Further New York Insights

In addition to being Conference Chairman of the New York Conference, Hamish Norton of Jefferies was also given the challenging assignment of commenting on the capital markets. Certainly, there are no surprises as the “subprime lending crisis is reverberating across all markets.”  Current equity market conditions are at best uninspired with all major indices well down, with most of the damage done in the last eight weeks. YTD domestic equity fund flows are largely negative but less net negative recently. Not surprisingly, to the extent any equity deals were done they were largely done in the financial sector reflecting their need to recapitalize.

Turning to shipping, Mr. Norton looked at the shipping universe trading in dry, wet and U.S.-flag comparables in 2008. It is not a pretty picture with

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