
| FLG1S-FI | Finnlines Oyj | $7.73 | $7.22 | -6.6% | $294 | Helsinki |
| DRYS-US | DryShips Inc. | $5.00 | $4.18 | -16.4% | $263 | NASDAQ |
| TAL1T-EE | Tallink Grupp AS | $0.46 | $0.38 | -16.7% | $257 | Tallinn |
| MMLP-US | Martin Midstream Partners L.P. | $20.49 | $15.77 | -23.0% | $229 | NASDAQ |
| EGLE-US | Eagle Bulk Shipping Inc. | $6.34 | $4.58 | -27.8% | $215 | NASDAQ |
| VLCCF-US | Knightsbridge Tankers Ltd. | $17.08 | $12.39 | -27.5% | $212 | NASDAQ |
| GLNG-US | Golar LNG Ltd. | $6.17 | $2.76 | -55.3% | $186 | NASDAQ |
| TBSI-US | TBS International Ltd. Cl A | $9.36 | $5.10 | -45.5% | $152 | NASDAQ |
| LSC1R-LV | Latvijas Kugnieciba | $0.78 | $0.76 | -2.5% | $152 | Riga |
| CPLP-US | Capital Product Partners L.P. | $9.21 | $6.05 | -34.3% | $149 | NASDAQ |
| ESEA-US | Euroseas Ltd. | $4.72 | $4.41 | -6.6% | $135 | NASDAQ |
| ACLI-US | American Commercial Lines Inc. | $4.21 | $2.36 | -43.9% | $120 | NASDAQ |
| SHIP-US | Seanergy Maritime Corp. | $4.60 | $3.72 | -19.1% | $106 | NASDAQ |
| PRGN-US | Paragon Shipping Inc. (Cl A) | $5.99 | $3.75 | -37.4% | $102 | NASDAQ |
| GASS-US | StealthGas Inc. | $5.90 | $4.45 | -24.6% | $99 | NASDAQ |
| MOLS-DK | Mols-Linien A/S | $9.77 | $7.03 | -28.0% | $98 | Copenhagen |
| SBLK-US | Star Bulk Carriers Corp. | $2.27 | $1.65 | -27.3% | $93 | NASDAQ |
| RABT.B-SE | Rederi AB Transatlantic | $3.61 | $2.84 | -21.3% | $79 | Stockholm |
| CCOR.B-SE | Concordia Maritime AB | $1.59 | $1.41 | -11.5% | $67 | Stockholm |
| ULTR-US | Ultrapetrol (Bahamas) Ltd. | $2.45 | $1.99 | -18.8% | $65 | NASDAQ |
| ONAV-US | Omega Navigation Enterprises Inc. (Cl A) | $6.85 | $3.55 | -48.2% | $54 | NASDAQ |
| RLOG-US | Rand Logistics Inc. | $3.69 | $3.00 | -18.7% | $39 | NASDAQ |
| NORDIC-DK | Nordic Tankers A/S | $6.34 | $5.14 | -18.9% | $37 | Copenhagen |
| TOPS-US | TOP Ships Inc. | $1.68 | $0.91 | -45.8% | $28 | NASDAQ |
| LLK1L-LT | Limarko Laivininkystes Kompanija ORS | $0.27 | $0.22 | -19.2% | $26 | Vilinus |
| TRBR-US | Trailer Bridge Inc. | $3.04 | $2.05 | -32.6% | $24 | NASDAQ |
| OCNF-US | OceanFreight Inc. | $2.05 | $1.23 | -40.0% | $20 | NASDAQ |
| LJL1L-LT | Lietuvos Juru Laivininkyste | $0.13 | $0.10 | -25.0% | $20 | Vilinus |
| FREE-US | FreeSeas Inc. | $1.39 | $0.67 | -51.8% | $14 | NASDAQ |
| RAMS-US | Aries Maritime Transport Ltd. | $0.65 | $0.45 | -30.8% | $13 | NASDAQ |
| HFEIM-IS | Eimskipafelag Islands hf. | $0.01 | $0.01 | -22.6% | $12 | Reykjavik |
| ORION-DK | D/S Orion | $3.65 | $2.73 | -25.3% | $7 | Copenhagen |
| ICM-SE | ICM Kungsholms AB | $2.25 | $2.32 | 2.9% | $7 | Stockholm |
| SINO-US | Sino-Global Shipping America Ltd. | $2.57 | $2.17 | -15.6% | $6 | NASDAQ |
| SRAB.B-SE | SRAB Shipping AB | $0.25 | $0.16 | -37.0% | $6 | First North |
| STRM.B-SE | Stormfageln AB | $0.14 | $0.11 | -19.7% | $2 | Stockholm |
Transportation
Index Charts
(source: NASDAQ Market Intelligence Desk)
Taste
of NYC | Upcoming Events and Entertainment
- www.nycvisit.com
- www.zagats.com
- http://www.ny.com/nightlife/
- http://www.ny.com/museums/
- http://www.allny.com/antiques/auctioneers.htm
- http://www.nytix.com
- http://www.majorleagueevents.com
- http://goingcoastal.wordpress.com
Broadway is blossoming this spring...and front and center is the return of two great stars. Susan Sarandon makes her first Broadway appearance in 27 years in Eugene Inoesco's "Exit the King" - (http://theater.about.com/od/onbroadwaynow/p/exittheking.htm) and Jane Fonda makes a triumphant return in Moises Kaufman's thrilling "33 Variations" (http://www.33variations.com/)
Also on hand are the recently opened revivals of classic musicals "West Side Story" (http://www.broadwaywestsidestory.com/) and "Guys and Dolls" at the Nederlander Theater (http://nederlandertheatre.com/) both quintessential New York musicals and clearly something to satisfy the appetite of any visitor.
NYMAR will be expanding it's "Taste of NYC" section in the coming months and we will be inviting our members to submit restaurant and theater reiews and indeed highlights of other activities around town.
New York State Travel & Tourism
To speak with a travel counselor, call during regular business hours (Eastern Standard Time) at 800/CALL-NYS (U.S., territories, possessions and Canada) or 518/474-4116 (all other areas). http://www.iloveny.com/home.aspx
New
York City Travel & Tourism (NY City & Company)
212-484-1222
NYC 311 - City of New York directory assistance covering events, attractions and other citywide information
- Dial 311 in Manhattan (NYC), Staten Island, Bronx, Queens and Long Island.
- Dial 212-639-9675 outside of Manhattan (NYC), Staten Island, Bronx, Queens and Long Island. This is a toll call.
| Designer: Gayle Erickson Web Master: Christine Olick |
New
York Maritime Inc./NYMAR P. O. Box 218, 132 East 43rd Street New York, New York 10017 Tel: +718 841-74NY (69) Email: info@nymar.org |
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