Pegasus Shipping: Facing Down Adversity

by Alan Ginsberg

Pegasus Shipping (Hellas) Ltd. is shipping’s most recent contribution to the high yield market. On November 19, 1997, the Peraticos Family in Greece raised approximately $139 million (net of expenses) for the purpose of augmenting its existing six vessel panamax tanker fleet through the acquisition of an additional six vessels.
According to Pegasus, the purpose of the bond offering is to take advantage of the characteristics of the North-South American Trade Routes (principally the increasing U.S. demand for oil, coupled with the suitability of panamax tankers for this dirty trade and barriers to entry created by environmental regulations necessitating increasingly higher operating standards). Additionally, Pegasus states that it benefits from strong relationships with major charterers and operates a well-maintained and well-managed fleet.

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