One of the clearest takeaways from the “Business of Shipping” panel at CMA Shipping 2026 was that shipping companies do not wait for financial need before raising money. They do it when market conditions make it possible.
The panel, held in Connecticut, brought together well-known figures from the New York shipping and finance community, including executives and advisers from Dorian, AMA Capital, Macquarie and Good Ground Advisors.
A central topic was the long-standing disconnect between listed shipping companies and their net asset values. AMA Capital’s Peter Shaerf noted that vessel owners can sometimes unlock more value by selling ships individually, while Dorian chief financial officer Ted Young pointed out that the cost of capital and investor perception of valuations constantly change over time.
Young said one of the unique features of shipping is that companies sometimes have the chance to trade above net asset value during a favorable cycle. When that happens, issuing equity becomes strategically attractive. In his words, companies raise money when the stock is high because they can, not necessarily because they need to.
That logic was reinforced by moderator James Lightbourn, who said a strong IPO valuation remains a classic industry playbook whenever conditions allow.
The panel also examined how liner shipping differs from other shipping segments because of the franchise value attached to major carrier brands. Kevin Kennedy noted that liner operators often charter a large share of their fleets, which changes how investors assess value and risk.
Participants also looked back at the pandemic period, when extremely high container freight rates created exceptional profits and influenced public market behavior, including the timing of Zim’s listing. Young said years of weak returns were suddenly offset by just two extraordinary years, describing that volatility as shipping “in a nutshell”.
The discussion later turned to shipping’s visibility in mainstream media. MTI Network’s Jon Chia said coverage has increased in recent years, while Shaerf argued the real turning point came when the Ever Given grounded in the Suez Canal in 2021, forcing supply chain issues into the public spotlight.
Recent headlines about Greek shipowners profiting from the tanker surge during the Hormuz crisis also featured in the conversation, showing how quickly attention can shift from operational risk to extraordinary financial gain in shipping markets.
