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Mangrove Partners
Investor scores a fortune selling container ships named after Patriots
New York and Connecticut investment funds rushed into shipping in the decade after the financial crisis, believing they’d make a killing buying low and selling high. Many failed miserably, much to the amusement of industry old-timers — the shipping cycle is not as predictable as newcomers think.
But at least some funds did indeed buy low and sell high. An extreme case in point is New York-based Mangrove Partners, which acquired seven container ships when values were depressed in 2017-18 and just...