Prospects for an immediate tie-up between US listed dry bulk companies Excel Maritime and Quintana Maritime, which has been offering itself for sale since last November, appeared to recede this week as stocks in the sector plummeted.
An agreement with Excel was promoted as fact earlier this month that suggested the New York Stock Exchange listed company was paying $27 per share for Nasdaq listed Quintana, which controls an ultra modern fleet of 29 bulkers as well as an involvement in eight newbuildings on the way. Another shipping executive who has been following the saga predicted that a takeover of Quintana would now be “a waiting game”. However, the chief executives of the two companies concerned, Christopher Georgakis at 18-ship Excel and Stamatis Molaris at Quintana, flatly refused to comment on any aspect of the matter. Many arm’s length observers this week felt that even if the two companies had approached an understanding a fortnight ago, the nosedive in dry bulk stocks since then would probably have killed prospects for a deal.
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