<br />
From bust<br />
to boom...<br />
and back<br />
WHAT WE HAVE LEARNT IN THE FIRST 25 YEARS OF TRADEWINDS Publishedby<br />
<br />
AUTUMN 2015<br />
4 Comment<br />
TradeWinds: the first 25 years<br />
6 The deals heard round the world<br />
Shipping's most audacious plays<br />
9 Adriatic education<br />
What the tanker company's collapse taught us<br />
10 From El Dorado to El Doradon't<br />
How derivatives trading became respectable<br />
12 Like father, unlike son<br />
Generational change in Greece<br />
15 TradeWinds'Viking heritage<br />
Without the raiding and pillaging, obviously<br />
16 Better, but people are still dying<br />
Bulker deaths are down — but not by enough<br />
18 Double standards<br />
The<a title="TWPLUS_20150918b page 1" href="http://viewer.zmags.com/publication/a41dde2f?page=1"> From bust to boom... and back WHAT WE HAVE </a>
<a title="TWPLUS_20150918b page 2" href="http://viewer.zmags.com/publication/a41dde2f?page=2"> </a>
<a title="TWPLUS_20150918b page 3" href="http://viewer.zmags.com/publication/a41dde2f?page=3"> AUTUMN 2015 4 Comment </a>
<a title="TWPLUS_20150918b page 4" href="http://viewer.zmags.com/publication/a41dde2f?page=4"> COMMENT 01 </a>
<a title="TWPLUS_20150918b page 5" href="http://viewer.zmags.com/publication/a41dde2f?page=5"> This advertisement has been approved for issue by</a>
<a title="TWPLUS_20150918b page 6" href="http://viewer.zmags.com/publication/a41dde2f?page=6"> EMPIRE GAMES Cheque mate TradeWinds has reported</a>
<a title="TWPLUS_20150918b page 7" href="http://viewer.zmags.com/publication/a41dde2f?page=7"> individual capesizes being sold for vastly more t</a>
<a title="TWPLUS_20150918b page 8" href="http://viewer.zmags.com/publication/a41dde2f?page=8"> EMPIRE GAMES </a>
<a title="TWPLUS_20150918b page 9" href="http://viewer.zmags.com/publication/a41dde2f?page=9"> The demise of Adriatic Tankers was a big story fo</a>
<a title="TWPLUS_20150918b page 10" href="http://viewer.zmags.com/publication/a41dde2f?page=10"> DERIVATIVES `When FFAs came in, the word ethi</a>
<a title="TWPLUS_20150918b page 11" href="http://viewer.zmags.com/publication/a41dde2f?page=11"> so much so that conversations between broker and </a>
<a title="TWPLUS_20150918b page 12" href="http://viewer.zmags.com/publication/a41dde2f?page=12"> CHANGE IN GREECE Nothing so clearly illustrates</a>
<a title="TWPLUS_20150918b page 13" href="http://viewer.zmags.com/publication/a41dde2f?page=13"> assets out, and your assets are very expensive. I</a>
<a title="TWPLUS_20150918b page 14" href="http://viewer.zmags.com/publication/a41dde2f?page=14"> CHANGE IN GREECE </a>
<a title="TWPLUS_20150918b page 15" href="http://viewer.zmags.com/publication/a41dde2f?page=15"> 9 September 2015 </a>
<a title="TWPLUS_20150918b page 16" href="http://viewer.zmags.com/publication/a41dde2f?page=16"> SAFETY Still in peril on the sea Deaths fro</a>
<a title="TWPLUS_20150918b page 17" href="http://viewer.zmags.com/publication/a41dde2f?page=17"> Norway in 1997 with the loss of 20 crew. The same</a>
<a title="TWPLUS_20150918b page 18" href="http://viewer.zmags.com/publication/a41dde2f?page=18"> THE HULL TRUTH Double 01 vision Adam Corbett</a>
<a title="TWPLUS_20150918b page 19" href="http://viewer.zmags.com/publication/a41dde2f?page=19"> Maersk (built 1993) from the Odense shipyard in D</a>
<a title="TWPLUS_20150918b page 20" href="http://viewer.zmags.com/publication/a41dde2f?page=20"> GOING PUBLIC A capital idea Shipowning dyna</a>
<a title="TWPLUS_20150918b page 21" href="http://viewer.zmags.com/publication/a41dde2f?page=21"> when veteran equity analyst Jonathan Chappell too</a>
<a title="TWPLUS_20150918b page 22" href="http://viewer.zmags.com/publication/a41dde2f?page=22"> THE `GREAT' DEBATE </a>
<a title="TWPLUS_20150918b page 23" href="http://viewer.zmags.com/publication/a41dde2f?page=23"> Blue” chairman only retired when he reached 90. I</a>
<a title="TWPLUS_20150918b page 24" href="http://viewer.zmags.com/publication/a41dde2f?page=24"> THE `GREAT' DEBATE </a>
<a title="TWPLUS_20150918b page 25" href="http://viewer.zmags.com/publication/a41dde2f?page=25"> Does your broker pass the personality test? Is </a>
<a title="TWPLUS_20150918b page 26" href="http://viewer.zmags.com/publication/a41dde2f?page=26"> GERMAN INVESTMENT KG KO 01 A group of disgrunt</a>
<a title="TWPLUS_20150918b page 27" href="http://viewer.zmags.com/publication/a41dde2f?page=27"> 02 — Conti of Munich and the Leer-based Oltman</a>
<a title="TWPLUS_20150918b page 28" href="http://viewer.zmags.com/publication/a41dde2f?page=28"> BIRTH OF A GIANT How China got big T</a>
<a title="TWPLUS_20150918b page 29" href="http://viewer.zmags.com/publication/a41dde2f?page=29"> Poor shipping markets and delays in the comple</a>
<a title="TWPLUS_20150918b page 30" href="http://viewer.zmags.com/publication/a41dde2f?page=30"> BIRTH OF A GIANT </a>
<a title="TWPLUS_20150918b page 31" href="http://viewer.zmags.com/publication/a41dde2f?page=31"> When junk was king Joe Brady </a>
<a title="TWPLUS_20150918b page 32" href="http://viewer.zmags.com/publication/a41dde2f?page=32"> the 25th ANNIVERSARY QUIZ Think you k</a>
<a title="TWPLUS_20150918b page 33" href="http://viewer.zmags.com/publication/a41dde2f?page=33"> 1 Who started work as a shipbroker's postman? </a>
<a title="TWPLUS_20150918b page 34" href="http://viewer.zmags.com/publication/a41dde2f?page=34"> ASIAN MELTDOWN </a>
<a title="TWPLUS_20150918b page 35" href="http://viewer.zmags.com/publication/a41dde2f?page=35"> LNG Stepping on the gas In the early mo</a>
<a title="TWPLUS_20150918b page 36" href="http://viewer.zmags.com/publication/a41dde2f?page=36"> LNG A sticky situation Fast-expanding young in</a>
<a title="TWPLUS_20150918b page 37" href="http://viewer.zmags.com/publication/a41dde2f?page=37"> months LNG charter rates had soared to eye-wateri</a>
<a title="TWPLUS_20150918b page 38" href="http://viewer.zmags.com/publication/a41dde2f?page=38"> INSURANCE </a>
<a title="TWPLUS_20150918b page 39" href="http://viewer.zmags.com/publication/a41dde2f?page=39"> And how could the cargo be removed if the vess</a>
<a title="TWPLUS_20150918b page 40" href="http://viewer.zmags.com/publication/a41dde2f?page=40"> CABOTAGE SABOTAGE </a>
<a title="TWPLUS_20150918b page 41" href="http://viewer.zmags.com/publication/a41dde2f?page=41"> Shipowners Forum Asia 15 October 2015 / Hong Kong</a>
<a title="TWPLUS_20150918b page 42" href="http://viewer.zmags.com/publication/a41dde2f?page=42"> LESS EXCESS The party's over Oh, the Greeks are s</a>
<a title="TWPLUS_20150918b page 43" href="http://viewer.zmags.com/publication/a41dde2f?page=43"> interests. DryShips' fleet is managed by his priv</a>
<a title="TWPLUS_20150918b page 44" href="http://viewer.zmags.com/publication/a41dde2f?page=44"> LESS EXCESS </a>
<a title="TWPLUS_20150918b page 45" href="http://viewer.zmags.com/publication/a41dde2f?page=45"> Tax heaven Strategic position, superb port, a rep</a>
<a title="TWPLUS_20150918b page 46" href="http://viewer.zmags.com/publication/a41dde2f?page=46"> OFFSHORE Over a barrel When oil companies tighten</a>
<a title="TWPLUS_20150918b page 47" href="http://viewer.zmags.com/publication/a41dde2f?page=47"> OFFSHORE cash-flow squeeze. Now committed capi</a>
<a title="TWPLUS_20150918b page 48" href="http://viewer.zmags.com/publication/a41dde2f?page=48"> TRADEWINDS25 </a>
<a title="TWPLUS_20150918b page 49" href="http://viewer.zmags.com/publication/a41dde2f?page=49"> and taken steps to stabilise the vessel with th</a>
<a title="TWPLUS_20150918b page 50" href="http://viewer.zmags.com/publication/a41dde2f?page=50"> RULE B </a>
<a title="TWPLUS_20150918b page 51" href="http://viewer.zmags.com/publication/a41dde2f?page=51"> Where are all China's private shipowners? 01 Laun</a>
<a title="TWPLUS_20150918b page 52" href="http://viewer.zmags.com/publication/a41dde2f?page=52"> ENTREPRENEURIAL ABSENCE </a>
<a title="TWPLUS_20150918b page 53" href="http://viewer.zmags.com/publication/a41dde2f?page=53"> Chairman Gao Yanming, a former Cosco Me</a>
<a title="TWPLUS_20150918b page 54" href="http://viewer.zmags.com/publication/a41dde2f?page=54"> DYNAMIC DUO Cruise 01 control After a wave o</a>
<a title="TWPLUS_20150918b page 55" href="http://viewer.zmags.com/publication/a41dde2f?page=55"> But when Royal Caribbean sought to expand agai</a>
<a title="TWPLUS_20150918b page 56" href="http://viewer.zmags.com/publication/a41dde2f?page=56"> BULKING UP The max factor Ships are getting </a>
<a title="TWPLUS_20150918b page 57" href="http://viewer.zmags.com/publication/a41dde2f?page=57"> COMMODITIES The guys who dig stuff up, pump it </a>
<a title="TWPLUS_20150918b page 58" href="http://viewer.zmags.com/publication/a41dde2f?page=58"> COMMODITIES </a>
<a title="TWPLUS_20150918b page 59" href="http://viewer.zmags.com/publication/a41dde2f?page=59"> believes to be of practical benefit. The group re</a>
<a title="TWPLUS_20150918b page 60" href="http://viewer.zmags.com/publication/a41dde2f?page=60"> DOT.GONE Sunk wit</a>
<a title="TWPLUS_20150918b page 61" href="http://viewer.zmags.com/publication/a41dde2f?page=61"> little drive there was for technological innovati</a>
<a title="TWPLUS_20150918b page 62" href="http://viewer.zmags.com/publication/a41dde2f?page=62"> TRADEWINDS25 QUESTIONS QA 01 </a>
<a title="TWPLUS_20150918b page 63" href="http://viewer.zmags.com/publication/a41dde2f?page=63"> Pioneering hybrid technology LR is uniquely place</a>
<a title="TWPLUS_20150918b page 64" href="http://viewer.zmags.com/publication/a41dde2f?page=64"> Foto: Arild Lokøy The moment of truth Thousands</a>