More transparency needed in publicly listed shipping companies

New York listed shipowner Eagle Bulk is a particularly potent symbol of the dry cargo crisis given Sophocles Zoullas first put his company into Chapter 11 bankruptcy 18 months ago. Many other dry bulk shipping companies are struggling to meet their funding commitments with charter rates and vessel values plunging through lowest levels since 1986. Another Dry Bulk Ship Owner Micheal Bodouroglou missed a $900,000 loan repayment earlier this month. Chapter 11 is also said to have been considered by the Paragon Shipping’s board. These are sizeable public companies whose situations are made more transparent by their need to disclose important financial information to the US Securities and Exchange Commission. But the vast majority of the world‘s bulk fleet is in the hands of smaller private owners with only a few vessels each. More transparency needed.