Despite the downturn in the OSV market it looks like Edison Chouest have the capital available to pick up some OSVs going at bargain prices.
The vessel they are buying was due to be bare boat chartered by the UK shipping company Fletchers Shipping, but due to the weak market that charter has been cancelled. The boat fitting out of the vessel has not even been completed, but is very close to being finished.
The vessel was reportedly built for a price in the region of 200m NOK ($25.7m) and is being sold at a big loss by the builder Simek. So Chouest seem to have a grabbed a real bargain here.
Here is a quote badly translated in google translate:
"Scheduled to Simek A / S deliver BNR. 133, one UT 755 LC, Fletcher Shipping in June. Tight delivery was discontinued relationship, and Simek was left with a near finished product without receiver.
After a few hectic days dropped pieces left in place for the yard. One of Simeks old connections, Edison Chouest, entered into the contract. Sales Gunnar Nordbø by Simek A / S tells Skipsrevyen that BNR 133 largely are identical to “C-Viking” that the shipyard delivered to Edison in 2012, this is thus ship no. 2 from Simek to the same company. - We have a few weeks for us to build in a little extra, including installing fire cannon and do something ommalingsarbeider, he said"
So ECO has the money to buy these OSVs but its so bad that there are qualified ccaptains getting sent home…I see…I see… Chouest doesn’t lay off they just don’t pay you if you come to work… they just send you home and tell you there isn’t a spot for you so you cant get unemployment and you cant work… Something needs to change up on the 3rd floor… Stacking boats and building new ones and buying new ones they need to keep employing the captains they have now!!!
That’s typical ignorance angry man, if you’re not getting hours (days) you’re supposed to in many states that qualifies you for unemployment. Do some research.
[QUOTE=AngryMariner;164089]So ECO has the money to buy these OSVs but its so bad that there are qualified ccaptains getting sent home…I see…I see… Chouest doesn’t lay off they just don’t pay you if you come to work… they just send you home and tell you there isn’t a spot for you so you cant get unemployment and you cant work… Something needs to change up on the 3rd floor… Stacking boats and building new ones and buying new ones they need to keep employing the captains they have now!!![/QUOTE]
We are obviously missing something here. As we know us boat folk don’t think on the same plane as the office. Maybe Jeaux bawse can chime in and provide some insight?
Dont blame Chouest, they are preparing themselves for the boom cycle which they seem to always do. If the boats aren’t there when the call comes then our jobs won’t be either.
Hey, don’t get me wrong complain all you want about your employer, just don’t expect them to care. They are a [B]business[/B] that runs on market forces. Do you expect the corner grocer to lower his prices if he finds a lower priced source but is still selling like hotcakes? No. If he does well and buys a bmw do you get angry and buy from his competitor? All this complaining about jets, yachts, and African safari lodges is dumb. If it was running the business into the ground then sure go complain, but I still have not heard of one person getting laid off.
Just because newbie 3rd mates with zero experience were getting $750 a day a couple years ago doesn’t mean that Mr Gary cared about them. You were a number filling a billet then as much as you are now. There were 20 lined up then and 50 lined up today.
Buy Gary Buy. It will only raise wages for all of us when something stupid happens in the Arab states, oil skyrockets and Gary is desperate then wages are jumping again. Dont forget the new STCW renewals and classes and 2 year medicals that are going to weed out another few thousand.
Why are you so angry? Have you not saved any of the high dayrate you have made in the last 3 years? You should have a mountain of hard earned cash piled up between your mattress and bank account. I know I do, I tripped over a forgotten duffle bag of cash in my garage this morning. I believe that was the money I won at Belmont Stakes or maybe not i have found many bags like this in the past couple of years. Maybe that was the bag I was supposed to give to that nice Coast Guard fellow I was introduced to… Anyway, If I lay off all the mates and AB’s and have nothing but Captains crewing the boat who will do the work? I will then have 8 Captains sitting on the bridge arguing about not doing any cleaning or painting. This is a business and part of that is appearance. The vessels will be maintained and kept painted if not I will find people willing to do it. Things are looking very good a competitor seems to have himself in a bind and is ripe for the picking. Perhaps I will buy his vessels and put my crews to work on the stuff I decide to keep. I will keep his crews long enough to deliver the smaller equipment to a buyer overseas and out of market. His lenders seem quite ready to jump ship as it were.
Just one question… Did you advance your license to keep up with the industry? The 6000 assessment program has been around since before the 315’s started coming out even. The industry changes. We change with it or we become as obsolete as the boats do.
This a foreign built boat, so it will probably be foreign flagged and owned by a foreign subsidiary of ECO. There may by a U.S. Captain or two, and possibly a U.S. engineer or two, but the rest of the crew will be foreigners and working for peanuts. If ECO wants to bring the boat to the Gulf, and that’s a big if, it can get waivers to employ foreign mariners just like the other foreign flag companies working n the Gulf.
Chouest is certainly a billionaire, with a successful business, a good stream of come, and access to capital markets. He can buy a $25 million boat just as easily as most of us can buy a $25,000 car, especially if he is buying at a deep discount.
Besides, he bought that nice new boat with a fraction of the money that he failed to contribute to the 401k.
Stop spreading the unemployment insurance rumor, someone is feeding you a pile of bullshit and you don’t need to spread it around here.
It is not up to Chouest whether or not you are eligible for UI.
If your hours have been cut or eliminated and you are sent home, you may be eligible and that is the STATE’S determination, not Chouest or any other bayou outfit
READ THIS sheet for Louisiana. If you live in another state contact that state for info, as you will be probably be filing where you are a resident and pay taxes.
To be eligible for unemployment benefits, you must meet the following requirements:
a) You must no longer be working through no fault of your own OR your work hours MUST
have been reduced. If you quit or were fired, you may not be eligible for benefits. You may
be eligible if you are working less than full-time and earning less than what you would
receive in weekly unemployment benefits. You MUST report ANY earnings for the week
you work, even if you’ve not yet been paid. Include all income, commissions, tips and
gratuities. Report the gross amount before deductions.
Companies in the gulf do not like people drawing unemployment. See how long u will be sitting at home if u do and u better not have any writeups no matter how old they r because they will be used to show u were terminated and not laid off.
[QUOTE=33raider;164333]Companies in the gulf do not like people drawing unemployment. See how long u will be sitting at home if u do and u better not have any writeups no matter how old they r because they will be used to show u were terminated and not laid off.[/QUOTE]
And its shit like that why alot of good mariners didnt go down there when things where great, if you couldnt see a slow down and cut in pay coming you where a blind fool. Every company hates paying it but no company should perform ambush crew changes or keep guys at home waiting by the phone like they are. Give it 2 yrs and things will pick up and everyone will hop back on the joe boss dick train again and all will be forgiven.