Speaking of optimizing the capital structure, Diana Shipping (“Diana”) disclosed this week that it has entered into an agreement with Nordea Bank for a six-year secured term loan facility in the amount of $167.3 million. Companies: Diana Shipping, Nordea Bank,

NASDAQ-listed crude and product tanker owner, Top Ships, has agreed to purchase a 47-meter mega-yacht from an affiliate of the company’s CEO, Evangelos J. Pistiolis for $20 million, which includes a mix of cash and the assumption of debt. Companies: Top Ships, Goldenport, Golden Yachts

What do you do when your company achieves the highest profit in its 150+-year-long history? Get stronger! That is why when tanker and bulker owner/operator Norden recorded $744 million in profits for 2022, the company became an acquirer for the first time in May 2023 when it bought Thorco Projects for $57 million. Companies: Norden, Thorco Projects, New Mountain Capital, Intermarine , Scan-Trans, Norlat

Ismini Panayotides-controlled Icon Energy (“Icon”) completed a one ship IPO on NASDAQ last week. The transaction marks the first time that fresh capital has been raised for an IPO of just one vessel. To be clear, this transaction is not a “drop down” or a “spin-off.” Companies: Icon Energy , NASDAQ, Maxim Group, United Maritime

Capital allocation is a “Champagne Problem,” as Taylor Swift might sing if she were a shipowner. The vexing issue of what to do with piles of free cash comes up more frequently now that shipowners actually have capital to allocate. Company: Klaveness Combination Carriers

A six-year joint venture between a subsidiary of Trafigura, Puma Energy Supply (“Puma”), and Gearbulk is coming to an end with the sale of Gearbulk’s stake in the company to Puma. Companies: Trafigura, Puma Energy Supply (“Puma”), Gearbulk, High Heat Tankers, Mitsui O.S.K. Lines, Greig Maritime, G2 Ocean

The much-touted idea of using “shares as currency” to buy ships is easier said than done. When the shares are significantly below Net Asset Value (NAV), companies don’t want to issue new shares because it would dilute existing investors. Companies: Torm, Hayfin, Sinokor, Evercore ISI

Commercial banks are lending less, and private credit funds are lending more. Therefore, it is not surprising that the biggest players on Wall Street are now moving aggressively into the private credit market and existing players are consolidating to scale-up. One of the leaders in private credit is Blue Owl. Companies: Blue Owl, Atalaya Capital, DNB Markets, Ridgebury Tankers

The US, it is generally acknowledged, is near the top of the interest rate cycle. Since 2022, the US Federal Reserve (the Fed) has increased interest rates from 0.25% to 5.50%. The consensus is that the Fed will cut rates by approximately 1% in 2024.

SFL Corporation has ended the drought! The company is issuing eight million new shares at $12.50/share. The offering is being managed by sole bookrunner Morgan Stanley, lead manager BTIG, and co-managers Arctic Securities, DNB Markets, Fearnley Securities, and Pareto Securities. Companies: SFL Corporation, Morgan Stanley, BTIG, rctic Securities, DNB Markets, Fearnley Securities, and Pareto Securities

Anyone who has ever tried to raise private equity for a small shipping company in the last ten years knows this: the rewards can be tremendous, but the process is usually painful. Excruciatingly painful. In fact, simply getting investor meetings can hurt, never mind generating term sheets and negotiating them to the point where they are mutually acceptable. Companies: Maxim Group , Icon Energy ,

The hunt for ship mortgages is ON! As we discussed last week, Hamburg Commercial Bank’s acquisition of NIBC’s shipping loan portfolio and XYZ’s acquisition of Danish Ship Finance are proof that shipping loans are in demand – by lenders! Companies: Hamburg Commercial Bank, NIBC, Magellan Group, Danish Ship Finance, Gunvor Group, ABN AMRO , Tsakos Energy Navigation, ING, Watson Farley & Williams