FOR MOST OF the past six years the shipping industry was holed below the waterline and sinking fast, making it a sector to avoid in debt capital markets. But recent bond issues by shipowners and operators have helped rehabilitate an industry renowned for its extreme and unpredictable economic cycles.
Container company CP Ships kicked things off last year when it raised $250 million through an offering of 10-year senior notes. In March 2003, oil tanker company General Maritime Corporation priced a private offering of $250 million in senior notes.
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