Consolidation: Just the Beginning?

Villy Panayotides, Chairman of Excel Maritime, told the Financial Times this week that further consolidation “is looming” in dry bulk shipping and specifically that publicly listed shipowners were obliged by their fiduciary duties to “at least to consider takeover offers.” Mr. Panayotides called the Excel-Quintana merger “pioneering” in that it is unusual to find such high-quality companies up for sale. He said that Excel’s strategy going forward would be to “be a major consolidator in the shipping market” in the coming years. He cited as proof of the need for consolidation in dry bulk that Greeks control about a quarter of the world’s dry fleet, amounting to about 4,400 ships, which are in turn controlled by about 1,100 different companies.

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