The inability of Italian banks to manage their non-performing shipping portfolios gave private equity player Pillarstone an opportunity to make its mark on Italian shipping markets.
In barely three years, Pillarstone has risen to the top of the Italian shipping hierarchy after its takeover of Italian tanker and bulker owner Premuda and the launch of a billion-dollar shipping fund.
But, in the process, it may have acquired an unwarranted reputation as an aggressive hedge fund operator.
