It’s a Start

FBR Capital Markets circulated an interesting chart this week. It clearly shows some of the extraordinarily successful quarters shipping and its bankers enjoyed over the past four years. It is nothing new that the party stopped third quarter last year, or that the number of new IPOs shrank dramatically in ‘08. It is striking though the number of shipowners who went into the follow-on market heavily in advance of the complete economic collapse to shore up equity debt ratios.

What has us reprint it here however is the simple fact that in the first quarter of ‘09, in what

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