Last week, Dorian LPG Ltd. announced that it took delivery of the 2023-built dual-fuel 86,000 cbm LPG carrier Cristobal, which is the third dual-fuel LPG carrier to join the Dorian LPG fleet on a long-term time charter. Company: Dorian LPG Ltd.

Klaveness Combination Carriers ASA (“KCC”) signed its first sustainability-linked bank loan in mid-2020, making it the first sustainability-linked bank debt facility in Norwegian shipping. Committed to doing its part to avert climate change, the company continues to use this financing structure. Company: Klaveness Combination Carriers ASA (“KCC”), DNB, Skandinaviska Enskilda Banken, Sparebank 1 SR-Bank, Sparebanken Vest

Late last month, Tidewater Inc. successfully placed its offering of $250 million of senior unsecured bonds in the Nordic bond market. Companies: Tidewater Inc, Solstad Offshore ASA

As a counterpoint, Danaos Corporation, on Monday, threw down the gauntlet issuing an open letter to Eagle Bulk Shipping’s Board of Directors questioning the latter’s recent decision to repurchase Oaktree Capital’s (“Oaktree”) entire 28% stake in the Eagle Bulk at nearly a 35% premium to the company’s 45-day average share price and its decision to adopt a poison pill without seeking prior shareholder approval, which precludes Danaos from acquiring any additional shares. Companies: Danaos Corporation, Eagle Bulk Shipping, Oaktree Capital

Also, at the end of last month, Diana Shipping Inc. announced that it had drawn $100 million under a new term loan facility with DNB maturing up to December 2029, subject to mutually agreed margin reset at the end of the fourth year. Companies: Diana Shipping Inc., DNB, Nordea

Last week, Okeanis Eco Tankers Corp. (“OET”) announced the closing of a new $113 million senior secured credit facility, provided by ABN AMRO, to refinance existing indebtedness at significantly improved terms, in line with the Company’s strategy towards capital structure optimization. Companies: Okeanis Eco Tankers Corp. (“OET”), ABN AMRO

We certainly did not have long to wait for Eagle Bulk Shipping’s response to John Coustas’ open letter to the shareholders of Eagle Bulk. Companies: Eagle Bulk Shipping, Danaos, Oaktree Capital

Nearly ten years had passed and for Oaktree Capital Management it was time for an exit from its shareholding in Eagle Bulk Shipping, which had been acquired in a debt-for-equity swap through the bankruptcy process. Companies: Oaktree Capital Management, Eagle Bulk Shipping, Danaos Corporation

Undoubtedly, Scorpio Tankers Inc. has used its cash judiciously in both returning capital to its shareholders and, more importantly from our perspective, in improving its balance sheet through deleveraging and optimization. Company: Scorpio Tankers Inc., DekaBank Deutsche Girozentrale

Last week’s actions and reactions taken by Eagle Bulk Shipping and Danaos Corporation made for fertile material for discussion, raising questions of strategy, capital allocation and a company’s duty of care to its shareholders. Companies: Eagle Bulk Shipping, Danaos Corporation, Pareto

Last week, Cadeler A/S and Eneti Inc. announced that they have entered into a business combination agreement through a stock-for-stock exchange offer to be made to all stockholders of Eneti. Companies: Cadeler A/S, Eneti Inc., DNB Markets, Perella Weinberg Partners

Last Friday, Danaos Corporation disclosed that it had purchased 1,370,836 shares representing 9.99% of the shares outstanding of Eagle Bulk Shipping. Companies: Danaos Corporation, Eagle Bulk Shipping, Costamare Inc.