Articles

For several years, U.S.-based offshore marine services company Hornbeck Offshore Services has been plotting its return to the public market. Last week, it got there without having to raise a single dollar.

It is the email or phone call that every lender fears these days: a client requesting to prepay a lease or loan in order to move their business to a lender or lessor offering a lower rate. Companies: Seacon Shipping, AVIC, Guangzhou Yuexiu Financial Leasing, Tianjin Maxwealth Changyang No.4 Leasing, Bank of Ningbo

“Our new Constitution is now established, and has an appearance that promises permanency; but in this world nothing can be said to be certain, except death and taxes,” American statesman Benjamin Franklin famously wrote in 1789. Companies: Bloomberg, American Petroleum Institute, Cato Institute, American Maritime Partnership, American Waterways Operators, Overseas Shipholding Group

As a well-deserved holiday season comes to a close, Oslo’s ship and offshore finance community is rested up and preparing for the bevy of deals that will define the coming months. Companies: Tidewater, Bahri, OceanPact, Pioneer, Constellation, Clarksons Securities, Goldman Sachs, J.P. Morgan, Itau BBA, Morgan Stanley, Arctic Securities, DNB Carnegie, Fearnley Securities, Pareto Securities, McDermott, Bruton Limited

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Dry cargo owner/operator Cetus Maritime has been among the industry’s most confident dealmakers in recent years — and the momentum keeps building.

In today’s elevated asset market, shipowners face an existential choice: buy, sell, or hold. Companies: NRP Project Finance, Fearnley’s, Clarksons, Simonsen Vogt Wiig, BAHR, Jiangsu New Yangzi Shipbuilding, Castor Maritime , Lila Global, Lorentzens Skibs

More than twenty years ago, over a long lunch at the long-gone and much-loved Sushiden, ship finance guru
Peter Evensen told me about a dream he had. I had forgotten about it until this week. Companies: JP Morgan, Fearnley Securities, Castor Maritime, Suisse-Atlantique Group, European Maritime Finance, Daehan Shipbuilding, YieldStreet, Okeanis, CrowdStreet, Fundrise, EquityMultiple, Shipfinex, ADI Chain,

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Seacor Marine announced its 2Q earnings after yesterday’s market close. The financial results were generally in-line with market expectations, but the company continues to suffer from negative operating cash flow with fleet utilization at just 68%. Companies: Seacor Marine , American Industrial Partners , EnTrust Global, Blue Ocean, Clifford Capital, NIBC , Hamburg Commercial Bank, Comerica, DNB, Hudson Structured Capital Management

On Tuesday, our friends at BW LPG raised $300 million through the sale of senior unsecured convertible bonds on terms attractive to the issuer, the current shareholders and the new convertible bond holders.

At no point in recent memory has the U.S. maritime industry seen more impactful change than it is experiencing at present. Companies: Hanwha Systems, Hanwha Ocean, Philly Shipyard, Aker ASA, Hanwha Philly Shipyard, anwha Defense USA, Vard Marine U.S., Austal USA , Austal, HD Hyundai, Edison Chouest Offshore, Tampa Ship , Kiewit Offshore Services, Kiewit Corp., Huntington Ingalls Industries, Siemens, Samsung Heavy Industries , Saronic Technologies , Vigor Marine Group , Conrad Shipyard

Offshore drilling coverage is far from a weekly occurrence in this newsletter, but Borr Drilling Ltd.’s July 29 acquisition of five jack-up rigs from Fontis Finance Ltd. is a useful reminder that the same financing tools we track in shipping — non-recourse seller credit, joint-venture structures, opportunistic timing — travel just fine into adjacent asset-heavy sectors. Companies: Borr Drilling Ltd., Fontis Finance Ltd., BC Ventures Ltd., Proyectos Globales de Energía y Servicios, Friede & Goldman, LeTourneau, Valaris Ltd., Transocean Ltd.), Noble Corp., ADES Holding Co. Ltd., Paratus Energy Services, SeaMex, Seadrill, Archer, Seagems, Petrobras, Pemex

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Pelagic Credit Plc, the yield-oriented shipowning platform that debuted on Euronext Growth Oslo earlier this year, has moved into dry bulk for the first time. This week, the company announced it has entered definitive agreements for a sale-and-leaseback of three handysize bulk carriers valued at an aggregate $47.4 million. Companies: Pelagic Credit, Pelagic Partners, Bertling Group, Hartmann Group

The specific question posed to Mr. Olsen, founder of maritime-focused fundraising shop Langschiff Capital Partners, was this: is there room in the marketplace for more dedicated maritime funds?

On Aug. 7, Seaspan Corporation Pte. Ltd. announced it sold RMB 1.5 billion of three-year notes into China’s domestic bond market on July 15, roughly $210 million, becoming the first international shipowner and operator to issue a Panda bond. Companies: Seaspan Corporation, People’s Bank of China, COSCO, China Shipping , COSCO Shipping, Poseidon Corp., Hengyuan Asset Investment, Ocean Network Express, Fairfax Financial Holdings, International Seaways, Navios Maritime Partners , Scorpio Tankers , Contships Logistics, Daimler, Asian Development Bank, Asian Infrastructure Investment Bank

Pyxis Tankers recently announced plans to issue a $20 million convertible preferred offering, marking its return to the preferred securities market for the first time since redeeming its 7.5% Series A preferred shares in 2024. Companies: Pyxis Tankers, ThinkEquity, Tsakos Energy Navigation, Costamare

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The long-awaited Marine Money Credit Issue is on its way to the printers and in the meantime, we thought we would provide a little sneak-peak at the 2025 results.