2007 Draws to a Close

And what a year it’s been. Marked by skyrocketing dry bulk markets, somewhat less stellar but improved wet markets, and a vicious credit crunch, whose reach has gradually gone beyond transaction volume into cut into staff – and some holiday parties. Still, the bankers we’ve talked to have remained extremely busy and transaction volume continues to flow, if a little more cautiously. Chembulk and TECO have closed their respective acquisitions, and Teekay, Navios and OSG have successfully spun out new parts of their businesses to the public markets. Mr. Economou has flipped his Ocean Rig stake from private interests to public within days of purchasing it.

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