Shipping IPO prospects slim as capital-market access plunges

Wall Street NYSE NASDAQ shipping stocks

In the mid-2000s, an entire subindustry emerged in New York to help raise capital for shipowners. Investment banks, lawyers and accountants raked in fees on initial public offerings (IPOs), follow-ons, takeovers and restructurings. Private fund managers bought equity and sold credit products.

In 2020, you could hear the crickets in these circles. Deal flow was even worse than last year.

According to analysis of public filings by American Shipper, U.S.-listed owners of pure commercial shipping...

https://www.freightwaves.com/news/shipping-ipo-prospects-slim-as-capital-market-access-plunges

Scorpio Bulkers To Sell Its Remaining Fleet For Exiting Dry Bulk Sector

scorpio bulkers

Scorpio Bulkers Inc. (the “Company”) announced that following the recent sales of vessels by the Company, its Board of Directors has authorized the Company, as part of its transition to a sustainable future, to sell its remaining dry bulk vessels and exit the dry bulk sector during 2021. As a result of this decision, the Company expects to record a write-down ranging from $475.0 million to $500.0 million on vessels sold and classified as held for sale.

Representation Image – Credits: Scorpio...

https://www.marineinsight.com/shipping-news/scorpio-bulkers-to-sell-its-remaining-fleet-for-exiting-dry-bulk-sector/

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