It was merely five years ago that the Chinese lessors stepped up opportunistically to fill the lending gap created by Western banks’ conscious decision to reduce their shipping exposures. Their timing was impeccable and shipowners’ appetite for sale-leaseback transactions seemed nearly insatiable. Companies: Crédit Agricole CIB, BNP Paribas

Last week, Klaveness Combination Carriers ASA (“KCC”) successfully priced a new five-year senior unsecured sustainability-linked bond issue of NOK 500 million with a borrowing limit of NOK 1,000 million. Companies: Klaveness Combination Carriers ASA, Danske Bank, Nordea, Pareto Securities, SEB

One cannot underestimate the value of longstanding relationships. The Navios name is well-known and respected in Japan being one of the earliest participants in Shikoku leasing. Company: Navios Maritime Partners

It has been a busy 1H 2023 for SFL Corp. with the company securing new financing arrangements totaling more than $1 billion so far this year. Benefiting from the new contract on the Hercules, the company refinanced the drilling rigs, Hercules and Linus, in two separate loan facilities of $150 million per rig with maturities in the fourth quarter of 2025 and in the second quarter of 2026, respectively.

Last week, Ocean Yield AS successfully completed a new five-year senior unsecured bond issue of NOK 750 million, which represents the initial issue amount drawn from a borrowing limit of NOK 1,500 million. Companies: Ocean Yield AS, Kohlberg Kravis Roberts & Co. L.P., Arctic Securities, Danske Bank, DNB Markets, Nordea

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The Jones Act is a world unto itself. Little is known or fully understood outside of its small coterie of participants. In brief, the Jones Act requires that cargo transported between U.S. ports be shipped solely aboard vessels that are built in the U.S., owned by U.S. citizens, and crewed by American sailors. Companies: Maritime Partners LLC, American Tanker Holding Company, Inc. (“ATHC”) , AMSC ASA (“AMSC”), OSG, Keystone Shipping, Aker Capital, DNB Bank, Deutsche Bank Securities, Pareto Securities

Last year, issuance in the Norwegian bond market by shipping companies was slow, particularly so in comparison to the strong year in 2021. This year may be even slower.

Although now a private company, Seapeak LLC still reports its quarterly financial results publicly on the ‘down-low’ as its two perpetual preferred share issues and two NOK denominated bonds remain trading in the public markets. Company: Seapeak LLC

Earlier this week, Overseas Shipholding Group announced that it has agreed to purchase 3,788,639 shares of the company’s common stock from entities managed by Cyrus Capital Partners at a price of $4.05 per share for a total consideration of $15.3 million in a privately negotiated transaction. Companies: Overseas Shipholding Group, Cyrus Capital Partners

Last week, Globus Maritime Limited announced that it had entered into, an amended and restated a term loan facility with First Citizens Bank & Trust Company (formerly known as CIT Bank N.A.) which allowed for an additional borrowing amount of $25 million, increasing the loan facility to $77.25 million.

Our initial reaction was that Stainless Tankers (“STST”) went overboard. With the shares of the company starting to trade on April 28, 2023, Stainless Tankers’ fleet was owned for 58% of the quarter’s available days. Moreover, the seven vessels comprising the fleet were delivered to the company between April 12 and June 29 further reducing availability, although this was offset by a payment of $2.2 million of purchase price discounts.