Almost everything Americans own has spent time on a ship crossing the Atlantic or Pacific oceans.Ships transport energy, raw materials, and finished goods ranging from socks to BMWs. No industry has a more intimate understanding of what’s going on in the global economy.
The 25th annual Marine Money Week just wrapped up. Business Insider was invited to a cocktail reception where we rubbed elbows with the top bankers, savviest analysts, and most powerful shipping magnates in the entire world.
Despite its size, the shipping industry is notoriously secretive, with very few companies ever going public
The party was held at the MoMA, where the shipping industry's biggest dealmakers were honored for making it rain
Thomas Preben Hansen, CEO of Rickmers Maritime, noted that around 3/4 of the crowd were facing legacy debt problems
Every single person we spoke to argued that the Baltic Dry Index is an extremely poor proxy for the health of shipping and the global economy
Rev. David M. Rider of the Seaman's Church Institute told us about the intense emotional distress that many seafarers face during their extended periods on the sea
Diamond S Shipping won Marine Money's award for Private Equity Deal of the Year (From L to R: Mike Fogarty, SVP; Florence Ioannou, CFO; Craig Stevenson Jr., CEO; Craig Stevenson III, VP; Peter Ekvall, VP)
Stevenson told us he got his start in the industry as a lowly navigator. Now he's one of the most powerful shippers in the world
Loli Wu, a top banker from Bank of America Merrill Lynch, spoke on effective strategies on generating return on capital
Marine Money Week is one of the best opportunities for shippers to connect with the best financiers in the business
Lichtblau acknowledged the supply-side problems of the shipping industry. But he also noted that many of the most debt-laden shippers were still able to fund their operating and interest costs
We left knowing that despite troubles in the shipping industry, the global economy was indeed growing at a healthy clip
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.