WKSI No More

Perhaps one of the least painful but aggravating aspects of the share price collapse of the shipping stocks is the loss of one’s “well-known seasoned issuer” or WKSI qualification. When the company’s market cap falls below $700 million, the company no longer is a universal filer but must register as you go. For perspective, as of Tuesday, only Teekay, Teekay LNG, Nordic American Tankers, Diana Shipping and Alexander & Baldwin were qualified. OSG just missed at $641 million.

On Tuesday, Eagle Bulk Shipping filed a universal shelf offering to issue $500 million of debt or equity securities together with a prospectus supplement in which it disclosed it had entered into an equity distribution agreement with UBS Securities. Under the terms of the agreement, UBS will use its best efforts

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