For shipping, a capital-intense industry at a junction where its traditional spigots of financing – that is shipping banks – are shut for all practical purposes, the strength of the bond markets and investors’ appetite for even low quality credit should be considered manna from heaven.
In all fairness, it should be noted that shipping and bond markets have been having an awkward relationship when in the 1990’s more than $3 billion in junk bonds in shipping were issued and all but one (Ultrapetrol) of the issuers soon ended up in default.
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