What is shipping's fantasy wish list for sector consolidation? To begin with, a playing field that already has relatively few competitors and boasts steep barriers to entry - preferably government restrictions to repel newcomers. Next, merger and acquisition (M&A) decisions should be driven by cold, hard numbers, not founder egotism, meaning that a high proportion of private-equity ownership is best. There should also be a compelling sector outlook luring new investors who hope to leverage future returns via M&A-driven economies of scale.
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