Hunter Maritime Acquisition's deal to buy up to five capesize vessels failed as a tender offer for shares threatened to drain cash reserves.
Hunter, a blank cheque company set up by the Saverys family, raised nearly $152m last year in a public offering underwritten by Morgan Stanley to find distressed shipping assets.
In addition to 15 million shares sold to the public, Morgan Stanley signed on for 173,100 shares in the company as part of an overallotment option.
