OUR OWN PRIVATE ENRON: Reflections on the End of the Shipping Junk Bond Era

Constructing a meaningful sentence containing the words “Enron” and “shipping junk bonds” seems like a challenge in some obscure parlor game. The two situations seem to be drawn from different universes. On the one hand a publicly held company in an industry that didn’t exist a few years ago, and on the other hand an industry primarily in private hands that is older than recorded history. But I think that the two situations, different in so many ways, are fundamentally similar.

I started thinking of this unlikely comparison after reading of the recent dismemberment by the bankruptcy court of the Millenium Seacarriers fleet. Millenium was the last of the shipping junk bond issues and its demise may mark the end of their rise and fall cycle.

This is only an excerpt of OUR OWN PRIVATE ENRON: Reflections on the End of the Shipping Junk Bond Era

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