In the cases of both EHLD and CMBT, the acquirer took control of the board of directors, and with it, gained the ability to appoint their own management teams and chart the company’s course going forward.

With two fewer public shipping companies under Fredriksen’s control in a matter of months, speculation is growing. At 80 years old, is JF—the man known simply by his initials—strategically unwinding one of the most remarkable single-generation shipping empires ever built?

Unlike most publicly-listed dry bulk shipping companies, the Breakwave Advisors Dry Bulk Shipping ETF (BDRY) trades at a slight premium. Public dry bulk shipping companies on average trade at a 25% discount to their net asset value (NAV) yet BDRY stays close to its NAV. How can this be?