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.
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