One of my Old companies...bit sad really but with such a bad market a normal occurrence.
A direct hit on SSY?
quote
Clarksons and Platou seal deal
Clarksons has completed the purchase of rival RS Platou ahead a schedule.
Andi Case and Peter Anker
London-listed Clarksons revealed the $441m swoop had been finalised in an update to the city this morning, that was accompanied by an increased profit projection from Panmure Gordon.
Andi Case, chief executive of Clarksons, said in a statement: “I am delighted to announce the completion of the acquisition of RS Platou and we look forward to welcoming the Platou team into the enlarged group.
“The priority now is to implement our integration plans and we are excited about the enhanced offering we will be able to provide our clients following the combination of the two businesses.”
Case has previously told TradeWinds the Platou deal is a direct hit on strategic target, while Platou boss Peter Anker has reached his goal of taking the company to the capital markets.
Anker will now take on a senior role as global head of broking at Clarksons.
Gert Zonneveld of Panmure Gordon says the takeover has been finalised more quickly than expected and dialled up his 2015 profit guidance as a result.
He is now projecting earnings per share of 157.6 pence for 2015, up 1.6% on his earlier forecast. His 2016 numbers are unchanged, with EPS set at 177.1 pence.
“The Platou acquisition should strengthen Clarksons’ global position in offshore broking and shipbroking, enhance its research offering and further elevate its position as the go-to specialist investment bank for offshore and shipping,” Zonneveld said.
Tradewinds
Unquote
"- Spot market has become worse and worse and covers no longer operating costs for the ship"
ReplyDeleteThis is a quote from Johan Werner, a shipping director, in the paper Hegnar.
My question might sound a little stupid for the experienced shipping folks, but if this is the case (which it probably is), people will as I have understood, lay up their ships for a period, but is there any "competition" on who is going to stay longest in business and not lay up? Is there any perception that the ones who lay up first is the "losers"?
Thank you for all your responses, it really helps me to understand this industry better.
MS
Well its really a challenging mkt with few companies have already filed for bankruptcy since beginning of year (including those who had been in biz for few decades)... personally if it makes sense commercially and otherwise to "idle" ship i would do it.. it would be a prudent decision to me rather than think being a loser...as others who still operating might be making more losses and be actual loser if you look at money they losing..
ReplyDeleteBasically it all depends on Co's view/expectation from market/risk management etc to decide which path to chose.. most of time co's decide to still keep employing vessel even in bad mkt as otherwise they still have OPEX incurring..
Trust that helps your understanding..
Cheers
HN
Thanks HN, your comment answered the question perfectly!
DeleteCheers
MS