We are big fans of Constantin Baack’s characterization of his management of MPC Container Ships (“MPCC”) as portfolio optimization. Like a chess grandmaster, each of his moves, whether changing the fleet mix or financing, is strategic and has an overall positive impact on both operations and the balance sheet. Companies: MPC Container Ships, Lomar Shipping,

In an unforgettable year in shipping, the role of credit was merely background noise. It was present but less consequential, as owners were “long” cash, having experienced another year of strong markets.

A maritime leasing and finance company primarily focusing on vessels operating on inland waterways under the Jones Act, Maritime Partners, LLC announced the successful completion of its inaugural securitization transaction, which notably was the first ABS issuance composed entirely of inland marine vessels. Companies: Maritime Partners, LLC, Atlas SP Securities, Apollo Global Securities, Vedder Price

Working with various financial institutions, Globus Maritime Limited is exploring financing and refinancing transactions with better terms and conditions in order to expand and modernize its fleet. In its Q1 2023 earnings release, the company, as part of the process, disclosed that it had reached an agreement with First Citizens Bank & Trust Company (formerly known as CIT Bank N.A.) Companies: Globus Maritime Limited, First Citizens Bank & Trust Company, CIT Bank N.A.

Last week, BW LPG Limited launched a tender offer to buy back the equivalent of $25–50 million (the “Offering”) of its own shares through a reverse bookbuilding process in which shareholders could submit sales offers. Companies: BW LPG Limited, DNB Markets

Back in March, Navigator Holdings entered into a $200 million senior secured term loan with Nordea, ABN AMRO, Skandinaviska Enskilda Banken, and BNP Paribas to refinance its June 2017 Secured Term Loan and Revolving Credit Facility and the October 2016 Secured Term Loan and Revolving Credit Facility that were due to mature in June and October 2023, respectively. Companies: Navigator Holdings, Nordea, ABN AMRO, Skandinaviska Enskilda Banken, BNP Paribas

Last week, Tsakos Energy Navigation Ltd. (“TEN”) announced that it has called for redemption at par of all 3,517,061 of its outstanding 8.75% Series D Cumulative Redeemable Perpetual Preferred Shares (“Series D Preferred Shares”), which will take place on July 7, 2023. Company: Tsakos Energy Navigation Ltd.

Last week, BW Epic Kosan Ltd. announced that it had secured its first Sustainability Linked Loan (“SLL”) to refinance 19 vessels for up to $140 million alongside an acquisition line of $20 million to finance potential growth opportunities. Companies: BW Epic Kosan Ltd., ABN AMRO, Crédit Agricole CIB, Skandinaviska Enskilda Banken, Standard Chartered Bank, Iyo Bank.

We have ridden this hobby horse before and perhaps, one might say, too often. Still the concept nags at us. But having just finished reading “Power Failure: The Rise and Fall of an American Icon” by William Cohan, we were again reminded of the risks of buying back shares. Needing to dismantle GE Capital as a consequence of the financial crisis, GE’s management used the proceeds from the sale of portions of that business to buy back shares leaving it riddled with debt and lacking sufficient liquidity. Companies: Gram Car Carriers, Fearnley Securities

Acknowledging Danaos Corporation’s prudent focus on its balance sheet and conservative commercial strategy, S&P Global Ratings last week, upgraded the long-term issuer credit and issue ratings on the company and its unsecured notes to ‘BB+’ from ‘BB’ with a stable outlook. Companies: Danaos Corporation, S&P Global Ratings,

In an effort to rid itself of expensive “debt,” Ocean Yield AS, on Monday and Tuesday, bought back $42.26 million of its hybrid perpetual bond OCY06. Company: Ocean Yield AS

There are times when the pieces of a puzzle fall into place. For Klaveness Combination Carriers (“KCC”) recent macro trends and a favorable market backdrop offered the company the opportunity to renew its fleet. Companies: Klaveness Combination Carriers, ABG Sundal Collier, Clarksons Securities, DNB Markets