Rankings Ruminations – Bye Bye OMI and other Bon Mots From over the Years

The Rankings results this year offer some food for thought. We were struck by the fact that OMI in its final stand alone year-end results finished an extremely respectable 17th, while its successful suitors D/S Torm finished 2006 in 18th position and Teekay Shipping 73rd. The cynical among us here viewed this acquisition by Torm simply as a ploy to move up in the rankings with perhaps some other ancillary benefits.

As that transaction was taking shape rumor had it in the Connecticut watering holes that one of the hidden treasures at OMI was its chartering team. We expect to see both Teekay and Torm flying high next year to account for the attractive price paid for OMI.

But, at the same time we are saddened by the departure of some key characters Messrs Stevenson, Bugbee, London and Ms. Haines who because of non-compete clauses may be forced to leave the industry for a period of time ranging from one to two years. Curiously, the higher the level in the organization the shorter the restricted period agreed. The same we are sure is not true of the size of the severance package. A loss for our industry will be a gain for another should they find the need to return to work in the interim.

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