When Greece’s Diana Shipping pounced on nine secondhand ultramaxes owned by low-profile Sea Trade Holdings of Connecticut for $330m last August, the reaction was mixed.
Analysts and other market experts delivered a quick verdict: great deal for Sea Trade in selling for a substantial premium to market valuation; puzzling one for Diana in “overpaying” for the tonnage.
Now one of two key Sea Trade principals — former Navios Maritime chief executive Anthony Whitworth — is giving his viewpoint on the deal.
