The Private Placement Deal of the Year: Global Ship Lease, Goldman Sachs, Crédit Agricole CIB, Hayfin Services

The Bank Debt Deals of the Year: Nordea, Crédit Agricole CIB, BNP Paribas, DNB, Skandinaviska Enskilda Banken, Danish Ship Finance, ING, National Australia Bank, Höegh Autoliners ASA, DNB, Danske Bank, Nordea, Skandinaviska Enskilda Banken, BNP Paribas, Citi, Crédit Agricole CIB, ING, Sparebanken Vest, Costamare Inc., Bank of America, Credit Suisse, ING, Skandinaviska Enskilda Banken, Sumitomo Mitsui Banking Corporation, Standard Chartered, CTBC Bank, Mega International Commercial Bank, Bank SinoPac, E.Sun Commercial Bank, First Commercial Bank, Taishin International Bank

Crossing the Atlantic last week, Himalaya Shipping Ltd. (“Himalaya Shipping”), announced the pricing of its previously announced initial public offering in New York of 7,720,000 of its common shares at a price to the public of $5.80 per common share raising gross proceeds of $44,776,000. In addition, the company has granted the underwriters a 30-day option to purchase up to an additional 1,158,000 common shares at the offering price, less underwriting discounts and commissions.

Earlier this month, Excelerate Energy, Inc. announced that it had entered into an Amended and Restated $600 Million Senior Secured Credit Facility (the “Credit Agreement”) which extended the existing $350 million Revolving Credit Facility and added a new $250 million Term Loan Facility. Both facilities will mature in March 2027.

The Public Debt Deal of the Year: Athens Stock Exchange

As you peruse this issue, Deals of the Year 2022, you’ll see lots of deal lingo and plenty of big numbers, but don’t be fooled; that’s not what it’s all about. The deals documented in these pages are about people and relationships – some of these relationships were formed through the award-winning deal, and many of them stretch back over decades. We are proud that many of those relationships were first formed and strengthened at Marine Money events over the years.

Last week, GasLog Ltd. (“GasLog”) and GasLog Partners LP (“GasLog Partners”), announced that they have entered into a definitive merger agreement under which GasLog will acquire all the outstanding common units of the Partnership it does not own (69.8% of the outstanding Units).

The tanker market has never been stronger, and its participants are generating record revenues, cash flows and profits. If ever one were to call a market top, this may be the moment, making it an opportune time for a private equity exit. Not only would the seller profit, but the sale of a substantial stake would also improve the company’s share liquidity.

The Export Credit Agency Deal of the Year: Seaspan Corporation, Sinosure, Yangzijiang Shipbuilding Group, BNP Paribas, Société Générale, HSBC, Standard Chartered Bank, Bank of China, Citi, Bank of Communications, Development Bank of Japan, Sumitomo Mitsui Banking Corporation, China Export & Credit Insurance Corporation, FPG-Aim, FPG

On Tuesday, Scorpio Tankers announced that it had given notice to the vessels’ owners of its intention to exercise the purchase on one 2019-built LR2 product tanker (STI Lobelia) and five 2019-built MR product tankers (STI Magic, STI Mystery, STI Marvel, STI Mythic, and STI Magister).

With the signing of the $290 million loan agreement for the refinancing of Flex Freedom and Flex Vigilant, Flex LNG Ltd.’s ~$2 billion Balance Sheet Optimization Program was concluded on time and according to plan despite the recent turmoil in the financial markets.

Why own when you can lease? Taking a page from the airline industry, Dorian LPG Ltd., over the last two months, has added substantial cargo capacity through the long-term time charter-in of two newbuilding VLGCs and the acquisition of a third, which is financed through a Japanese lease.