A. Special Purpose Acquisition Companies (SPACs)

Abstract

Shipping is probably the most extensive and internationalized industry, as its nature allows or requires the involvement and participation of a wide range of attitudes, cultures and practices. Today, more than 90% of world trade is transported by sea, while the global ocean-going shipping has a prominent trend in recent decades (OECD, 2013). It is evident the importance of the maritime sector and therefore its financing, which is also a matter of great importance. An alternative form of financing which makes making more often its appearance, is through Special Purpose Acquisition Companies - SPAC. It is significant that a Special Purpose Acquisition Company is a company that does not own any asset, so is considered to be an empty company” (shell companies) and more specifically these are companies with no capital funds (cash shell companies). The objective of this paper is the study and analysis of the funding of the shipping industry through a special purpose acquisition company (SPAC). This paper will attempt to explore how to implement this alternative form of financing to a shipping company and whether and how it would be profitable for its economic prosperity. As for the empirical analysis of the issue, it will be a detailed description and critical investigation of the matter, through case studies of shipping companies, which were funded through special purpose acquisition companies (SPAC).