Be a part of it...please!

NYMAR's NYSE Event Rings in the New Decade   (l to r) Harvey Pitt, Duncan Niederauer, Peter Georgiopoulos, and Robert Gruendel On January 12th, NYMAR and the NYSE/Euronext hosted a well attended seminar called “Gazing into the Crystal Ball – what can we expect for 2010” with a reception sponsored by DLA Piper and National Maritime Services. The panel discussion opened with Moderator Robert Gruendel, Partner, DLA Piper giving an overview of the past decade, leaving the audience with a visual representation of a crystal ball which the panelists – Peter Georgiopoulos, Chairman of General Maritime, GenMar and Aegean Petroleum Network (all NYSE-listed companies), NYSE/Euronext CEO and Director Duncan Niederauer, former SEC Chairman and current CEO of Kalorama Partners Harvey Pitt and NYMAR Chairman Peter Shaerf – were charged to read the future of shipping. Some of the highlights of the panel include (with thanks to David Stein of Nation's Port): There has been a major shift in ship financing from bank loans to equity finance through IPOs between 2000 and present. Market for IPOs has declined substantially since 2007, but has not entirely vanished. NY remains major player in raising capital, although Shanghai is growing. Shanghai serves China, NY is global. Survival will be the big issue in 2010 for shipping firms. Shipping remains a personal/personality driven industry. China's volume of purchases on global market (esp. raw materials, technology) has been major factor in preventing current recession from becoming a global depression. Present regulatory reform approach suggests we have not learned the lessons of history. There continues to be a lack of transparency both internally and externally, meaning that investment is speculative. New regulations fail to deal adequately with this problem SEC has failed to analyze the mountains of data it has collected making it unlikely it will be able to spot dangerous trends in the future. Next crisis will be different, but we have no tools to deal with it. Current market boom is based on belief we can solve the employment and credit problems – if this fails to materialize, we will see a further collapse of markets Market currently enjoying a false bottom and rebound based on government support, not business situation. Maritime industry likely to take a very long time to recover based on these factors plus severe overcapacity of shipping. Growth in past depressions/recessions has come from small companies making good (i.e. Hewlett Packard in 30's). Banks are currently refusing to lend to small businesses, making future growth less likely. Proposals to address corporate governance issues are off the mark. Shipping market is more cautious than rest of market. Shipping is global business, but current bank takeovers in US and UK make their banks less likely to finance overseas ventures in favor of local job-producing loans. (l to r) Peter Shaerf, Harvey Pitt, and Duncan Niederauer Peter Shaerf observed that today's restructurings are a difficult opportunity for private equity to boost returns as they are “waiting for the political shoe to drop.” If there is greater regulation on private equity and hedge funds, it will increase their reluctance. Peter Georgiopoulos commented that “equity is replacing the bond market,” and added that there are “less than a handful of banks left [in shipping] and little debt capacity.” Harvey Pitt noted that “taking risk has shifted to the public.” Duncan Niederauer expressed a concern that the Federal Government was “fixing what isn't broken” in terms of corporate governance. “It is hard to change once regulations are made into law, as evidenced by Sarbanes-Oxley. Harvey Pitt added “Government should facilitate change, not create change.” Reception discussion.   A reception in the NYSE Card Lounge followed, where the discussion continued – off the record, of course! Many thanks to our hosts, NYSE/Euronext, our speakers and our sponsors, DLA Piper and National Maritime Services. Stay tuned for NYMAR's next event!!

HACC-NACC Conference on the Horizon
Mark your Calendars for February 9^th

New York Shipping Conference Looks to China for Recession Relief
Annual joint Chambers of Commerce event seeks market solutions

Exploring whether China is the shipping industry’s answer for recovery in today’s economic and shipping markets is the focus of the 16th annual Hellenic-American and Norwegian-American Chambers of Commerce annual conference, often called the New York Shipping Conference. Entitled “Will China Lead Shipping out of the Global Recession?”, the conference will present the economic picture from 2009 into 2010, opportunities which can exist in a distressed market, the availability of capital in today’s climate, China as a commodities play, the status of Chinese shipbuilding, and how shipowners are responding. The event will be held on Tuesday, February 9th at the New York Helmsley Hotel starting at 0815 with conference registration and coffee.

The New York Shipping Conference is being co-chaired by Clay Maitland, Managing Partner of International Registries Inc. and Nikolai Nachamkin, Senior Vice President and Head of Shipping for DnB NOR Bank ASA. The economic picture will be presented by Dr. Arlie Sterling from Marsoft, Inc. Peter Shaerf of AMA Capital Partners will moderate the next session on the opportunities presented in a distressed market, which will feature Angeliki Frangou, Chairman and CEO of Navios Maritime Holdings; Mark Friedman, Senior Managing Director and Global Head of Shipping for Evercore Partners; and Sophocles Zoullas, Chairman/CEO of Eagle Bulk Shipping (invited).

Larry Rutkowski, Partner at Seward & Kissel, will moderate the session “Is Anyone Lending or Raising Money?” with a panel comprised of Hans Kjelsrud, Chief General Manager for Nordea Bank (NY Branch); Giacomo Landi, SVP/Head of Shipping, Offshore & Logistics Americas for DnB NOR Bank ASA; Colin Manchester, Head of Shipping Coverage Americas for the Royal Bank of Scotland; and Hamish Norton, Managing Director at Jeffries.

Haakan Svedin, Vice President and General Manager for Gemini Tankers, will provide the Luncheon Address.

The afternoon sessions will kick off with the query: “Is China Purely a Commodities Play?” which will be moderated by John Kartsonas, a Partner at Sea Advisors Fund, LLC and featuring Jeffrey Goetz, Head of Worldwide Tanker Brokerage Activities for Poten & Partners; Faisel Khan, Director of Integrated Oil & Gas Research for Citi Investment Research; and Greg Wittbecker, Director of Recycling and Primary Aluminum Analysis – Alcoa Global Primary Products. This will be followed by an overview of Chinese shipbuilding industry by Joerg Beiler, Regional Manager, Greater China for Det Norske Veritas.

LeRoy Lambert, President of Charles Taylor P&I Management (Americas), will moderate the next discussion offering the shipowners’ perspective on the market. The panel will include Jack Sun, Managing Director of Tiger Group; Gary Vogel, CEO/Partner of Clipper Group (USA); Ted C. Petrone, President of Navios Corporation; and John Wobensmith, CFO of Genco Shipping & Trading.

The Conference Co-Chairmen anticipate an informative discussion of China’s impact and significance in the global and shipping market. “China is clearly a game-changer,” stated Maitland. “We need to fully understand the implications of their current activities and recognize China’s role as today’s economic driver.”

The conference will conclude at 1700 with a networking cocktail reception sponsored by Blank Rome LLP and Jacq. Pierot, Jr. & Sons. For information on registering, contact either Chamber (NACC +212 885 9737 or HACC +212 629 6380) or shipping@ntcny.org

The cost for HACC/NACC members is $625 (additional members from the same company $575) and non-members is $695.

NY/NJ Propeller Club Chapter to Meet this Wednesday

Please join fellow maritime professionals at 5:00 on January 20th at the Union League Club (38 E. 37th St.) for a renaissance meeting of the Propeller Club of the Port of New York and New Jersey. There will be a short meeting introducing the goals of the reborn chapter, followed by a presentation from Richard M. Larrabee Director, Port Commerce Department, the Port Authority of New York & New Jersey, as well as Clint Eisenhauer of Maersk and VP-Program Chairman of the Washington DC Chapter. This will be capped by a cocktail reception and the cost to attend is $45 for members and $75 for non-members.

For more information and to attend Wednesday's event, email c.lyden-kluss@morganmarketcomm.com.

Port Authority of NY/NJ Posts Economic Forecast

On January 14th , Dr. Nariman Behravesh of IGS/Global Insight provided his regular briefing on the state of the economy and his forecast for the coming year. See the PowerPoint for his presentation. It can also be found at www.panynj.gov/portbriefing.

"Ships, Explorers, and the World Trade Center"
400 Years of Lower Manhattan Memories at India House in February 2010

Figure of a Volunteer Fireman, New York, 1876-88 Painted wood 35 x 11 inches New York City Fire Museum

New York, NY – New York is a port: in 2010 it enters its fifth century as a global center of commerce, exploration, and discovery. Its slips, docks, and shorelines have witnessed world-changing events, from the thrilling discovery of what some believe is a 17th-century ship's keel to the tragedy of September 11, 2001.

On February 2, 2010, India House Foundation (IHF) opens "Ships, Explorers and the World Trade Center," a new exhibition featuring scores of discoveries, artifacts, and multimedia that illustrate, commemorate, and honor the maritime history of Downtown New York. The exhibition runs from February 2-28, 2010, at the India House, One Hanover Square, Manhattan. Hours are Monday-Friday, 11 a.m. - 3:30 p.m.; Saturday hours to be announced. Suggested contribution: $10 per person. India House Foundation is a 501 (c) (3) organization established in 1999 to document and preserve maritime history and help revitalize Lower Manhattan, New York City.

"The India House is the perfect setting for this historic exhibition," commented Margaret Stocker, IHF Trustee and curator of the exhibition. "The land at One Hanover Square was owned in 1673 by Peter Stuyvesant's nephew and New Amsterdam's secretary, Nicholas Bayard, and the current building dates to after the Great Fire of 1835."

Highlights of the exhibition include:

• the charred remains of a ship's bow excavated in 1916, long thought to be the ship's keel of Dutch explorer Adrian Block's Ship TIJGER, which burned off Manhattan in 1613, and a bronze cannon marked "VOC," property of the Dutch East India Company (Courtesy Museum of the City of New York);
  
  
• an ancient, 11-foot iron anchor (pictured right) hoisted from the construction site of the World Trade Center in 1967, where it had been buried for up to 300 years (Courtesy National Maritime Historical Society);
  
  
• a model and film of the USS NEW YORK, the Navy's newly commissioned (7 November 2009) Landing Platform, Dock Warship, made with 7.5 tons of World Trade Center Steel forged into its bow (Courtesy USS NEW YORK Commissioning Committee);
  
  
• documentary film footage from 1916 of the discovery of the Ship TIJGER Keel and a section of Manhattan Company Water Pipe (1800) found during excavation for the IRT subway tunnel at the future World Trade Center site (Courtesy Brooklyn College Archives); and
  
  
• at the entrance to The India House: a steel artifact recovered from the World Trade Center. This will be a permanent reminder of the World Trade Center, the innocent victims, and the bravery of those who responded on September 11, 2001.

Information on public programs associated with this exhibition will follow under separate cover. Guided tours of the exhibition are available for groups by appointment: 212-873-6715 or by emailing stockermargaret@mac.com. Closest subways: 2/3, 4/5 to Wall Street, 1 to South Ferry, A/C to Fulton St. Internet: www.indiahousefoundation.org

Maritime Arbitration in New York – The Seminar 2010

The SMA will again conduct its popular, comprehensive two-day seminar on “Maritime Arbitration in New York under SMA Rules” – for the fifth consecutive year – on February 25 and 26, 2010 at the Best Western Seaport Hotel, 33 Peck Slip, New York, NY 10038 (in the historic South Street Seaport District in Downtown Manhattan).

This course is offered to help further and promote the fair, just, ethical and cost-efficient resolution of charter party and other maritime contract disputes via arbitration in New York. Jeffrey Weiss, Esq., Professor of Maritime Law at New York Maritime College, who has over 20 years of college and gradual level teaching experience, will again be the lead instructor.

The subject covered will include:

• Arbitration Overview, Commencing the Arbitration, the Federal Arbitration Act and SMA Rules;
• The Arbitration Award: Interim Awards; Final Awards; Majority Decision; Dissenting Opinions;
• Confirmation, Vacatur and Enforcement of Awards; Panel Members and Ethical Considerations;
• Discovery in Aid of Arbitration; Hearing Procedures; Security in Aid of an Award;
• Evidentiary Considerations in Arbitration, the Federal Rules of Evidence and Related Issues;
• Time Bar, Defaults and Consolidation of Arbitrations

For further details and registration, please see the SMA website at www.smany.org.

The registration fee includes continental breakfast, morning and afternoon coffee each day. There a numerous Seaport District restaurants for lunch. Hotel rooms are available at reasonable prices at the Best Western Seaport Hotel (call the front desk at 212.766 6600; fax 212.766 6615) and mention the SMA. For any other course or registration questions, call Klaus C.J. Mordhorst (973.492 9472; email: klausm@lefflerchartering.com).

Will Big U (SS United States) Return to a New York City Pier?

Conservancy Real Estate Consultant Michael Kramer discusses potential siting of SS United States in New York.

Members of the SS United States Conservancy met with the Waterfront and Parks Committee of Community Board 4 in Manhattan on January 14th. Conservancy Executive Director Dan McSweeney and Board Member Charlie Anderson were joined by the organization's real estate consultant, Michael Kramer, to introduce the idea of returning the SS United States to the Hudson as a re-purposed stationary attraction.

"We made a very broad, preliminary presentation," said McSweeney. "More than anything, we wanted to understand the views of the committee and we were glad to hear a lot of support and valuable observations from the members in attendance."

The Conservancy is investigating a variety of potential locations for a re-purposed ship, including sites in Philadelphia. Recent conversations with the vessel's current owner indicate a clear desire by NCL to investigate ways of working with the Conservancy.

"We have a long way to go," said Anderson, son of the the ship's longest-serving master, Commodore John Anderson. "But we're taking the steps necessary to do this the right way. Wherever we end up bringing the ship will involve a long and complex planning process."

Coverage of the meeting has appeared in the New York Times, DNAinfo.com, the Long Beach District Weekly, and the South Florida Business Journal.

"We're hitting our stride," said McSweeney. "Stand by for more news in the coming weeks."

Veteran Maritime Counsel, Peter H. Ghee, Dies

Peter H. Ghee, age 79, passed away at his home on December 18,2009. He had been battling cancer. He is survived by three daughters, Annette, Aileen and Margaret, and two grandchildren.

After serving in the U.S. Army in Korea, Peter started his legal career with Bigham, Englar, Jones & Houston in New York City. Shortly thereafter, he joined Mobil Oil Corporation where he worked during the heyday of the oil industry and the development of the first voluntary and international regimes to address the problems of oil pollution from tankers. He was a leading representative among the major oil companies regarding matters of oil pollution and a primary drafter of the Contract Regarding a Supplement to Tanker Liability for Oil Pollution (a/k/a the CRISTAL contract).

When Peter retired in 1993 as Mobil's Assistant General Counsel for Transportation, International and Middle East, he returned to New York City where he became Of Counsel to Waesche, Sheinbaum & O'Regan,P.C. Peter continued the active practice of law with the Waesche law firm until the time of his death. In 2001, Peter became a Life member of the MLA.

Financial Performance Charts

Shipping Company Performance Chart (NYSE)
(source: NYSE)

NYC Web sites

• newyork.timeout.com/
• www.nycvisit.com
• www.zagats.com
• www.ny.com/nightlife/
• www.ny.com/museums/
• www.allny.com/antiques/auctioneers.htm
• www.nytix.com
• www.majorleagueevents.com

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.