The maritime industry has experienced a whirlwind of venture capital (VC) activity over the past five years. A sector dominated by large, capital-intensive players has found itself disrupted by the COVID-19 pandemic and upcoming decarbonization regulations, and in need of innovation which in turn triggered a surge in maritime startups. Companies: Maersk (Maersk Growth), Stolt-Nielsen (Stolt Ventures), Eastern Pacific Shipping (EPS Ventures), Lomar Shipping (LomarLabs), MOL (MOL Plus), Signol, TMV, Ultranav, OceanScore, Oceanis, Lloyd’s Register, Ocean Technologies Group, Oakley Capital, Flagship Founders, Studio 30 50

The multi-year takeover battle between Fredriksen, Euronav, and Saverys culminated late last year in an elegant solution. It was agreed that Fredriksen would sell his stake in Euronav to the Saverys family for just over $1.1 billion. Companies: Fredriksen, Euronav, Saverys, Frontline, Hemen Holdings, CMB Leasing

This week we received Dealogic’s “Marine Finance Rankings Syndicated Loans – Second Quarter 2024,” suggesting some interesting trends that we have indicated in our monthly Deal Digest.

Cadeler, the Danish offshore wind service provider, who is also the world’s largest operator of offshore wind installation, operations, and maintenance services, recently announced the strengthening of its financial position with the refinancing of two major loans, one of which was entered into by Eneti Inc. before their business merger. Companies: Cadeler, Eneti Inc., Crédit Agricole, Société Générale, Eksfin, KEXIM, KSURE, KfW IPEX, Crédit Industriel, Korea Development Bank, The Danish Export and Investment Fund, DNB, Rabobank, Danske Bank, Oversea-Chinese Banking Corporation, Standard Chartered Bank

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Over the past year, shipyard transactions have picked up pace. Between healthy commercial shipping markets and geopolitical tensions, shipbuilding capacity has become a significant focus across sectors. Companies: Jones Act, Harland & Wolff, Center for International Strategic Studies, Hanwha, Philly Shipyard, China State Shipbuilding Corporation (CSSC), China Shipbuilding Industry Company (CSIC), China Shipbuilding Group Corporation

Just minutes after an earnings call, Ocean Yield ASA (“Ocean Yield”) announced their contemplated, and now successful, senior unsecured bond issuance of NOK 1,251 million (approximately $118 million) due September 2029. Companies: Ocean Yield ASA, Arctic Securities, Danske Bank, DNB Markets, Nordea, SEB, BAHR, Navigator Gas, CVC DIF, Geogas LNG, France LNG Shipping ASA, NYK, Totale Energie, EDF, KKR

BW LPG and Avance Gas weren’t the only participants on the Marine Money Week has panel to have a busy summer. Last week, fellow panelist, Navigator Gas, agreed to their own summer deal. Companies: Navigator Gas, KKR, Ocean Yield , Crédit Agricole CA CIB, ING Bank N.V., SEB AB, Ten08 Energy, Attis Clean Energy

Last week, we highlighted several hedge funds focused on shipping or related industries. What stood out to us wasn’t necessarily their performance—though most have enviable track records—but their uncorrelated returns relative to the broader market (as measured against the S&P 500). Companies: S&P 500, The Albemarle Shipping Fund, Albemarle, Medallion Fund

Ship mortgage loan margins have been dropping; no one knows how far they will fall. As the table indicates, loan pricing has dropped from around 300+ basis points to below 200 basis points over the past 24 months. For English majors (like me) the math works like this: 100 basis points = $1 million less margin income on every $100 million debt. That’s a lot. Companies: Moody, S&P, Mercer, TPG Twin Brook Capital Partners, Goldman Sachs Asset Management, Ares Management, T. Rowe, Invesco, Franklin Templeton, Preqin, Bain, Blackstone, KKR, Carlyle, Ares

The term “hedge fund” is loaded with sexy associations. To name a few: Michael Burry’s “Big Short” of the U.S. mortgage market or George Soros bringing down the Bank of England or managers like Jim Simons whose Renaissance Technologies delivered an annualized 36% return after fees. Companies: Renaissance Technologies, Barclay’s Hedge Fund Index , S&P 500, Tufton’s Oceanic Hedge Fund, Sissener Canopus, Hayfin, Borealis

Marine Money’s mantra has always been that our events are…Where Deals Get Done! For example, what started as a casual remark during the LPG panel discussion at Marine Money Week made headlines last week. Companies: Fearnley Securities , Avance Gas, BW LPG, DNB Markets, BW Group,