Raising Capital Through Issuance of Common Shares by Greek-Controlled Maritime Companies in US Capital Markets

Evangelia Kasimati and Nikolaos Veraros
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Nikolaos Veraros: Investments & Finance Ltd. and King’s College London

Economic Bulletin, 2019, issue 49, 59-71

Abstract: Our paper reviews the equity offerings of Greek-controlled maritime companies in US capital markets. We specifically examine the percentage of equity funds raised by Greek interests compared to the overall international maritime raisings in the United States, the amount of money raised, the pricing of the offerings, the performance of the stocks when the new shares commenced trading, the offering price in relation to the initial price range, the issuance costs, the existence of overallotments, and the use of the proceeds. We break down the activity per vessel type, company type, and equity issue type. We find that the US equity issues boosted substantially the growth of the Greek-controlled fleet over the last two decades. We also identify a more intense issuing activity at the peak of the shipping cycle, which could jeopardise the companies’ capital structure when freight rates and vessel values correct downwards.

Keywords: equity issues; maritime companies; shipping cycle; world trade; financial leverage (search for similar items in EconPapers)
JEL-codes: G15 G24 G32 (search for similar items in EconPapers)
Date: 2019
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Citations: View citations in EconPapers (8)

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