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Diana Shipping Refinances

June 1, 2023

In its latest quarterly presentation, Diana Shipping announced that it has signed a term sheet with a major European bank for a new six and a half years sustainability linked loan facility in an amount of up to $100 million. Company: Diana Shipping

Another “Irregular” Dividend but Important Fleet Upgrades as Well

June 1, 2023

Last week, Dorian LPG Ltd. announced its seventh consecutive “irregular” quarterly dividend of $1.00/share for a total amount payable of approximately $40.4 million. Since the company commenced paying dividends in July 2021, it has returned a total of $341.8 million to shareholders in this manner. Companies: Dorian LPG Ltd. , Helios LPG Pool , Phoenix Tankers, Mitsui OSK Lines Ltd, Hyundai LNG Shipping Company

One Pager

May 25, 2023

Before the Millennium and PowerPoint, we took a business strategy course which required us to analyze case studies. There was a strict and simple caveat. Our papers could not exceed one page in length as this was the amount of time, according to our professor, that senior management was prepared to spend on the problem. Company: Odfjell SE

More Post-Panamax Please

May 18, 2023

In its conservative growth strategy, Global Ship Lease focuses on transactions which offer strong economics together with predictable contracted cashflows and low residual value risk. Its latest transaction fits that bill. Companies: Global Ship Lease

Keeping It Simple

June 1, 2023

Robert Bugbee makes the case for a pure play strategy. With a strong product market, Scorpio Tankers is taking advantage of its operating leverage, largely deploying its fleet in the spot market while opportunistically fixing some vessels on long-term charters. Companies: Scorpio Tankers

Finishing Touches

May 25, 2023

SFL Corporation took care of business this past quarter with the company securing new financings totaling in excess of $1 billion so far in 2023. With the latest facilities concluded, the company’s newbuild and capital expenditure program is fully financed, and most of its financings with near-term maturities were replaced with new long-term loans. Company: SFL Corporation

The Turnaround Is Complete

May 25, 2023

It’s near-death experience nearly invisible in its rear-view mirror, Danaos Corporation has, as is close to humanly possible, future proofed itself. With lessons learned and the benefits of the bull market during the pandemic, the company has substantially deleveraged, added significant liquidity and built a substantial charter backlog despite continuing geopolitical uncertainty and turmoil in the financial markets. Companies: Danaos Corporation

Retaining a Piece

May 18, 2023

Earlier this month, Diana Shipping Inc. announced the financing of the DSI Drammen, a 63,500-DWT Ultramax bulk carrier built at Imabari in 2016, through a Norwegian limited partnership, which acquired a 75% partnership interest, while Diana retained a 25 percent. Companies: Diana Shipping Inc.

In the Long Run, Who Knows…

June 1, 2023

The arguments for diversification versus pure play strategies are well known with each having their obdurate supporters. In fact, the re-shaping of the Navios group of companies under the leadership of Angeliki Frangou over the past 19 years could serve as a case study for the argument’s pros and cons. In constant transition, companies were sold, acquired, spun off, and combined. Company: Navios Maritime Partners

Improving Flexibility by Upsizing and Extending Bank Debt

May 25, 2023

Last week, Eagle Bulk Shipping Inc. announced that it has entered into an Amended and Restated Credit Agreement which provides for an increased borrowing capacity of $175 million, a reduction in margin, and an extension in maturity by two years. Company: Eagle Bulk Shipping Inc.

Make Me an Offer – An Initial Drop in the Bucket

May 18, 2023

Last week, Wilh. Wilhelmsen Holding ASA launched a tender offer to acquire up to 300,000 A-shares and up to 100,000 B-shares, representing 0.9% of outstanding shares in the company. Companies: Wilh. Wilhelmsen Holding ASA, DNB Markets

Test Drive

May 18, 2023

Last week, United Maritime Corporation announced that it had entered into a 12-month bareboat charter agreement for a 2015-built Japanese Eco Panamax dry-bulk vessel of 78,020 dwt with an unaffiliated third party in Japan. Company: United Maritime Corporation

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