In our estimation, no one has been as disciplined in executing its capital allocation strategy than DHT Holdings Inc. Vessels were purchased at the low point in the cycle and sold at market tops. Dividends were paid in accordance with a formula while leaving cash for liquidity or reinvestment.

Last week, Taylor Maritime Investments Limited (“TMI”) announced that it had submitted a non-binding indicative offer to acquire all of the ordinary shares of Grindrod Shipping Holdings Ltd. (“Grindrod”), other than the 26% holding it already owns, for cash.

Last month, Avance Gas Holding Ltd entered into a sale-leaseback agreement with Bocomm Leasing for its final two newbuildings, Avance Castor and Avance Pollux, which are scheduled for delivery in the fourth quarter of 2023 and first quarter of 2024, respectively.

Earlier this month, Algoma Central Corporation announced that it has entered into a joint venture agreement to construct four dual-fuel ice class 1A 17,999 DWT climate-friendly product tankers with Sweden’s Furetank AB, a leader in the Northern European intermediate ice-class product tanker segment.

Back in June, Pareto Securities AS offered investors the opportunity to invest in its newly formed investment vehicle, Partankers 20 AS, which would acquire two 51,000 DWT product tankers for a total project cost of $33.6 million, including start-up expenses, legal costs, fees, and a working capital facility.

This week, Scorpio Tankers Inc. announced that it has given notice to two of its lessors of its intention to exercise its purchase options on two Handymax product tankers (STI Battersea and STI Wembley), four MR product tankers (STI Ville, STI Texas City, STI Meraux, and STI Brooklyn), and two LR2 product tankers (STI Rose and STI Rambla), which were sold and leased back by the company in the third quarter of 2018.

During the second quarter, Frontline Ltd. entered into two senior secured term loan facilities for a total amount of up to $356.4 million to refinance two existing term loan facilities maturing in the first quarter of 2023 with total balloon payments of $324.6 million.

After 18 months of being in the desert, struggling with low oil demand due to the pandemic, the tanker market began to show signs of life earlier this year, particularly in the product trades. The world is back on the move, as populations move from lockdowns and masking to utilizing their newfound freedom to make up for lost time.

SFL Corporation Ltd., last week announced that in its latest transaction it has agreed to acquire two new eco-design feeder container vessels in combination with long-term time charters to a leading European liner company.

It was back on July 20th that United Maritime Corporation closed on its public offering of eight million units, representing one common share and one warrant, raising gross proceeds of $26 million based upon a unit price of $3.25.

Last week, d’Amico International Shipping S.A. (“DIS”), announced that it had gained control of 100% of Glenda International Shipping through the purchase of the shares owned by its 50% joint venture partner, Topley Corporation, a part of the Glencore Group, for consideration of $ 27.4 million.

Last week, SFL Corporation Ltd. announced that it agreed to acquire four modern Suezmax tankers in combination with long term time charters to a subsidiary of Koch Industries, a world-leading industrial conglomerate. The purchase price of the vessels is $222.5 million with delivery expected to take place between August and October.