Despite the fact that Taylor Maritime owns around 80% of its shares, Grindrod Shipping continues to make regulatory filings. In a recent 6-K filing, Grindrod reported that on March 8th it closed a $113 million deal with Nordea Bank ABP (facility and security agent) and Skandinaviska Enskilda Banken AB (security agent) to refinance a loan made by Crédit Agricole Corporate and Investment Bank and Hamburg Commercial Bank AG in February 2020. Companies: Taylor Maritime, Grindrod Shipping, Nordea Bank ABP, Skandinaviska Enskilda Banken AB, Crédit Agricole Corporate and Investment Bank, Hamburg Commercial Bank AG

The growth of offshore wind has been obstructed by many hurdles, but capital formation continues for the development of new projects or renewal of existing ones. Among the leading companies in the sector, raising capital has seemed to occur most frequently through private placement, at least when seeking new equity investment. Companies: Odfjell Oceanwind, Mitsui O.S.K Lines, Kansai Electric Power Company, Enova, Source Galileo Norge, DNB Markets

With the volume of ultra-low-cost European commercial bank declining, and owners seeking diversification from Chinese leasing, more Western owners are raising ship finance in Japan. Companies: FPG AIM, Fearnley Securities, Maritime Asset Partners, DNB Markets, Sumitomo Mitsui Trust Bank, Crédit Agricole Corporate & Investment Bank, Sea Bridge Finance, AMA Capital Partners, ABL Corporation, Dorian LPG

This past week, Ocean Yield ASA (“OCY”) issued $75m worth of perpetual callable hybrid bonds. If that combination of words is confusing, don’t worry because you’re not alone. Companies: Ocean Yield ASA, Arctic Securities, Danske Bank, Nordea, SEB

In recent weeks, we have covered a lot of bonds as issuances seem to be pouring out of the public markets, certainly keeping bankers busy! Companies: PS Marine Holdings, Universal Energy Resources, Petroserv Marine, Floatel International, DNB Markets, Clarksons Securities AS

This past week, Floatel International Ltd., announced the issuance of new senior secured bonds for total proceeds of $350 million. DNB Markets and Pareto Securities were mandated as joint bookrunners. Companies: Floatel International Ltd., DNB Markets, Pareto Securities

Maritime M&A has been robust in recent years as cash-rich shipowners pursue growth without ordering newbuildings. Companies: MOL Chemical Tankers, Mitsui O.S.K. Lines, Fairfield Chemical Carriers, Nordic Tankers, MUFG, Morgan Stanley

Amazing things can happen when you plug the right team into the right platform with the right product – and the Blue Ocean Funds are a good example of that. Companies: Blue Ocean Funds, EnTrust Global, HitecVision, Jefferies, Evercore, Maas Capital, ABN AMRO

Thanks to strong markets in all the main sectors, shipping companies have generated a lot of free cash flow in recent years and now find themselves in a new paradigm of capital allocation. In a rare moment in the history of shipping, owners find themselves both highly liquid and the beneficiaries of strong free cash flow, a reflection of the strong current markets.

In Dealogic’s Marine Finance Rankings Syndicated Loans – Full Year 2023, we saw an increase over 2022, in syndicated marine finance loans as well as global shipping loans. This disrupts a downward trend which has continued since 2018/2019.

Ocean Yield is not the only company last week to have issued new notes, New Fortress Energy issued new notes last week for a total issuance size of $750 million, seeking extra liquidity to repay their outstanding debts or also for general and corporate purposes to pursue new and emerging opportunities. Companies: New Fortress Energy, Vinson and Elkins

Last week, over 450 attendees gathered at the Grand Elysée hotel in Hamburg to share and discuss their views on the current state of our industry, where it is going, how they plan to navigate the markets, and buying football clubs for fun! Companies: Berenberg, Hamburg Commercial Bank, UniCredit, Ehlermann Rindfleisch Gadow, Marshall Islands Registry, Maritime Strategies International, AMA Capital Advisors, Navios Maritime Partners, CMA CGM, Maersk, Hapag-Lloyd, COSCO, OOCL, Evergreen, Kühne Foundation