Too Much of a Good Thing?

What was Ole Hjertaker thinking we wondered when we read that Ship Finance had terminated its ATM program? Having put the program in place as the company’s CFO, he was now dismantling it as its new CEO. The bank market is barely warming up and, in our mind, you can never have enough capital these days. Moreover, the Fredriksen empire has always been built around optionality.

The product, too, was competitive and efficient. Up front fees were low as was the market impact. By dribbling in the equity, the drop in share price from the day before the filling

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