15 August 2023, Tuesday
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IN the latest annual Environmental, Social, and Corporate Governance (ESG) scorecard published by New York-based Webber Research & Advisory, Greek shipping giants including Top Ships, StealthGas, Castor Maritime, Tsakos Energy Navigation, Euroseas, Safe Bulkers, and Dynagas find themselves at the lower end of the rankings reports Singapore's Splash 247.
The report, led by Michael Webber's company, evaluates the ESG data of prominent listed shipping firms, highlighting the significance of prioritizing strong corporate governance and effective capital management in the maritime industry.
Securing the top positions in this year's scorecard is Genco Shipping & Trading, followed by container lessor Triton and Matson, showcasing exemplary performance in ESG metrics.
Webber Research emphasized in its introduction to the scorecard that the premiums associated with inadequate governance and capital discipline should continue to grow, potentially leading to the exclusion of conflicted entities and outdated structures from the public markets.
At the other end of the spectrum, Top Ships and Castor Maritime, the two lowest-ranking microcaps on the Webber list, have faced considerable criticism in recent months due to their dilutive equity offering strategies, which have taken a toll on their stock prices.
Ship financier Dagfinn Lunde expressed his concern over some of the companies occupying the bottom rungs of Webber's corporate governance list, stating that these entities cast doubts on the credibility of shipping investments for less experienced investors.
