Last week, Hurtigruten AS successfully placed its three-year offering of €50 million of unsecured green bonds with a borrowing limit of €75 million. Rated CCC+/Caa1 on stable and negative outlooks, respectively, the bonds carried a coupon of 11% and were sold at an OID of 98%. The books were covered by indications of interest at guidance.

What does a company with a business model based upon employing its vessels under medium- and long-term charters do with its older vessels, which, although less attractive to charterers, can still trade and make money?

In our second installment in the series, Jodi Manning and Cody Goins of Cool Effect continue their discussion of carbon offsets.

Earlier this month, Dealogic released its Marine Finance Rankings Syndicated Loans – Full Year 2021 report and it held few surprises. Yet again, Marine Syndicated Loans (including shipping and offshore) declined both in terms of volume and number of deals. But this was not surprising as it was the first full year of results reported impacted by the pandemic.

In the last installment in the series, Jodi Manning and Cody Goins of Cool Effect discuss the pricing of carbon offsets.

Last week, Cool Company Ltd. (“CoolCo”) successfully raised gross proceeds of $275 million through a private placement of 27.5 million new shares at an offering price of $10/share.

The recent reports in the trade press of the potential sale of Scorpio Tankers’ 12 LR1s to Hafnia struck a chord. We remember well Scorpio’s IPO built upon the premise of building a fleet of eco-friendly product tankers in anticipation of the IMO regulations respecting emissions.

Conyers explains why.

Due to a delay in receiving the data, last week’s article dissecting Dealogic’s Quarterly Rankings Syndicated Loans – Full Year 2021 omitted the list of the Top 20 Shipping Loans for the year.

Marine Money is pleased to announce that it has teamed-up with the High Tide Foundation to produce a series of webinars dedicated to supporting the decarbonization of the maritime industry. The webinars will be held monthly throughout 2022 and are free to attend.

On Tuesday, Global Ship Lease, Inc. (“GSL”) announced that it entered into new agreements which would optimize its balance sheet and manage interest rate risk. The company entered into a new senior secured debt facility which will refinance its outstanding $219.4 million senior secured debt facility, its largest.

Robert Lustrin gives an overview of sustainability-linked bonds.