After an extended period of selling ships to raise cash and bolster balance sheets, publicly listed owners have now embarked on an aggressive buying spree, acquiring vessels en masse in the second-hand market. Near-record levels of equity issuances are being used to fund these purchases. Join Fairplay’s Senior Commerce Editor Greg Miller as he examines how and why public shipping companies have made their dramatic change in capital allocation, and how this plays out in terms of money raising on Wall Street. How long will the new strategy last and will second-hand vessel purchases be followed by newbuild orders? To what extent are public owners allocating cash for other purposes, such as dividends and buybacks? What does the new capital-allocation strategy mean for the future performance of shipping stocks?
In addition to examining the public owners’ switch from defence to offence, this webinar will also feature an update on how US-listed shipowners have fared in the second quarter of 2017, including the levels of proceeds from public and private equity and debt issuances and how those levels compare to previous periods.
Issues to be addressed will include:
-The market rationale behind the shift in capital allocation and how it impacts equity and debt issuances
-How vessel-purchasing strategy is impacted by access to commercial bank debt
-Concerns that second-hand market activity will raise vessel pricing and spur newbuild orders
Who should attend?
-Public and private shipowners
-Investors in public shipping companies
-Legal, financial and accounting professionals serving public companies
This webinar will take place on the: 5 Jul 2017 at 15.00 GMT