G.E. Bairactaris & Partners : Capital & Psyche

A unique vantage point on the Greek market comes from independent lawyer Vangelis Bairactaris of G.E. Bairactaris & Partners. Mr. Bairactaris, whose clients are primarily Greek ship owners, gave his candid view on the market. Among his observations were that by mid-October second hand dry S&P deal volume had fallen off substantially, versus one year or even six months prior. While there could be an argument made regarding credit availability, more important was the fact that while values on the one hand were justified by earnings for the short term, on the other hand there was an uncertainty and concern of the long term market by the small or medium size players, though economics are somewhat better on the wet side.

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