On one level, it appears that Herbjorn Hansson has done it again. After all, when a shipowner can issue new stock at a 50% to 75% premium to his company’s net asset value (NAV) and buy new ships at NAV, many would consider the decision to be a “no brainer” — something like printing money.
But equity analysts — particularly Evercore Partners’s Jonathan Chappell — are not so impressed by Hansson’s latest trip to the capital markets, and so the debate is on.
“Yes,
