Shipping is different from other industries in a lot of ways, and if you’re a specialist in the merger-and-acquisitions game like Evercore’s Mark Friedman, you’ll have formed some strong ideas about differences there as well.

Consolidation activity in maritime is rare, and a big reason for that is the prevalence of controlling shareholders in shipping companies.

By the same token, when M&A activity does happen, it’s usually those same stakeholders who are driving the bus.