I've always been interested in ships though I've never made any investment, except for my small collection of miniature ships. Jim Tisch regularly talks about his family's investments in ships to illustrate their approach to value investing; they paid less than scrap value, and for due diligence they would go to the dock to confirm that the ship actually existed. They rationalized that as long as they were paying less than they could get by scrapping it if the ship was not serviceable, then they were getting a good enough deal. I still like to hear that story, and Tisch seems to enjoy sharing it.
In this Bloomberg article, Stealth Moves Tankers 13,500 Miles in Dash for U.S. Gas: Freight
, I learned that Wilbur Ross
now controls almost 1/3 of the worldwide midsize LPG carrier fleet. I'm impressed!
[Excerpt]"Wilbur Ross, the billionaire founder of WL Ross & Co., is among those building up merchant fleets after shipping rates collapsed in 2008 because of the global recession. He now controls about 30 percent of the worldwide fleet of Handymax LPG carriers, which are about halfway between the biggest and smallest gas carriers, he said in an interview March 28."