Norwegian bond issuance in the oil & gas and shipping sectors continued to grow from the lows in 2016. In 2018 volume, volume grew to NOK 31.4 billion up 12% from 2017.

Back in June, Pacific Basin Shipping Limited closed a $325 million 7-year reducing revolving credit facility secured by over 50 of its owned vessels.

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An attractive yield play supported by long-term contracts and the added strength of a main new shareholder were the perfect recipe for the winning transaction in this category.

We begin this year’s awards presentation with a deviation from the past. Historically, awards stood on their own.

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Shipbuilding remains a highly competitive business. Price can only go so far and ECA terms, which are fixed, provide only a level playing field.

One year sober! It has been a long progression through binge-drinking, hangovers and rehab. Last year our journey brought us to acceptance and with that hope. Under normal circumstances, that would be an extraordinary accomplishment. But looking back at the year, it was a miracle.

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