Moore Stephens Touts New York
If you want to list your shipping company today, in most instances, New York can still offer you the best options. London has plenty of capital, Oslo has plenty of people who know shipping, but New York is where the publicly-listed shipping action is.That’s what Chris Chasty, head of the shipping industry group at leading shipping accountant Moore Stephens says in the summer issue of the shipping industry newsletter Bottom Line. He goes on, “Just look at the figures. Back in 2000 there were only three listed shipping companies in the US, with a total market cap around $3bn, and only three analysts followed the sector. They didn’t have to work too hard, as it was only a tanker story. Today there are at least twelve analysts, and they have to work harder, because there are over thirty listed shipping companies, covering almost every aspect of shipping, with a market cap of around $32bn. And there is room for more.
“The growth of the shipping sector on US public markets is self-reinforcing. More investors there now know about shipping, so more money chases a shipping IPO there than in any other market, so for most shipping companies higher multiples are achievable. Put simply, more money comes in if you go to New York.”
Chasty goes on to outline the pros and cons of different public listings and offers advice on the way forward. Also in the summer 2007 Bottom Line there is news of how Moore Stephens helped D’Amico to a successful listing, advice on withholding tax on overseas bank loans, and a profile of Ed Kuczmarski, a partner at Moore Stephens Hays LLP in New York.