The shipping debut of famed'vulture' investor Wilbur Ross has not been without hiccups. The US billionaire's first bet, on tanker owner Diamond S, suffered a setback when bankrupt OSG reneged on seven charters, costing Diamond S more than $50M in lost revenue. But Ross' second shipping investment, in Handysize LPG specialist Navigator Holdings, is proceeding to plan. Earnings have steadily risen, fleet growth has been rapid, and a S200M IPO registration has just been filed, with plans to list on the New York Stock Exchange. Navigator Gas Transport was founded in 1997 and the last of its five initial newbuildings from China's Jiangnan Shipyard were delivered in late 2000. The newbuildings were financed by issuance of first- and second-priority mortgage notes with the vessels as collateral.
展开▼
