Shipowner to equity funds: Stop buying ships

Equity funds that invest in shipping are undermining the market when they only invest in new tonnage. The funds should also look into second hand tonnage, according to the major Greek carrier Tsakos Energy Navigation in Financial Times.

Photo: Star Bulk

The arrival of equity funds to the shipping industry has been a booster for many desperate carriers over the last five years, but the funds are also contributing to destroying the shipping market, according to the Greek shipowner, Nikolas Tsakos, who is the CEO of the tanker carrier, Tsakos Energy Navigation.

"We welcome private equity in our business. But there are 10,000 second-hand ships. For their own good, it would be better if they invested in second-hand ships, rather than destroying the markets they want to invest in," he says in an interview with Financial Times.

Read the whole article

Get 14 days free access.

No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Container reliability hit new low at the end of 2021

Schedule reliability in the container industry set a new negative record in December 2021 with one route in particular hit hard with an on-time arrival rate of only 10 percent, show figures from Sea-Intelligence. Problems in supply chains are still ”a huge burden,” says Hapag-Lloyd.

DNB Markets says oil price could hit USD 100 a barrel

An optimistic scenario could see the oil price go above USD 100 per barrel, DNB Markets forecasts in its latest oil market report. It won’t take much for it to happen, oil analyst Helge André Martinsen says to ShippingWatch.

Cadeler secures two new deals

Shipping line Cadeler, which operates wind installation ships, lands two new deals, one with Vestas, the other with an unnamed customer.

Further reading

Related articles

Latest news

See all jobs