Balance sheets continue to evolve and improve as borrowers extract good terms from their lenders, as they take advantage of the strong market. TORM is a case in point. First, the company reduced its net LTV from 51% at the end of Q1 2022 to 26% at the end of Q1 2023. Companies: TORM

Last week, Teekay Tankers Ltd. revealed an updated capital allocation plan and investors hit a trifecta with the company announcing a fixed quarterly dividend, a special dividend, and the establishment of a share repurchase program. Companies: Teekay Tankers Ltd.

The question facing the dry bulk market today is when the effects of the Chinese recovery will be felt. For Genco Shipping & Trading Ltd., it will not be soon enough. Companies: Genco Shipping & Trading Ltd, Clarksons Securities,

Infinity Maritime is the first platform of its kind to provide alternative maritime finance through digitization, enabling fractional ownership of all types of commercial ships. The commitment is to digitize equity in the ship by creating asset-backed MetaUnits for the ships it purchases and operates that will be tradeable, resulting in a secondary market for investors.
Companies: Infinity Maritime, 5 Ocean Shipping Management

Continuing its strategy of pursuing attractive refinancing opportunities, Seanergy Maritime Holdings Corp. recently returned from Japan having successfully executed two sale-and-leaseback agreements with unaffiliated Japanese third parties for the refinancing of the existing indebtedness covering the 2010-built Capesize bulk carriers, M/V Knightship and M/V Lordship. Companies: Seanergy Maritime Holdings Corp., Fearnley Securities

Although acknowledging some degree of laziness, we, in fact, do believe that Clarksons Securities’ Frode Mørkedal best lays out the scope and the success of Scorpio Tankers’ debt management process. “Scorpio Tankers prioritizes deleveraging and refinancing. Companies: Scorpio Tankers,

In its Q1 2023 earnings report, GasLog Partners disclosed the sale and lease-back of the GasLog Sydney, a 155,000 cbm TFDE LNG carrier, built in Korea in 2013. The vessel was sold and leased back under a bareboat charter with CDBL for a period of five years with no repurchase option or obligation, at a price of $140.0 million. Companies: GasLog Partners,

It is not a great time to borrow. Up from near zero, interest rates are now above 5%, the highest since 2007. Fears abound. The issue of bank failures remains on the front burner with the latest increase likely to result in more mark-to-market losses putting more banks at risk. Meanwhile, a potential recession looms while the price of oil drops to near a yearly low. It takes courage to be a banker and a wise borrower to say no.
Companies: Seacor Marine Holdings Inc., Seacor Marine Foreign Holdings Inc.,

DHT Holdings entered into a $405 million secured credit facility, including a $100 million uncommitted incremental facility, The new facility bears interest at a rate equal to SOFR plus a margin of 1.90% which compares to a LIBOR equivalent margin of 164 basis points, and represents a reduction in the company’s borrowing cost. Companies: DHT Holdings, ING, Nordea, ABN AMRO, Crédit Agricole, Danish Ship Finance, SEB

There is no end to creativity in developing dividend policies. They can range from simple payments at the discretion of the board of directors, to a simple percentage of cash flow or even the more complex earlier mentioned Genco formula. Dorian LPG chooses to pay an “irregular” dividend which can be viewed as “consistent” (the preferred term) provided, of course rates remain high. Companies: International Seaways , Dorian LPG, Clarksons Securities

We all want to do the right thing, but sometimes it is not so simple. A few weeks ago, Wallenius Wilhelmsen reported its progress on emissions targets and performance as it related to its sustainability-linked financing framework (“the framework”) issued in 2022.
Companies: Wallenius Wilhelmsen

Earlier this month, Veson Nautical, the global leader of maritime freight management solutions today announced its intention to acquire vessel valuation provider VesselsValue, a market-leading company and brand with a proprietary data set and unique modeling capabilities. Companies: Veson Nautical, VesselsValue