Former Morgan Stanley analyst Fotis Giannakoulis has been brought in to ramp up shipping investments at Bluewater Acquisition Corp.
Giannakoulis has been appointed a director at the Calgary-based operation, a so-called capital pool company that is looking to make its first splash in the sector.
Bluewater, which is listed on the Toronto Stock Exchange, said it aims to identify and invest in assets and businesses in the maritime and shipping sector.
Giannakoulis has more than 18 years of experience in capital markets, equity research, investment banking and ship financing.
Between 2010 and 2019, he was the lead maritime analyst at Morgan Stanley covering shipping, offshore, LNG, and energy infrastructure.
Morgan Stanley dropped its shipping coverage after parting company with Giannakoulis last May.
The bulge-bracket bank discontinued coverage of 29 shipowners that had been under Giannakoulis' research.
Built up a following
Giannakoulis built up his own following in nearly a decade at the firm, with Morgan Stanley being his first job as an equity analyst.
He had previously served as a lender for Fortis and an investment banker for both Fortis and New York's Poten & Partners.
The range of experience made him one of shipping's more diversified analysts.
Bluewater said he played a critical role in building Morgan Stanley’s dominant position as the highest-ranked underwriter in the maritime sector.
He has worked on debt and equity financing assignments, advising institutional investors and assisting companies to raise in excess of $40bn.
Giannakoulis holds a degree in Economics from the University of Piraeus and he earned his MBA from Loyola University Chicago.
He said on social media: "It is a privilege to join the board of Bluewater Acquisition Corp and team up [with] a group of exceptional professionals and close friends."
In a TradeWinds interview in 2014, Giannakoulis suggested shipping was not his first goal.
"When I first came into the industry, one of the first guys I met told me, ‘once you’re in shipping, you’re always in shipping’. I took that as a threat. I wanted to do something else — consulting or investment banking," he said.
"Today, I feel blessed to be in this industry. I’ve been very lucky to serve the most exciting industry in the world, with all its ups and downs and so many colourful personalities."
Experienced leader
Bluewater focuses on shipowning companies with ongoing operations, looking at fleets or single vessels in any sector.
The company also looks to provide an exit route for private equity funds that have invested in shipping, and works with special purpose vehicle structures that are seeking a public company for diversification.
Bluewater said it is in various stages of identifying and evaluating opportunities that it believes have the elements for growth.
Depending on the structure and size of any deal, the company expects to proceed with an equity offering to fund the acquisition of assets or a business.
The firm carried out a CAD 422,000 ($297,000) initial public offering in Toronto in 2018.
Bluewater is led by chief executive and chief financial officer Mike Sapountzoglou, who is a director and co-founder of ship and project management company Flagship Navigations.
He began his career in shipping claims and insurance with Sun Enterprises, a GS Livanos group operation in Piraeus.
In 1994, he joined the Angelopoulos Group in London, where he held various senior positions until his departure in 2015.
