China’s state-owned shipping giant Cocso Shipping is to work with Hainan province to jointly promote localised shipping and port asset optimisation and consolidation.
In a $1.65bn deal Capital Product Partners LP and Diamond S Shipping are merging in a major consolidation in the product tanker space. The latest deal creates a platform for existing shareholders of Diamond S, which also include First Reserve a backer of shipping company IPOs in the 2005- 2007 boom period, to create liquidity.
Given how difficult it is to recover the cost of capital in shipping BW Group chairman Andreas Sohmen-Pao says he is “astonished” by the amount new equity that comes into the industry.
While it appears we are looking up from the bottom of the shipping crisis, obtaining funds still remains difficult for most shipowners, no matter where they may turn.
But with the market continuing to climb the crest, the search for funds is on in earnest, especially for owners who believe now is the time to acquire floating assets, and there are many of them on, and off, Piraeus’ Akti Miaouli.