Making shipping great again (?)
GCaptain and others media sources are reporting that Wilbur Ross Jr. , a “78-year-old contrarian (who) has made a fortune betting on troubled banks and distressed assets in industries such as steel, coal and textiles” (from G&M), is being considered for the post of Secretary of Commerce (aka Minister of Trade).
Some highlights of his Wikipedia page, include 24 years with “Rothschild” in NYC, “textile manufacturing”, “Mittal” union busting, “miners death”, “secret Wall Street fraternity”, etc, etc. All marquee names and activities in the advancement of human rights and empowerment of the non establishment, ahh humm.
As visitor to this website, you might be interested in him because he’s “in marine transport in a big way“. As main shareholder of Diamond Shipping, who operate ~33 Aframax product tankers, flying mostly the Kong Kong flag. He also controls Navigator Holdings, (SEC filing) which operates “the largest Gas fleet in the world” with 38 ships. The large majority are “flag of convenience” (FOC) vessels, principally Liberia. He also has some interest in distressed new builds, about 129 of them, according to this article. He is quoted as saying “We try to make returns on the order of 20% a year…”
I will venture a statement that all this point to an interesting time ahead for the Jones Act and of course our feeble Canada’s Coating Trade Act.
