Earlier this month, MPC Container Ships ASA (“MPCC”) announced that it took a major step on its route to decarbonization by contracting two carbon-neutral 1,300 TEU newbuildings at the Chinese shipyard, Taizhou Sanfu Ship Engineering, for delivery in the second half of 2024 at a price of $39 million each.

Last week, Hamburg Commercial Bank (“HCOB”) disclosed that it had provided Hamburg Bulk Carriers (“HBC”) a $95 million five-year credit facility to refinance of seven 43,500 DWT Handymax bulk carriers built at Qingshan Shipyard with an average age of approximately six years.

On Monday, International Seaways, Inc. announced its intention to redeem its outstanding $25,000,000 of 8.50% senior notes due 2023 (the “Notes”) on August 5, 2022, at par plus accrued and unpaid interest.

The U.S. Securities and Exchange Commission (SEC) on March 21, 2022, proposed rule changes that would require U.S. listed shipping companies to include certain climate-related disclosures in their registration statements and periodic reports.

On Monday, Frontline Ltd. and Euronav NV announced that they have entered into a definitive Combination Agreement for a stock-for-stock combination (the “Combination”), formalizing the agreement that was signed back in April.

Back In 2017, d’Amico International Shipping S.A. (“DIS”) entered into sale-and-leaseback transactions for the MT High Fidelity and MT High Discovery with Japanese counterparties. Built to the same Korean design, both vessels are 49,990 DWT Medium Range product tankers built in 2014.

Generally speaking, shipping has not only shaken off the impact of the pandemic, inflation, war, and recession fears, but is, also, for the most part thriving. The same cannot be said for the shipping banks.

Equitable subordination originated as a doctrine in the bankruptcy courts that allows for subordination of claims when the claimant has engaged in some type of “inequitable conduct” which has conferred an unfair advantage on the claimant or resulted in injury to creditors.

Under historical cost accounting, an asset is recorded on the balance sheet at its original cost when acquired by the company and is subsequently depreciated over its expected useful life.

Continuing its process of deleveraging, Navios Maritime Holdings Inc. last week issued a notice of redemption with respect to a principal amount of $10,000,000 of its 11.25% Senior Secured Notes due 2022 (the “Notes”) at par plus accrued and unpaid interest.

Green maritime finance has now gone “mainstream,” as the ESG bona fides of the maritime industry’s capital providers’ portfolios are now becoming aligned in a virtuous circle with the decarbonization targets of the shipowners they are funding.

During 2021, shipping companies took advantage of the low interest rate environment to complete 32 bond deals.