This time it’s Mike Webber.
One of the sector’s highest-profile analysts has handed in his resignation to Wells Fargo Securities in a year marked by the departure of shipping researchers, sources told TradeWinds.
But it’s probably best not to jump to conclusions about whether Webber’s leaving has much to do with the outflow of analysts in an industry that has seen capital-markets deal flow wane.
Market sources suggested Webber is bound for another position in the sector and is likely to continue as an analyst. He may be leaving to set up his own research or advisory firm, they suggested.
At the same time Wells Fargo, a US bank, is seen as likely to replace him from within its existing staff in shipping research.
TradeWinds has contacted Webber in a request for comment.
(UPDATE: Webber later confirmed the departure in an email to clients, saying "I'm leaving to pursue entrepreneurial interest outside the firm. I've truly enjoyed my time at Wells, and greatly appreciate the opportunity that has been afforded to me here.")
Webber is probably best known as creator of Wells Fargo’s corporate governance “scorecard,” which ranks public shipowners’ adherence to best practices on issues like related-party conflicts and director independence.
He also has a four-year streak as winner of Institutional Investor magazine’s voting for top shipping analyst.
Thus the departure is seen as Webber’s decision and likely to involve his own entrepreneurial ambitions. He has been with Wells Fargo since May 2010.
In late June, JP Morgan became the sixth bank in recent months to fully or partly dump shipping coverage, following on from Credit Suisse, UBS, Seaport Global Securities, the Maxim Group and Morgan Stanley.
At the same time, a handful of players have made a countercyclical move into the space, including Berenberg, BTIG, B Riley FBR and Noble Capital.
As TradeWinds has reported, Berenberg analyst Donald McLee left the sector last week to cover the food industry, but said he wouldn’t be surprised to see the German bank replace him on shipping names given its continued focus on maritime.
McLee is one of Webber's former associates at Wells Fargo.
