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November 30, 2023

Earlier this month, GasLog Ltd., signed a new five-year Sustainability-Linked Senior Secured Reducing Revolving Credit Facility in the amount of $2.8 billion (the “Facility”) which incorporates KPIs linked to both carbon emissions and female representation in the company’s cadetship program as a component of the Facility’s pricing. Companies: GasLog Ltd., GasLog Partners LP, Citibank, BNP Paribas, DNB, ABN AMRO, Alpha Bank, Credit Suisse, Danish Ship Finance, ING, National Bank of Greece, Nordea, Oversea-Chinese Banking Corporation, Standard Chartered Bank, National Australia Bank, Skandinaviska Enskilda Banken


Another Block Gone

November 9, 2023

Star Bulk Carriers Corp. announced last week that it entered into an agreement to purchase an additional 10 million of its shares from Oaktree for $19.50/share, a premium of approximately 5.5% over the prior trading day’s closing price. The latest price was $1.00/share more than it paid for the 10 million shares it acquired back in September, which purchase was also done at a 5% premium. Companies: Star Bulk Carriers Corp., Oaktree

SLBs Remain Popular

November 30, 2023

Earlier this month, Ocean Yield AS (“Ocean Yield”) announced that it agreed to acquire two 2022-built Suezmax tankers, built at Daehan Shipbuilding in Korea which it will lease back to the seller, Euronav NV, under 14-year bareboat charters, which incorporate purchase obligations at the end of the charter period. Companies: Ocean Yield AS, Euronav NV

The Joys of Ownership at Maybe Half the Price

November 30, 2023

As a means of balancing out its newbuilding program, Odfjell SE took the next step in its fleet renewal program choosing to expand its fleet with the addition of six newbuildings through a combination of long-term time charter and pool agreements. Company: Odfjell SE

Buyer’s/Seller’s Remorse?

November 16, 2023

Hindsight is always 20/20 and it is exceedingly unfair to second guess decisions made with the facts at hand at the time. Still, there may be lessons in the eventual outcomes that are worth thinking about. In this instance, we return to two of our favorite hobby horses, share buybacks and the pure play versus diversification argument. Companies: Eagle Bulk Shipping Inc., Oaktree Capital Management, Danaos Corporation, A.P. Moller-Maersk, Maersk Tankers, Maersk Oil & Gas, Maersk Drilling, Maersk Supply Service, A.P. Moller Holding

Yet Another Reason to Consider a Trip to Oslo

November 9, 2023

These days capital is expensive, and sources are few. Therein lies both a challenge and an opportunity. In response, a public, albeit traditional, Greek shipowner and a leading Norwegian project finance arranger uncovered what we believe to be a new source of equity capital for a public company by accessing the expertise and riches of the Norwegian project market. Companies: EuroDry Ltd., NRP Project Finance AS, Eurobank S.A., Eurobulk Ltd.,

No Strain on the Pocketbook

November 30, 2023

Also, earlier this month, TORM plc agreed to acquire eight second-hand LR2 vessels that are expected to be delivered in late Q4 2023 and in Q1 2024 for a total consideration of $399 million, with a cash consideration of $239 million (~60%) and the issuance of approximately 5.5 million shares (~40%). Company: TORM plc

And We Thought Managing Ships Was Challenging…

November 30, 2023

What Scorpio Tankers has accomplished in terms of restructuring and managing its liabilities cannot be overstated. From December 31, 2021 through November 8, 2023, the company reduced overall indebtedness by approximately $1.3 billion, net of new drawdowns, including about $1.5 billion of lease financing. Company: Scorpio Tankers

It Only Gets Better

November 16, 2023

In its Q3 2023 earnings report, Genco Shipping & Trading Limited announced that it had received commitments for a $500 million revolving credit facility (“RCF”), which will provide additional capital allocation flexibility and improved terms compared to the existing facility. Company: Genco Shipping & Trading Limited

Are Two Quarters a Trend or a Hope?

November 2, 2023

In its Marine Finance Rankings Syndicated Loans – First 9 months of 2023, Dealogic reported a slight increase in Syndicated Marine Finance Loan volume over the comparable period as was the case during the first half of the year.

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