JP Morgan has joined what has become a stampede of investment banks out of shipping coverage, telling clients today that it is parting ways with the sector and with equity analyst Noah Parquette.

JP Morgan becomes the sixth bank in recent months to fully or partly dump shipping coverage, following on Credit Suisse, UBS, Seaport Global Securities, the Maxim Group and fellow bulge-bracket firm Morgan Stanley.

The loss of interest in shipping equities has created a climate of frustration and tension for analysts still in their positions.