Crow's Nest

Viking Warriors, Greek Shippers, & the Canadian Coast Guard

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Ahoy there!

May peace be with you.

This is a open reply to the open reply from VikingWarrior in regards to my last blog, Pirate Tales.

#1. Why don't I have more Tsakos Energy Navigation (TNP) in the Crow's Nest portfolio of maritime shipping companies? The fact is I did have a larger position but decreased it a month or so ago because of my short-term thinking.

It's recent large gains, I believe, were due to a better than expected third quarter earnings report. Barring insider knowledge or a working crystal ball there was no way for me to foretell this.

I agree with you on the advantages of Tsakos having ice class ships in the fleet. About half of it's young, diversified fleet is ice class. All told, I think Tsakos is the best tanker company out there. It's an excellent long term investment.

#2. The Northwest Passage isn't being used by commercial shipping yet. There are many problems to be dealt with first, political and environmental. Canada believes that much of the passage lies within it's territorial waters and therefore wants to control, regulate, and tax traffic passing thru. Look at a map of the Northwest Passage and it is easy to see why they believe this.

I am astounded, astonished, and ashamed that the United States is ganging up with the Russians and others in asserting that the passage is an international waterway and therefore freely open to all ships of all nations. The only reason I can see for this is undue influence on our government by a few short-sighted corporations who stand to profit from it without regard for safety or the environment.

One example of thousands of possible scenarios: Suppose that because of the lack of regulation, an old, poorly maintained, half-crewed super oil tanker belonging to private individuals or some third world government spills it's cargo in the passage, forever destroying part of the fragile ecosystem. Will that be an "international" problem? No, it would be a Canadian problem. They know it, and we know it.

And what about their national security? Canada allowing the Northwest Passage to be open international waters would be akin to the U.S. allowing Russian or Chinese submarines in our Intracoastal Waterway or Iranian destroyers on the Great Lakes.

If the Northwest Passage continues to open up due to a warming climate allowing vessels to pass through freely, everyone wanting to use it would be best served to have it well regulated and protected by the Canadians. They are our best friends and closest allies. Rather than ruin our relationship (and the Northwest Passage), we ought to be helping the Canadians and supporting their efforts.

My recommendations: buy Tsakos Energy Navigation (TNP), it is the best of the tanker companies, and help make commercial navigation through the Northwest Passage a reality and safe for all by supporting Canada's sovereignty.

"A Mari usque ad Mare" (From sea to sea)
Canada's motto.

Robert