This work explained why only 31, out of about 1000
Greek-owned global shipping companies, raised from $1b to $21 b from the international stock exchanges
(mainly NYSE & NASDAQ), since mainly 2005. First, we thought that by
analyzing the advantages and disadvantages of an IPO, we could possibly provide
this answer, but these found almost balanced. We drew several times on Keynes.
We found that Greek shipowners consider their profession as a wayoflife, and they dislike the function of Stock Exchanges where a
separation of ownership from management can be accomplished. Surprisingly, we
found that also Stock Exchanges dislike shipping sector, mainly for its volatility!
Volatility—we showed—to be a coin with two sides: one side is that earnings, NAVs, etc. are
not stable, creating risk and unreliability—this side is looked-up by Stock Exchanges and
banks; the other side is that of reality, because shipping sector is a cyclical one, with 8 years on average duration, providing thus—as shown—great opportunities for extremely profitable assetappreciation,
which is known as “assetplay”! If banks, and stock exchanges,
learned-well shipping sector, they had to provide finance at rock bottom
earnings, and not at high, as they do, and for a longer tenor than 4 years (to
prove this we used a number of case-studies). We showed, however, the high
detrimental sensitivity of banks and stock exchanges to global
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