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The Importance of Self Preservation
In 2009, the equity markets had a roller coaster run, but some shipping companies found windows of opportunity for share placements, often tied to debt reduction. Self help through raising equity capital for balance sheet recapitalization is one way to ride through the difficult times. There had been varying degrees of success and among the most notable would be Neptune Oriental Lines’ (“NOL”) USD 972 million rights issue in June and NYK’s recently concluded JPY 116.4 billion (USD 1.3 billion) global equity offering.
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Tags: · A.P. Moller Maersk, Berlian Laju Tanker, DBS, Ezion Holdings, Ezra Holdings, HSBC, J.P. Morgan, JP Morgan, Mermaid Maritime, Merrill Lynch, MISC, Mitsubishi UFJ, Morgan Stanley, Neptune Orient Lines, Nippon Yusen Kaisha, NOL, Nomura Securities, NYK, Otto Marine, Pacific Basin, Petronas, RHB Investment Bank, rights issue, Swiber Holdings, Temasek
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