This week, growth-hungry bulker owner Thoresen Thai Agencies announced an oversubscribed bond offering of 3,500 million Thai Baht (about $100 million USD). Funds raised from the offering will play a crucial role in “bolstering TTA’s capacity to execute its planned sustainable business growth” and will be allocated for investment in assets and/or business expansion. Company: Thoresen Thai Agencies

It always piques our interest when an asset backed issuance is announced in the maritime sector. Hamburg Commercial Bank (“HCOB”), just recently announced carrying out €500 million in ship mortgage-backed bonds, being the first of its kind we’ve seen from a German bank in a long time. Company: Hamburg Commercial Bank 

When the early December press release announcing that credit fund Eurazeo Sustainable Maritime Infrastructure Fund (“ESMI”), advised by Elbe Financial Solutions (“EFS”), had completed its first financing of a hydrogen-powered vessel, and that this deal reflected the halfway point in terms of deployment of the 220 million euro fund, we knew it had been too long since we had checked in with EFS co-founder and CEO Jens Mahnke. And call we did. Companies: Eurazeo Sustainable Maritime Infrastructure Fund, Elbe Financial Solutions, Harren & Partner , Samskip

Solstad Offshore ASA (“Solstad”) and its subsidiaries were one of many offshore companies that sought to refinance during 2023, only a few years after many of them restructured, went bankrupt, cancelled projects and more. Amidst the global chaos, demand for oil and gas erupted, and offshore has found itself a second wind. Companies: Solstad Offshore ASA, Aker ASA, AMSC ASA, DNB Bank ASA, Export Finance Norway, Pareto Securities, Wikborg Rein

It’s one of the highest risk, highest return strategies in shipping investment: charter in a vessel on a long-term basis and trade her short-term market in order to (hopefully) capture an arbitrage. Companies: Hunter Group, DNB Markets, Fearnley Securities

Last week we looked at “Strategic and non-Strategic” investments in shipping companies. The conclusion was this equation: low share valuations + high shipowner liquidity and restlessness = an uptick of shipping industry players making investments in public shipping companies. Today, we expand on the theme by looking at “take private” transactions. Companies: Star Bulk, Eagle, International Seaways, Diamond S

It has been two years since John Fredriksen made his initial investment in Euronav. Now, as the Saverys family moves towards Euronav’s acquisition of CMB Tech (“CMBT”), a private business owned by the Saverys family, we thought it would be worthwhile to provide a summary of the key events to date. Companies: Euronav, CMB Tech, Frontline

The New Year is only a few weeks young and already filled with much deal activity. In particular, refinancings seem to be popular thus far as speculation on the interest rate landscape changes rapidly. Revolvers – the debt kind – have shown up several times in these refinancings, and now MPC Container Ships (“MPCC”) wants to join the fray. Companies: MPC Container Ships, CIT Bank, Hamburg Commercial Ban

Greater regulation neared as we approached 2024, and the topic of sustainability presented itself more and more frequently. Now, as we venture into the new year, many of the previously expected regulations are headed towards enforcement, and green-linked financing and sustainability programs in both greater numbers and variety are picking up pace. Companies: Nippon Yusen Kabushiki Kaisha, Det Norske Veritas, MUFG Bank 

The first event on the Marine Money schedule is always London, and this year too on 25th January we had an event buzzing in the conference room and the surrounding spaces with enthusiastic debate and intelligent discussion.

Once or twice each decade there is a new and noteworthy chapter in the evolution of ship finance – and they are usually caused by excess liquidity. In the late 1990s, it was a period of junk bond mania (31 offerings) immediately followed by several years of restructuring. In the 2000s, investor demand for participation in the “China Boom” spawned dozens of equity offerings, IPOs and MLPs, many of which are now gone. Companies: Scorpio, Ardmore, Castor, Eagle, Danaos, Oak Tree’ Frontline, Euronav, Taylor, Grindrod

Transactions that were held-over during the holidays continued to close this week, and in today’s issue we will highlight a few of them. First up is TORM Plc (“Torm”), who issued a bond with proceeds used to repay the bridge loan used to acquire eight vessels. Companies: ORM Plc , Hayfin, Danske Bank, DNB, Nordea, SEB