TORM CEO, Jacob Meldgaard takes us through an overview of the product tanker market. Jacobfocuses on how floating storage is affecting the market, new trading patterns and the future of the product tanker market...Click here to watch the webinar

Back in September of last year, Hunter Tankers AS, a wholly-owned subsidiary of Hunter Group ASA, entered into a sale-and-leaseback transaction with SFL Corporation for three 300,000 DWT VLCCs, the Hunter Atla, the Hunter Saga, and the Hunter Laga, under construction at DSME in Korea. The vessels were delivered last year on September 24th, October 21st and November 1st respectively to SFL and immediately commenced five-year bareboat charters to Hunter with purchase options during the charter period.

Hong Kong remains one of Asia's power hubs for international shipping. Our Marine Money Hong Kong conference, now in its 13th consecutive year running, will this year be held virtually. Our speakers and presenters, all leading decision makers in Hong Kong's vibrant shipping community, will discuss the latest developments driving shipping investments in Asia, access to shipping finance and their visions for the future of Hong Kong in a post-COVID-19 environment.

Last week, CIT announced that its maritime finance business concluded a $28 million financing for Valloeby Shipping Ltd., a company owned by a fund managed by MHR Fund Management LLC.

Last week, Ocean Yield ASA announced that it agreed to sell its equity interest in the SBM Installer, a diving support and construction vessel owned by OS Installer Limited, a joint venture owned 75% by Ocean Yield and 25% by SBM Holding Inc. S.A. and employed on a long-term charter to SBM.

During July, GoodBulk Ltd. successfully closed its loan of $200 million to refinance the full amounts outstanding under five of its six existing facilities with an outstanding balance of approximately $200,881 as of June 30, 2020. The company started early with the old loans scheduled to mature between June 2022 and October 2023.

The news was not good, but the logic was compelling and the result inevitable. Last week, ABN AMRO announced that its executive board has decided that going forward Corporate & Institutional Banking ("CIB") will focus on clients in Northwest Europe and Clearing, which will retain its global presence, and will exit all non-European corporate banking activities. Consequently, the corporate banking presence in the United States, Asia, Australia, and Brazil will be wound down.

These are the small cap shipping companies, while not forgotten, unfortunately receive less attention these days. Unlike the larger cap brethren which can more easily refinance loans and generate liquidity, their solution is more short term and simply involves deferrals of principal.

A convertible bond is a beautiful thing. It carries a discounted interest coupon with a conversion premium. If not converted, the coupon, a relative bargain, is the price and, if converted, share dilution is the cost. Both are affordable.

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Back in November 2018, Atlas Corp. (then Seaspan Corporation) laid out its plans for the future of the company in its Investor Day presentation. An important part of the plan was to improve its credit profile.

Based upon its 2nd quarter earnings release, Star Bulk Carriers takes this admonition to heart. It was a very busy July for refinancing the company's debt and building liquidity as it refinanced loans and sale-leaseback transactions.