CONNECTICUT MARITIME ASSOCIATION
CMA
Officers & Board
COMMODORE
Robert Bugbee
Scorpio Group
PRESIDENT
Ian Workman
Trans-Tec Services, Inc.
VICE PRESIDENT
Joseph Gross
D’Amico Shipping USA Ltd.
SECRETARY
Jasmine Alvarado
Clemente Shipping USA LLC
TREASURER
Nick Sofos
Groton Pacific Carriers
MEMBERSHIP
Brian Robinson
Penfield Marine LLC
COMMUNICATION
Nora Huvane
Marine Money International
SOCIAL
Ryan Jurewicz
UNI Americas
P& A
Capt. Larry Liu
Charles R. Weber Company
EDUCATION
Kevin Breen
Charles R. Weber Company
EDITORIAL
Donald B. Frost
D.B. Frost Associates,Inc.
JOB MART / EVENTS
Lorraine Parsons
I.M.S., Inc.
MEMBER LIAISON
Kim Edwards
CMA
EDITOR EMERITUS
James R. Lawrence
IMS/MTI Network (USA), Inc.

The Connecticut Maritime Association is a non-profit organization which was built by its members, for its members, and as such is one of kind.

 
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Unlike many similar organizations which are supported largely by corporate membership, the CMA's voting membership is comprised only of individuals. From bunker brokers and tug-boat operators to lawyers and underwriters, to ship owners, brokers and managers, shippers and merchants of all kinds of cargo, each CMA member has an equal and separate vote.
 
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The CMA was created as a self-help group of shipping people, and remains a conduit for the exchange of information and a source of camaraderie and fellowship that is unique and vital to the shipping community. In 2003, the CMA celebrated its twentieth anniversary. It prospers with over 1,300 members representing nearly 450 companies and organizations.
 
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President's Notes
Events

December 2014

PRESIDENT'S NOTES

During the last few months I have quite often found myself using an English expression which I thought had its origins as a translation of a traditional Chinese curse - "May you live in interesting times".

However, when it came to actually using it in this article, I conducted my due diligence and discovered that, in all probability, the saying was apocryphal and that no actual Chinese source had ever been proven…the closest one having an approximate English translation as "Better to live as a dog in an era of peace than a man in times of war".

In either case you get the message - better to live during quiet times.

But this has definitely not been the case this year, and more specifically in the last few months.

The whole energy complex has been turned topsy-turvy by the dramatic increased production of "fracked" oil - to name a few results:

  • Many traditional tanker routes have changed, reversed or nearly disappeared.
  • Crude prices have fallen to levels not seen for many years.
  • Heating oil, gasoline (petrol to my compatriots across the water) and crude derived products across the spectrum have all taken a dive.
  • And, dare I say it, slow steaming is losing its luster as owners and charterers once more look to increasing speed as the price of bunkers has decreased 20-30 % over the last few months.

Collectively most of us in the US breathed a sigh of relief and welcomed that unusual feeling of money being put back into our pockets or rather not so much being taken out, and Oil Diplomacy suddenly does not seem to be so one sided.

But there are the unintended and unanticipated consequence.

Will cheaper oil mean less investment in "alternative" (renewable) energy or in more energy efficient vessels? We have already seen a deliberate slow down in the building of drilling rigs, indeed any business model with its revenue budgeted on a certain price of oil is certain to have been affected.

Quite apart from the stresses and additional complications being foisted onto the bunker industry by the upcoming 0.1% ECA zone sulfur limit in January 2015, the industry was rocked by the bankruptcy of one of its largest players - a situation which some attributed to the total reversal in the price of gas oil, which had originally been forecast to increase with the implementation of the January sulfur limit.

This bankruptcy exploded within an incredibly short space of time and has left those involved with a tangled legal web which, I have no doubt, will take a long time to sort out. So large was this collapse that all buyers and sellers worldwide are left coping with a very valid concern over the creditability, or counter party risk, of whomsoever they work with in bunkers.

We live in interesting times.

My best wishes to you and your families for Happy Holidays.

Ian Workman
President

Event Calendar
December


Tuesday, December 16, 2014

CMA Annual Holiday Party

6:00 pm – 10:00 pm

Bank Street Events
(note new venue for this annual event!)

65 Bank Street, Stamford, CT 06901

We invite our members and their guests to

Come Celebrate the Season
at our Annual Party

Free of charge to CMA Members and guests

All we ask is that you bring an unwrapped toy for the U.S. Marine Corps. sponsored “Toys for Tots” program

OR

make a cash or check donation to the CMA Education Foundation
(any donation welcome).

Click here for more info

For reservations please contact Anne Gumpel at Tel: +1.203.406.0109 Ext 3725 or Lorraine Parsons at Ext 3717 or email conferences@cmaconnect.com

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