AmericasFinance and Insurance

Wilbur Ross refuses to cash out of shipping ahead of Trump appointment

Photo of Sam Chambers Sam ChambersJanuary 18, 2017
4 Less than a minute

The likely next commerce secretary under Donald Trump in the US will not let go of his shipping interests. Wilbur Ross, 79, who is scheduled to be interviewed for the position by the senate today, has pledged to sell his main private equity firm but has said he will keep his interests in mortgage lending and shipping.

Ross has been one of the most high profile investors in shipping this decade. Like many from private equity who bought into the sector in the past six years, he is still waiting for the markets to show some sign of an uptick before cashing out.

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Photo of Sam Chambers Sam ChambersJanuary 18, 2017
4 Less than a minute
Photo of Sam Chambers

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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