It’s not a great time for consolidation in the broader market, but shipping is keeping merger-and-acquisition bankers busy amid more favourable conditions.

That was the take from veteran M&A banker Mark Friedman of Evercore in remarks to the annual Marine Money Ship Finance Forum in New York on Thursday.

The broader market has seen a strong correlation over the past 20 years between overall market strength and deal flows, so it is not a great surprise that deals are slumping in 2022 with the S&P 500 index down about 17% on the year and Nasdaq falling more than 20%, he said.