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workings of distressed asset investor Wilbur Ross . Mr. Ross has set his sights on the shipping sector, having acquired 44% of liqueÞ ed gas carrier Navigator Holdings LTD out of the Lehman Brothers bankruptcy for $110 million in 2012. He later increased his equity position to 60% of Navigator, which was recently valued at about $1 billion after a successful ini- tial public offering (IPO). Today, Mr. Ross and other investors see the potential for strong returns in the shipping sector. As the world economy seems to be slowly improving, international trade is increas- ing and the industry remains very fragmented. Despite poor performance over a longer period, containership stocks have mirrored the strong performance of the S&P 500 in 2013, and dry bulk carriers have bested the returns in all other maritime segments through November. The shale petroleum and frack- ing booms have driven increased demand for shipping in the US, and Gulf of Mexico oil production continues to drive the offshore market. Barring a major macroeconomic setback, maritime companies and deal ß ow are poised for a solid show- ing in 2014.Figure 1 Figure 2 www.maritimeprofessional.com I Maritime Professional I 17MP #4 1-17.indd 17MP #4 1-17.indd 1712/11/2013 1:21:08 PM12/11/2013 1:21:08 PM
