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27 September 2017
Shipowning carousel poses challenges for new chief executive

Francois Cadiou is well aware that a priority as chief executive will be pulling in new clients as the shipowning tapestry evolves.

Some “financial” shipowning companies did not exist 10 years ago, and others will disappear in the years ahead.

"Look at all these stock-listed companies in the US making huge losses," Cadiou said. "You wonder what will happen to them."

He has slowly been taking on more responsibilities at Barry Rogliano Salles (BRS), leaving chairman Tim Jones more time to provide overall direction.

“We are just legitimising Francois’ increasing involvement,” Jones said.
A key responsibility of Cadiou will be deciding where the broking house invests in people and offices in future, as well as handling some of the more mundane but necessary tasks that Jones expresses relief to be offloading.

"What he doesn’t realise is that there is a bunch of horrible stuff, but someone has to do it,” Jones said.

The new chief executive’s career can be traced back to the project department of French shipyard Chantiers de l’Atlantique in the 1980s. It was there that Royal Caribbean was building the Sovereign of the Seas class, the largest cruiseships in the world at the time at more than 72,000 gt and 2,773 passengers.

When the owner returned to the Saint-Nazaire yard for sisterships, the project was handed to Cadiou, with an order placed at the end of 1988.

A year later, Cadiou left to become technical director at a small French shipyard that no longer exists, but he eventually joined BRS after being contacted by former chairman Jean-Francois Cristau, who is remembered for his role over many years in cruiseship broking.

That market is less significant for BRS these days — not surprising, now that three European yard groups dominate. While on the owners’ side, consolidation means Carnival, Royal Caribbean, MSC Cruises, Norwegian Cruise Line and Genting control around 85% of the market.
But BRS remains a player and has been responsible in recent times for placing orders for high-value Compagnie du Ponant newbuildings.

Source: Tradewinds

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