Will I-Banks Keep Kissing Toads in Dry Bulk Market Slump?

One of the most regular criticisms we hear about the current junk bond frenzy is that investment banks aren’t committed to shipping companies the way that commercial banks are. Those who are wary proclaim that investment banks are fair weather friends to the shipping industry, and when things turn ugly and fees have already been generated, investment banks will cut and run to another industry with slightly less capital markets sophistication and brighter prospects. While only time will tell the answer to that question, with the Biffex having plunged through the 1000, it seems that the time may be upon us, at least with respect to dry owner who wants to issue junk bonds. Where it leaves companies like OSG, which is trying to sell off Panamax tonnage in this currently anemic market, is another question altogether.

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