Shipping MLP pioneer slams new wave of non-traditional offerings

A new wave of initial public offerings (IPOs) structured as non-traditional master limited partnerships (MLPs) is coming under fire from the man who launched bluewater shipping’s first such offering.

Teekay Corp chief executive Peter Evensen is wary of MLPs that may not provide stable revenue streams and suggests investors should be too.

“People have to be very careful because the underlying cash flows are not what I call MLP-able cash flows and may not be sustainable,” Evensen told TradeWinds.

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