Operator: “Your next question is from David Cohen.”
Cohen: “Yes, what is the current plan to destroy stockholder value as you did with Imperial Petroleum?”
StealthGas CEO Harry Vafias: “Next question please.”
Cohen: “What is the plan? …” (Operator hangs up on Cohen.)
That was an exchange during the latest quarterly call of StealthGas (NASDAQ: GASS), whose spinoff Imperial Petroleum (NASDAQ: IMPP) is one of numerous Greek-owned shipping companies that have raised millions via dilutive share...
Shipping has long suffered an image problem on Wall Street, fueled by perceptions that some shareholders have been ripped off by self-dealing management.
No analyst has focused on the fair treatment of shipping’s common stockholders more than Michael Webber. He has published an annual corporate governance scorecard for shipping since 2016, until 2019 at Wells Fargo and since then at his own firm, Webber Research & Advisory.
Bulker owner Genco Shipping & Trading (NYSE: GNK) ranks first in this...
https://www.freightwaves.com/news/shipping-corporate-governance-whos-been-naughty-or-nice
TOP Ships Inc. (the “Company”), an international owner and operator of modern, fuel efficient “ECO” tanker vessels, announced today its unaudited financial results for the year ended December 31, 2022, says an article published on their website.
As of and for the year ended December 31, 2022, the Company reported:https://mfame.guru/shipping-giant-announces-record-net-income-of-18-9m-for-the-year-2022/
Greek ship owner and operator Top Ships has taken delivery of Julius Caesar, a scrubber-fitted 300,000 dwt very large crude carrier (VLCC), and reached several deals to finance its newbuilding…
https://www.offshore-energy.biz/top-ships-welcomes-1-vlcc-offloads-2-mrs/
Tanker spot rates are horrible. Rates for gas carriers have fallen off a cliff. Only container shipping is booming. But you wouldn’t know that by looking at ocean shipping stocks. Across every shipping sector, stocks are up double digits in February.
“Shipping stocks have been on a tear for the past several weeks,” said Clarksons Platou Securities analyst Omar Nokta during a Capital Link-sponsored virtual event on Tuesday.
“We’ve gotten used to seeing pockets [of activity] for tankers or...
https://s29755.pcdn.co/news/shipping-stocks-are-suddenly-soaring-across-the-board
Container line ZIM just pulled off something extraordinary in ocean shipping: It priced a U.S. initial public offering (IPO).
That doesn’t sound like much of an achievement. The U.S. IPO market is booming; proceeds surged 69% in 2020, according to Renaissance Capital. Yet prior to ZIM (NYSE: ZIM), there hadn’t been a U.S. shipping IPO since Barack Obama was in the Oval Office, when Peter Georgiopoulos-led Gener8 Maritime, a company that no longer exists, went public.
ZIM got its IPO done Thursday...
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
The surprise election of Donald Trump in 2016 sent shockwaves through the global shipping community. It also sent U.S.-listed shipping stocks soaring. Pricing and volumes went completely haywire. In a matter of days, some shares rose ten or twentyfold. Some volumes rose fiftyfold.
Could this year’s presidential election spark similar tumult for shipping equities?
The morning after (the last election)
Early on Nov. 9, 2016, the morning after the last presidential election, shipping financiers,...
https://www.freightwaves.com/news/2016-election-sparked-shipping-stock-fireworks-repeat-in-2020
Retail stock traders have taken center stage this year, embracing speculative bets that institutional investors have shunned. How does this trend affect ocean shipping equities? One indicator is stocks owned by customers of the highly popular Robinhood platform.
Robinhood discloses how many of its users own each stock at any given time. This data is downloaded daily and measured over time by Robintrack.net. FreightWaves sifted through the Robintrack database and the Robinhood disclosures and...
https://s29755.pcdn.co/news/robinhoods-topsy-turvy-top-10-shipping-stocks
“How much percentage of a play can there be altogether?” Max Bialystok asked his accountant Leo Bloom in the movie “The Producers.”
“Max, you can only sell 100% of anything,” said Leo. “And how much of ‘Springtime for Hitler’ have we sold?” asked Max.
Bloom: “25,000%.”
Of course, it’s illegal to sell more than 100% of anything at once. But you can sell more than 100% of existing shares by increasing the total number of shares.
A lot more.
The key is to find enough buyers who don’t care they’re...
https://www.freightwaves.com/news/the-rise-of-the-shipping-penny-stock