Back on April 7th, Frontline Ltd. and Euronav NV announced that the companies signed a term sheet agreeing to a potential stock-for-stock combination between the two companies based on an exchange ratio of 1.45 Frontline shares for every Euronav share resulting in Euronav and Frontline shareholders owning approximately 59% and 41%, respectively, of the combined group.

As part of its regular issuance activity, Hamburg Commercial Bank (“HCOB”) last week successfully placed a covered ship Pfandbrief of €500 million in the capital market. Rated “A2” by Moody’s, the ship mortgage-backed bond, which has a maturity of three years and a coupon of 1.375%, was placed predominantly in Germany (71%), Scandinavia (18%), and the UK (7%).

Last week, International Seaways, Inc. announced that it had entered into a new $750 million, five-year senior secured credit facility (the “Facility”), consisting of a term loan of $530 million and a revolving credit facility of $220 million. The Term Loan Facility contains an uncommitted accordion feature whereby, for a period of up to 24 months following the closing date, the loan amount may be increased up to an additional $250 million for the acquisition of additional vessels, subject to certain conditions.

We believe that our readers deserve fresh insights and perhaps better writing. In that vein, we found Jonathan Chappell’s recent note, characterized by important insights and brevity, to be worth sharing. We hope you enjoy it as much as we did.

Deciding to go their own separate ways, International Seaways Inc. (“INSW”) and Euronav NV have ended a long-standing partnership reflecting their different strategic focus.

Earlier this week, Capital Product Partners L.P. announced that it had agreed to exercise its right of first offer and acquire one 174,000 cbm latest generation X-DF LNG/C and three 13,278 TEU hybrid scrubber-fitted Tier III and Phase III, dual fuel ready eco container sister vessels from its sponsor Capital Maritime & Trading Corp. for total consideration of $597.5 million, while disposing of two older containerships for total consideration of $130.0 million.

Last week, portfoliomanagement announced continued progress in their mission of winding down the old HSH portfolio, which was acquired in December 2015.

In its Q1 earnings presentation, Avance Gas Holding Ltd unveiled its new $555 million sustainability-linked credit facility provided by a syndicate of leading Nordic and European banks. The first tranche of the new facility is intended to refinance the outstanding amount of $239 million, including interest, under the existing $515 million bank facility on nine of its on-the-water vessels.

Being a Fredriksen company has its benefits particularly when it comes to financing. This week, Golden Ocean entered into a new $275 million credit facility, including a $50 million revolving credit, to refinance 14 Capesize vessels.

Last week, Global Ship Lease, Inc. (“GSL”) announced that its indirect wholly owned subsidiary, Knausen Holding LLC (the “Issuer”), priced an offering of $350 million of its 5.69% Senior Secured Notes due 2027 (the “Notes”) in a US private placement to a limited number of accredited investors.

Last week, Höegh LNG Holdings Ltd. entered into an agreement to acquire all of the outstanding common units of Höegh LNG Partners not already owned by it in exchange for $9.25 in cash per common unit, substantially higher than its initial offering of $4.25/unit made late last year.

When it comes to financing, Dorian LPG Ltd. has demonstrated a strong preference for Japanese leasing and why not given its attractive terms, including advance rates and longer tenors, ranging from seven to ten years, and profiles.

Last week, Seaspan Corporation announced that as part of its portfolio financing program (“Program”) it had entered into a note purchase agreement to issue, in a private placement, $500 million of fixed-rate, sustainability-linked senior secured notes (the “Notes”).