Intermarine CEO Andre Grikitis says the company's main shareholder, private-equity fund New Mountain Capital, is ready to back it in leading a consolidation of a sector that has lost its direction.
"The industry is not in a position to correct itself," Grikitis says. Banks, rather than forcing bankruptcies, repossessions and auctions, are standing behind the scenes as "zombie shipowners" carry on in business on their behalf, even if not formally bank controlled.
