GLG News by Capital Structure Specialists

Whilst it is true that there are numerous cancellations in the pipeline, the impact depends on the size range of the tonnage. In the end, however, the markets will not return to health until greater demand for cargo carried. 

TOP Ships has done some very timely restructuring over the past few months, selling vessels restructuring debt and terminating lease obligations.  They have improved liquidity and contained leverage.  They have increased secured employment cover. Given that TOPS was in technical...

Eagle has an ambitious newbuilding program ahead in a weakening freight markets and tight credit conditions. It has maintained a generous dividend policy, which is conditional to meeting its debt covenants. It should look to strengthen its balance sheet in current market conditions and the brewing world-wide...

Nordea and Lloyds TSB, which agreed the $170m deal in May on five bulkers, appear to have alleged that “certain events of default” have taken place, including its financial condition changing for the worse.   They are said to have provided cash for daily operations and requested vessels to...

Britannia was one of a very few shipping IPO's this year.  It had a rocky start from inception.  The initial issue did not go well and it has been a downwards trajectory every since. Presently it is caught in a potential liquidity bind with falling fleet utilization, falling charter rates...

Top Ships was not the soundest business from inception and the stock has consistently underperformed with its peers. The Group had very ambition expansion plans that outstripped its free cash flow.   In 2005, management entered into a massive sale lease operation with an extraordinary dividend...

The sharp correction in the commodities markets is tipping the supply/ demand balance in favor of the buyers.  The buyers are now in a position to pick and choose.  They now have far more room than previously to manage their supply chain logistics. Commodities exporting nations like Russia...

A move to a public company requires a radically different management style than a private closed family business.  It requires a more integrative decision-making style and greater delegation of responsibilities. Board Governance need to be opened and more transparent.  Greek listed companies...

There is a growing need to resolve issues of ethics and corporate governance in publicly-listed Greek shipping companies.  Greek Shipping is under transformation.  The traditional management style from a culture of closed family businesses is under attack by institutional investors. 

US$ 100 is simply an arbitrary round figure that may prove a psychological resistance point.  Markets, however, tend to move on general perceptions of the future.   These perceptions may prove illusionary, but they are the prevailing wisdom that drives market...