For Odfjell SE, strong operating cash flows are driving accelerated deleveraging in line with its financial strategy of reducing cash break-even rates and cost of capital. Nominal interest-bearing debt was $943 million at quarter end and is projected to decrease to $881 million at year-end 2023 with a further reduction to $618 million by year-end 2025.

Last week, Ocean Yield AS announced that it has agreed to purchase four LR1 product tankers, to be constructed at Guangzhou Shipyard International in China with delivery in 2026 and 2027. Companies: Ocean Yield AS, Braskem S.A.

The maritime industry continues to make progress, albeit slowly, towards achieving its decarbonization goals. This week we were fortunate to receive the following progress report from Societe Generale’s Paul Taylor and Elodie Tarby. While tweaks are being made, success is solely tied to finding the magic bullet, which, in this instance, is the most efficient and economical alternative fuel. Company: Societe Generale

For those readers who were unable to attend Marine Money Week or have not yet been informed of a must-see highlight, we encourage you to take the time to view the interview of George Logothetis of Libra Group conducted by Jefferies’ Doug Mavrinac.

For the many years we have followed the industry, private equity funds have been highly active and stealthy investors in both shipping’s public and private companies as well as in steel itself.

Competitors to the banks, private equity’s credit funds, often described as shadow lenders, are all the rage. Little is known about these unregulated entities, making them a worry for the global banking system. Companies: Premium Maritime Credit Fund, NRP Maritime Asset Manage, Allen Overy, Wikborg Rein, NRP Project Finance AS, South 40 Capital

Recently, First Citizens Bank (“FCB”) acquired a $123 million portfolio of 11 shipping loans formerly held by HSBC Bank PLC (“HSBC”), a longstanding leader to the Greek maritime community. Companies: First Citizens Bank, HSBC Bank PLC

What do Euronav, International Seaways, and Eagle Bulk all have in common? They are all under attack by unwanted suitors. If there is a downside to being a public company, this is it. Shares are accumulated by a third party who purports, sometimes correctly, that things can be better and demands changes. Companies: Euronav, International Seaways, Eagle Bulk, Castor Maritime, Performance Shipping, Top Ships

In the event you have not noticed your Inbox filled with corporate earnings, we can confirm that the earnings season is beginning to wind down. Given our bent, we ignore the numbers in favor of the analysts and instead hone in on the balance sheets of the reporting companies. Nevertheless, keep in mind that it is a strong balance sheet which makes all things possible. Companies: International Seaways Inc., Danaos Corporation, Scorpio Tankers Inc., DekaBank, Euronav, DNB, ING, Taylor Maritime Investments

To truly grow and compete, global companies cannot simply think locally. A case in point is Hafnia Ltd. A leading tanker owner, Hafnia was listed on the Oslo stock exchange in April 2020, the culmination of its merger with BW Group. Companies: Hafnia Ltd, BW Group, Skandinaviska Enskilda Banken

Earlier this month, Gram Car Carriers ASA (“GCC”) acquired a 20% equity ownership in Gram Car AS (“Gram Car”), a single-purpose company owning the Mediterranean Sea, a 4,900-CEU Pure Car Truck Carrier (“PCTC”), built at Xiamen Shipbuilding in 2010, for total consideration of $4.75 million. Companies: Gram Car Carriers ASA, Gram Car AS, NRP Project Finance

Earlier this month, Seanergy Maritime Holdings Corp. announced that it had entered into a 12-month bareboat charter agreement with an unaffiliated third party in Japan for a 2011-built Newcastlemax dry bulk carrier of 207,855 dwt built at Nantong COSCO KHI Ship Engineering. Company: Seanergy Maritime Holdings Corp.