As of June 30, 2021, Genco Shipping & Trading Limited had two outstanding debt facilities, a $495 million credit facility with Nordea of which $276.4 million was outstanding and a $133 million credit facility with Crédit Agricole with $90.6 million outstanding.

This week, Odfjell Gas Shipowning AS, a 100%-owned subsidiary of Odfjell SE, agreed to sell its two LPG/Ethylene carriers, Bow Guardian and Bow Gallant, both built in Korea in 2008 to BW Epic Kosan Ltd. (“BWEK”).

Investors in Scorpio Bulkers/Eneti are the poster children for patient investors. They watched as the company dismantled a modern eco bulker fleet, just as that market was improving, so that it could shift strategically into the business of installing wind turbines to align itself with a green renewable future.

Earlier this month, Bonheur ASA successfully placed a second senior unsecured green bond issue raising NOK 700 million, out of a total availability of NOK 1,000 million. Maturing in July 2026, the issue was oversubscribed allowing the issuer to draw down NOK 100 million more than initially was indicated.

Included in its announcement of the Seajacks’ acquisition, Eneti Inc. also disclosed that the company had agreed with the counterparties in Japan to transfer the existing lease finance arrangements of the SBI Tango, SBI Echo, and SBI Hermes, Ultramax bulk carriers built in 2015, 2015, and 2016, respectively, and SBI Rumba and SBI Samba, Kamsarmax bulk carriers built in 2015, to affiliates of Scorpio Holdings Limited (“SHL”) for consideration of $16 million.

It has certainly been a while. If you are counting, it has been at least five-years since the last sizeable marine transportation IPO globally.

On the heels of our reporting Dealogic’s Q1 Marine Finance Rankings two weeks ago, we now bring you current with the results for H1 2021. Not much has changed with overall volumes remaining significantly under pressure and substantially below the prior comparable periods.

Extreme liquidity and prolonged low interest rates are pushing yields to all-time lows and equity valuations to all-time highs. It's not surprising that virtually all ship finance markets are currently open. If there was ever a time for shipping companies to test the market for debt refinancing or equity, it's now.

On the heels of last week’s discussion of Eneti’s acquisition of Seajacks and its immediately improved future prospects, we take a look back at what might have been. In this instance, unlike the Shakespearean quote in the title, the future is no longer informed by the past, a reflection of the company’s rejection of dry bulk in favor of wind energy.

We constantly harp upon the fact that, of all the categories of awards, the Bank Debt Deal of the Year is one of the most challenging to judge. 

As Marine Money's award- winning transactions clearly indicate, 2020 was a phenomenal year in ship finance. Who would have guessed it 12 months ago?

While we are beginning to see the light at the end of the tunnel and hoping the recovery will not be derailed, the impact of the pandemic is clearly evident in Dealogic’s Marine Finance Rankings of Syndicated Loans for Q1 2021.