2007

As the dry bulk market continues to hit new highs, even company CEO’s are beginning to warn that it could be defying gravity, while sentiment in the tanker sector is considerably more mixed. However that tension among the belief of market players provides fertile ground for deals, and the markets for shipping finance have been in a global blur of activity.

In the midst of all this investment banks are posturing and positioning themselves in the shipping playing field, with Jefferies taking Hamish Norton from Bear Stearns to replace John Sinders as head of shipping, Mr. Sinders having got into the very glamorous-sounding business of owning Aston Martin. Credit Suisse has signaled its intention to be a serious player in the sector with the taking of prolific shipping analyst Gregory Lewis from industry stalwart Fortis.

The bond market is back in full force, as Indonesia-based Berlian Laju Tankers saw its Deutsche Bank and JP Morgan-led bond issue doubled in size after being 23 times oversubscribed – with the largest subscription ever for an offshore bond from an Asian borrower. Response was so strong BLT even made plans to issue more bonds in the coming months; the full story is available courtesy of analyst Rodricks Wong in this week’s edition of MM Asia.

This is only an excerpt of The Week in Review – 05/10/2007

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