Bulker owners may be queuing up to buy steel at rock bottom prices but this is not an indication to buy paper in public companies, one of Wall Street’s more seasoned analysts says.
Evercore ISI’s Jonathan Chappell believes the time for bottom fishing has not yet arrived, explaining that “there is a reason shipowners own yachts and we don’t”.
A widespread panic has fuelled asset sales and allowed cash rich owners to make their play this year, he said in an update on the market.
