Danaos Corporation (“Danaos”), advised by Watson Farley & Williams, announced $450m in post-delivery senior secured financing from four banks: Citibank, BNP Paribas, KfW, and Alpha Bank, who were advised by Norton Rose Fulbright, for eight newbuild container vessels, bringing their orderbook to 14, more than doubling it. Companies: Danaos Corporation, Watson Farley & Williams, Citibank, BNP Paribas, KfW, Alpha Bank, Norton Rose Fulbright

Oslo-listed driller Dolphin Drilling has successfully raised approximately $40 million via a private placement of shares managed by Arctic Securities AS, Clarksons Securities AS, and DNB Markets. Companies: Dolphin Drilling, Arctic Securities AS, Clarksons Securities AS, DNB Markets, Strategic Value Partners, S.D. Standard ETC Plc, B.O. Steen Shipping AS, Surfside Holding AS, DNB, Pareto, Fearnley, MAP

Höegh Autoliners has entered into $720 million of new long-term financing arrangements. Use of Proceeds includes: (1) the refinancing of all existing bank debt, (2) new financing for four Aurora-class newbuilds, and (3) acquisition financing of two more vessels the Höegh Jeddah and Jacksonville. Companies: Höegh Autoliners, Citibank, BNP Paribas, ING Bank, Crédit Agricole, DNB, Danske Bank, SEB, Nordea

For the past decade, the global shipping industry has grown accustomed to using Chinese leasing as a source of finance for major transactions, many times involving deal sizes which were outside the comfort zone of the commercial banks.

CSL Group (“CSL”) and Peak Group (“Peak”), have teamed-up to launch the Peak CSL Group (“Peak CSL”). The partnership follows an acquisition by CSL of 50% of Peak Group, who was advised by KPMG Norway on the sell side as well as Simonsen Vogt Wiig as legal counsel. Companies: CSL Group, Peak Group, Peak CSL Group, KPMG Norway, Simonsen Vogt Wiig

It was eight years of misery for the offshore market. The downturn that started in 2010 left offshore companies unable to take delivery of new vessels and rigs. It also resulted in loan impairments, equity wipeouts, and widespread restructuring. Companies: Havila Shipping, Volstad Maritime, Sæviking AS, Havila Holding, Ola Volstad Holding, Arctic Securities, Simonsen Vogt Wiig

George Weltman has been a fixture almost since the start of Marine Money. First as a reader who would thoughtfully and helpfully note errors or missed subtleties, and later as a deal person and knowledge resource on the industry, particularly the container business and, finally, as a dear and valued member of the Marine Money team, where he always brought value, insights, and integrity to our efforts.

To be a leading shipping player, an ESG trajectory is not only preferable but essential in our industry today, as ESG achievements are more and more tied in to financial covenants and pricing.

We are always excited to see a maritime company access the capital markets for the first time. Such was the case this week when FPSO owner and operator Yinson Production, part of the dynamic and ambitious Yinson Group, successfully placed $500m in senior secured bonds in the Nordic high-yield bond market this week. Companies: Yinson Production, Yinson Group, DNB Markets, Pareto Securities, ABG Sundal Collier, Moody’s, Standard & Poor’s, Fitch

Dealmaking in the Jones Act space is hotter than ever due to a combination of increased infrastructure spending, geopolitical tension, nearshoring, and an increased emphasis on the importance of energy security. Companies: Centerline Logistics, Beal Bank, Maritime Partners, ATLAS, Saltchuk, OSG, Morgan Stanley Infrastructures Partners, Crowley, Pasha Group, Pasha Hawaii, Horizon Line, Kirkland & Ellis LLP, Nixon Peabody LLP, Bank of America Securities

There has been talk about consolidation in shipping forever. It has occurred to a degree in other sectors, but very rarely in dry bulk.

South Korean shipping and logistics company HMM Co., Ltd. (“HMM”) placed an order for twelve 13,000 TEU LNG-ready containerships to be delivered across 2024.