While much has been written with more to certainly come, Evercore’s Jonathan Chappell, in my estimation, hit the nail on the head with his research piece entitled “FRO/EURN Merger is OFF (for now); In the End, Ego Always Wins in Shipping”

Scorpio Tankers Inc. (“STNG”) is now reaping the benefits of its well-conceived business plan and operating strategy as well as a strong tanker market underpinned by a low orderbook and supply disruptions resulting from the conflict in Ukraine. It is a perfect storm which begins with the company being the world’s largest product tanker owner.

The concept of optimization has become a common thread in company discussions, as management teams focus on both assets and liabilities as they seek make the best of the cards they have been dealt. Ideally, with optimization comes fortress-like balance sheets and sufficient liquidity to weather any storm while, at the same time, maintaining the capacity to return capital to shareholders.

Back in October, the Office of Foreign Assets Control (“OFAC”) designated Amsterdam Trade Bank (“ATB”) as a Specially Designated National (“SDN”).

Last week, Ocean Yield AS exercised the call option on its NOK 750 million Senior Callable Bond Issue (“OCY05”) maturing on 25 May 2023.

Well, that is not exactly true. However, as evidenced by Dealogic’s report, “Marine Finance Rankings Syndicated Loans – Full Year 2022,” a pattern of declining demand for marine finance continued throughout the year.

Nordea Bank has had a US presence for more than 40 years, including its New York Branch, which primarily serves Nordic companies and select US companies with a Nordic connection as well as offers Nordic-based services in the United States.

Back in October, the Chairman of Global Ship Lease, Inc. (“GSL”) issued a plea to its shareholders seeking their participation in the company’s annual general meeting, a requirement under the laws of its incorporation.

On Monday, DHT Holdings, Inc. (“DHT”) announced that it had entered into a new $305 million secured credit facility. In line with the “DHT-style financing,” the new facility has a six-year tenor with a 20-year repayment profile. The new facility will bear interest at a rate equal to SOFR plus 1.90%, including the historical Credit Adjustment Spread (CAS) of 26 basis points.

To say United Maritime Corporation is opportunistic would be an understatement. The company went public in July when it also announced the acquisition of two Aframax tankers and two LR2s, with the former delivering in August and the latter in October.

Just prior to the bondholder meeting scheduled to amend the terms of its $300 million 6.5% Sustainability-Linked Senior Unsecured Bond maturing in April 2026, Seaspan Corporation withdrew its proposal to amend the bonds terms to remove the de-listing covenant and cancelled the meeting as the holders of more than one third of the bonds found the company’s best and final offer of an upfront fee of 8.5% unattractive.

Evercore’s Jon Chappell recently published a note on his most recent conversation with Gene Seroka, the Head of the Port of Los Angeles, which reported on the status of the ongoing labor negotiations at the West Coast ports, improvements in supply chain bottlenecks, and general shipper confidence.