In an extended downturn, bankers seeking transaction tees and shipping executives seeking growth capital woo investors during the first quarter with enticing tales of how the recovery is nigh - just one year from now. Investors are urged to buy at historical lows before asset values and freight rates recover, then sit back and let their cash 'ride the escalator'. This lure spurs a flurry of IPOs and follow-on offerings early in the year. Investment bankers pocket their fees and shipping executives parlay offering proceeds into new ship orders. After returning from the US summer holidays, a few more IPOs and follow-ons might be completed in the autumn as hope lingers.
展开▼
