Can shipping really do nothing but watch others play in the massive Spac (special purpose acquisition companies) sandbox?

Maybe. But there could also be a few ways in for the sector, especially if one stretches the definition of what constitutes a shipping deal, experts suggest.

“With this much blind pool capital out there, some of it really should find its way to shipping or shipping-related businesses,” said David Herman, the former Credit Suisse investment banker who now heads finance at tanker brokerage Charles R Weber.

“There’s certainly flexibility for structures that have charters with a visible stream of cash flow. Or maybe shipping services like ports, terminals and management services, where the focus is on cash flow rather than an asset valuation.”

Evercore ISI managing director Mark Friedman is similarly cautious in his assessment.

“It would seem like a ‘long putt’ to convince Spac sponsors and their shareholders to merge with a shipping company," he told TradeWinds. “That said, the container space is [a] white-hot area of the shipping market, and perhaps that space might be the most promising area for a Spac merger.”

There is also the expanding definition of what is “shipping-related”, as seen in at least one renewable-energy project.

As TradeWinds has reported, traditional shipowner Scorpio Holdings — a private vehicle of the Scorpio Group — is investing more than $20m to become a major holder in a Norwegian battery-cell manufacturer that is going public on the New York Stock Exchange by merging into a Spac led by former shipping equity analyst Daniel Barcelo.

Also, two Greek shipping executives have just raised more than $172m through a Spac offering in New York.

But there is no assurance that co-chief executives Akis Tsirigakis and George Syllantavos will set their sights on shipping assets.

Tsirigakis did sponsor the Spac that would become Star Maritime and then Star Bulk Carriers. The second such effort resulted in offshore vessel company Nautilus Maritime and the third in a software company, Phunware.

A $345m Spac is being led by Wilbur Ross, a man with significant shipping experience, as an investor. He has tapped Nadim Qureshi, chairman of Connecticut tanker owner Diamond S Shipping, to assist him.

But there has been no indication that he will seek a shipping target.