Last week, Seanergy Maritime Holdings Corp. reported that it had entered into a definitive agreement with a reputable Japanese lender to refinance the loan facilities secured by the 2012-built Capesize M/V Partnership through a sale-and-leaseback structure with the vessel chartered back on a bareboat basis.

We have reached the end of the earnings reporting season with most, if not all, the public shipping companies reporting their results for the 4th quarter and year-end 2021. In reviewing these reports, we gleaned a common theme. Instead of reporting new financings, the emphasis was on debt repayment, refinancings to increase liquidity, and a newfound preference to incorporate revolving credit facilities, a new “best practice” given the flexibility they offer.

Digitalisation has the potential to transform the efficiency of ship operations but is being held back by a lack of industry insight into software solutions.

Recent weeks have been full of sound bites which we highlight below.

On Monday, Hafnia Limited announced that it had entered into a $414 million Sale and Leaseback Facility (“Facility”) with ICBC Financial Leasing Co., Ltd. to finance its acquisition of 12 LR1 product tankers from Scorpio Tankers Inc.

Last week, Fred. Olsen Windcarrier ASA (“FOWIC”) announced that it was postponing its initial public offering (“IPO”) on the Oslo Stock Exchange. It became apparent during the book building process that market conditions for IPOs were severely impacted, not at least by geopolitical tensions.

Eneti announced commitments for a $175 million green loan.

At the outset we must confess to being an accounting nerd. Having spent the greatest portion of our career in lending, we developed a strong interest in accounting due to its critical importance in assessing financial statements and therefore creditworthiness.

On Tuesday, KfW IPEX-Bank announced that it is providing a EUR 29 million loan for the financing of three 4,250 dwt ECO cement carrier newbuildings for Eureka Shipping Limited.

And it is a happy one. Last week, portfoliomanagement (“pm”), the winding-up agency of the City of Hamburg and the State of Schleswig-Holstein (“Shareholders”), announced that it has sold the last large shipping loan portfolio secured by 56 ships to a bidding consortium comprising Bank of America and Davidson Kempner Capital Management LP.

Flex LNG balance sheet optimization adds debt to lower costs and free cash.

Safe Bulkers Inc. will become the third Greek shipping company to launch a public offering in Greece of its unsecured bonds. The company expects to issue up to €100 million of unsecured bonds which will be admitted to trading on the Regulated Market of the Athens Exchange.