Bayside Wades is one of the private equity funds that has acquired assets in the segment following the crisis in the shipping industry. Shipping has, in fact, become so interesting for the fund that it is now mulling whether to sell shares in its shipping division, reports Bloomberg.
Bayside Wades entered shipping in 2013, where the fund acquired six tanker vessels from distressed Japanese owners. And then the fund itself ordered 14 tanker newbuildings, which puts the total worth of Bayside Wade's fleet at USD 800 million - and as such, the equity fund is now considering an IPO for its shipping division in New York next year.
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In the drama surrounding the merger between tanker majors Euronav and Frontline, one of the arguments from Euronav’s biggest shareholder, the Saverys family, is that the merger will pull Euronav in the wrong direction on the green agenda. Euronav tells ShippingWatch that the company rejects this criticism.