Industry Comments on 'Assessment' Question

Earlier this week we posed the question of whether "crisis" was a fair term to describe Cyprus' current financial state and encouraged readers to share their own thoughts. Our first comment comes from Mr. Giuseppe Rosa, Co-chair of the American Bar Association GPSolo Division’s International Law Committee and Vice Chair of the ABA Section of International Law’s Europe Committee. Rosa states:

As an international business lawyer with over 32 years of active commitment to clients, the profession and the global community, I feel, like you, that "crisis" is a buzzword for "cycle." If this is crisis......It's just a cycle. Companies, individuals, communities, nations, contries, who are self confident by inclination or training endure and prosper in any cycle.

We agree with Rosa's comments and think the best choice the industry can make is to stay level-headed and not make any rash decisions. I refer back to Dynasties of the Sea, published by our parent company last year, and share some quotes from those interviewed regarding remaining calm when faced with market volatility:

"Keep your common sense during all parts of the cycle: If you do that, then the risk is not eliminated, but it is at least limited." - Philippe Louis-Dreyfus

"Don't get too excited or carried away when markets are strong and don't get too depressed when markets are weak." - Andreas Sohmen-Pao

"You can position yourself during a crisis." - Angeliki Frangou

"Never a crisis, merely an opportunity" - Peter Evensen

From our view it seems that the Cyprus shipping industry is doing well in continuing to act rationally during this time.