It is not just a trend, it is a strategy. Greek shipowners are following the spinoff policy for their listed shipping companies on the US stock markets.
Approximately one in three (nine out of 31 in total) shipping companies of Greek interests, whose shares are traded on the New York Stock Exchange (NYSE – Nasdaq), are the result of a business strategy of creating spinoffs.
The latest example is Rubico Inc., which was founded as a spinoff from the listed shipping company Top Ships Inc, owned by Evangelos Pistiolis, and received the “green light” to list its common shares on the Nasdaq stock market.
In addition to Rubico, three other significant spinoffs were recorded this year alone.
Specifically, the listing of Robin Energy Ltd. was announced on the New York Stock Exchange, a subsidiary of Toro Corp., interests of Petros Panagiotidis.
Shortly afterwards, Costamare Inc, owned by Kostis Konstantakopoulos, implemented its intention to “break” the dry bulk transport sector into a separate company, Costamare Bulkers Holdings, while Euroseas Ltd. owned by Aristides Pittas proceeded with a spin-off of its older containerships, forming Euroholdings Ltd.
The latter was sold at 51.04% to an investment scheme of Latsco Shipping, owned by Marianna Latsis.
And if Rubico is the latest move, the way had been paved in May 2020 by Eurodry, owned by Aristides Pittas, which split from Euroseas.
Regarding the reason why Greek shipowners choose the spin-off strategy on Wall Street, the explanation has been given by Pittas, who has clarified in his statements: “It is something that has been happening and will continue to happen.”He attributed this to the fact “investors in shipping companies are likely more focused on the growth potential.”
