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Raising Capital Through Issuance of Common Shares by Greek-Controlled Maritime Companies in US Capital Markets

Author

Listed:
  • Evangelia Kasimati

    (Bank of Greece)

  • Nikolaos Veraros

    (Investments & Finance Ltd. and King’s College London)

Abstract

Our paper reviews the equity offerings of Greek-controlled maritime companies in US capital markets. We specifically examine the percentage of equity funds raised by Greek interests compared to the overall international maritime raisings in the United States, the amount of money raised, the pricing of the offerings, the performance of the stocks when the new shares commenced trading, the offering price in relation to the initial price range, the issuance costs, the existence of overallotments, and the use of the proceeds. We break down the activity per vessel type, company type, and equity issue type. We find that the US equity issues boosted substantially the growth of the Greek-controlled fleet over the last two decades. We also identify a more intense issuing activity at the peak of the shipping cycle, which could jeopardise the companies’ capital structure when freight rates and vessel values correct downwards.

Suggested Citation

  • Evangelia Kasimati & Nikolaos Veraros, 2019. "Raising Capital Through Issuance of Common Shares by Greek-Controlled Maritime Companies in US Capital Markets," Economic Bulletin, Bank of Greece, issue 49, pages 59-71, July.
    • Handle: RePEc:bog:econbl:y:2019:i:49:p:59-71
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    File URL: https://www.bankofgreece.gr/BogEkdoseis/econbull201907.pdf
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    Cited by:

    1. Sofia Anyfantaki & Yannis Caloghirou & Konstantinos Dellis & Aikaterini Karadimitropoulou & Filippos Petroulakis, 2022. "Skills, management practices and technology adoption in Greek manufacturing firms," Economic Bulletin, Bank of Greece, issue 55, pages 7-42, July.
    2. Theodora Kosma & Pavlos Petroulas & Evangelia Vourvachaki, 2020. "What drives wage differentials in Greece: workplaces or workers?," Economic Bulletin, Bank of Greece, issue 52, pages 69-72, December.
    3. Nikos Ventouris & Georgios Palaiodimos, 2022. "Proposals for the reform of EU fiscal rules," Economic Bulletin, Bank of Greece, issue 55, pages 67-81, July.
    4. Nikos Vettas & Konstantinos Peppas & Sophia Stavraki & Michail Vasileiadis, 2020. "The contribution of Industry to the Greek economy: facts and prospects," Economic Bulletin, Bank of Greece, issue 52, pages 29-67, December.
    5. Ioannis Asimakopoulos & Athanasios P. Fassas & Dimitris Malliaropulos, 2020. "Does earnings quality matter? Evidence from the Athens Exchange," Economic Bulletin, Bank of Greece, issue 52, pages 93-112, December.
    6. Constantina Backinezos & Stelios Panagiotou & Evangelia Vourvachaki, 2020. "Multiplier effects by sector: an input-output analysis of the Greek economy," Economic Bulletin, Bank of Greece, issue 52, pages 7-28, December.
    7. Christos Catiforis, 2022. "Post-pandemic inflation: Phillips Curve, trends, drivers and lessons," Economic Bulletin, Bank of Greece, issue 55, pages 43-65, July.
    8. Sofia Anyfantaki & Petros Migiakis & Katerina Paisiou, 2022. "Green finance in Europe: actors and challenges," Economic Bulletin, Bank of Greece, issue 55, pages 83-105, July.

    More about this item

    Keywords

    equity issues; maritime companies; shipping cycle; world trade; financial leverage;
    All these keywords.

    JEL classification:

    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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