For Pacific Basin Shipping Limited it was an opportunistic moment for a reset and expansion. During 2022 asset prices approached historical highs which enabled the company to sell eight of its smaller older Handysize vessels crystallizing value while further optimizing its fleet.

Last week, d’Amico International Shipping S.A., announced that it exercised its purchase option under the existing bareboat charter-in contract for the MT High Freedom, a 49,999 dwt MR2 product tanker built in January 2014 by Hyundai Mipo, for consideration of approximately $ 20.1 million.

From the Deal Tables….

A profitable year led to more M&A, and less equity and debt financing.

Global Ship Lease, Inc. was again in the news as its never-ending AGM saga continues. Last week, GSL announced that its 2022 Annual General Meeting was reconvened for the sole purpose of voting on the one outstanding proposal - to approve an amendment to the company’s Amended and Restated Articles of Incorporation establishing a quorum for all meetings of shareholders of one-third of the shares.

At the end of last month, Navigator Holdings Ltd., announced that its 60/40 joint venture with Greater Bay Gas Co. Ltd. acquired the first of its scheduled five vessels.

Erland Sommerfelt Hauge explains the benefits of rising interest rates.

It was yet another year of unexpected events in the shipping and ship finance markets.

At the end of the year, Global Ship Lease, Inc. announced that it had entered into an At Market Issuance Sales Agreement (the “Sales Agreement”) with B. Riley Securities, Inc. under which the company may offer and sell, from time to time, up to $150,000,000 of its Depositary Shares (the “Depositary Shares”), each of which represents 1/100th of one share of its 8.75% Series B Cumulative Redeemable Perpetual Preferred Stock, par value $0.01 per share, with a liquidation preference of $2,500.00 per share (equivalent to $25.00 per Depositary Share) (the “Series B Preferred Shares”).

Richard Smith explains the opportunity.

If you love numbers and charts, Campbell Houston has every conceivable kind.

Another perspective on the unwinding of the Frontline – Euronav transaction was suggested by Øystein Kalleklev, the CEO of Flex LNG, who wrote a pithy response to our request for nominations for our Deal of the Year awards.