Act of cruelty from Lloyds List
Ilyan | 12.02.2009 19:39
THE sorry tale of seafarers onboard the Orient Steamship capesize bulker Silver Constellation being left unpaid and running out of food exposes an ugly underside of the global shipping industry.
The 25 Filipino crew onboard the vessel in Falmouth have not been paid for three months and are set to run out food in a matter of days, and its master is receiving no response from the company�s headquarters........ The continuation does not give enough data for any action against the head office or owners. I had that from a free email: Read the full news stories now by visiting www.lloydslist.com. Please feel free to forward this email bulletin to a colleague. If you are receiving a forwarded email sign up now at www.lloydslist.com to receive your own copy
Ilyan
Additions
Refunding a smaller Economy for sustainable survival.
13.02.2009 12:41
I am a bit annoyed to find an earlier post of mine (Corporate Repost?) mangled and reposted without its quotation marks or original title under my name.
However for commentor Davey -
Here is another piece copied from
lloydslistbulletin@lloydslist.com that shows how dangerous Governments Economic Policies were. There could be many shipowners about to run out of money. Those soggy socialists who have sold out to the Capitalists and now form the UK Government are totally incompetent and about to totally destroy our Society with hyperinflation.
If they start printing money they should be hanged. The only option that can work now is a Progressive Tax on Wealth, coupled with the sort of income tax rate structure Stafford Cripps imposed. Ensure Fair Shares of Poverty.
"Stand firm
By Janet Porter
Thursday 12 February 2009
SEVERAL months ago when the financial crunch was still in its infancy and few could have envisaged how the crisis was going to unfold, some far-sighted shipowners were already talking to their banks to ensure loan agreements would be rolled over and credit lines kept open.
The advice last autumn was to call on the banks straightaway and not wait for the annual visit, as that could be too late.
Being proactive, rather than putting off the inevitable, still seems to be the most sensible course of action in such uncertain times.
Global Ship Lease’s decision to renegotiate loan covenants is a case in point.
Ship values are falling, although by how much is anyone’s guess in a market where there are so few transactions. Whatever the asset worth, it is fair to assume that many loan-to-value conditions are being breached as ship prices sink.
GSL has reached agreement with banks to increase the ratio of borrowing to ship values to a maximum of 100% from the previous 75% ceiling, as a precautionary step.
Anecdotal evidence suggests that, even now, many owners have still not accepted the reality, say those in the know, and continue to hope some miracle will drag them out of this horror.
That will not happen.
This downturn will be long and nasty, and owners have to seize the initiative, whether that means facing down the banks, the yards, or their customers, if they want to survive,
It will get very messy, but there is no longer any alternative."
However for commentor Davey -
Here is another piece copied from
lloydslistbulletin@lloydslist.com that shows how dangerous Governments Economic Policies were. There could be many shipowners about to run out of money. Those soggy socialists who have sold out to the Capitalists and now form the UK Government are totally incompetent and about to totally destroy our Society with hyperinflation. If they start printing money they should be hanged. The only option that can work now is a Progressive Tax on Wealth, coupled with the sort of income tax rate structure Stafford Cripps imposed. Ensure Fair Shares of Poverty.
"Stand firm
By Janet Porter
Thursday 12 February 2009
SEVERAL months ago when the financial crunch was still in its infancy and few could have envisaged how the crisis was going to unfold, some far-sighted shipowners were already talking to their banks to ensure loan agreements would be rolled over and credit lines kept open.
The advice last autumn was to call on the banks straightaway and not wait for the annual visit, as that could be too late.
Being proactive, rather than putting off the inevitable, still seems to be the most sensible course of action in such uncertain times.
Global Ship Lease’s decision to renegotiate loan covenants is a case in point.
Ship values are falling, although by how much is anyone’s guess in a market where there are so few transactions. Whatever the asset worth, it is fair to assume that many loan-to-value conditions are being breached as ship prices sink.
GSL has reached agreement with banks to increase the ratio of borrowing to ship values to a maximum of 100% from the previous 75% ceiling, as a precautionary step.
Anecdotal evidence suggests that, even now, many owners have still not accepted the reality, say those in the know, and continue to hope some miracle will drag them out of this horror.
That will not happen.
This downturn will be long and nasty, and owners have to seize the initiative, whether that means facing down the banks, the yards, or their customers, if they want to survive,
It will get very messy, but there is no longer any alternative."
Ilyan
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