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The Attraction for Vintage (Today’s Middle Age?) Tankers Is Obvious
Mar 2, 2023
The disruption to the tanker trades created by the war in Ukraine has created an immense opportunity for tanker investments. Unfortunately, demand far exceeds supply, but that was not an issue for Pareto Securities, which cleverly worked both sides of a trade, creating a likely win-win transaction for both the seller and buyer.

De-Risking Taken to a Whole New Level
Feb 23, 2023
Going to extremes, Danaos Corporation cleaned its house of debt creating a proverbial fortress balance sheet. With the container market in steady decline, economic conditions uncertain, and a substantial orderbook to be delivered, the yellow traffic light urged caution.

Active Buyer
Mar 9, 2023
Like other earlier beneficiaries of leasing, Höegh Autoliners ASA continues the process of unwinding its bareboat leases through the exercise of purchase options with the intent of reducing the cash capacity cost of the vessels, realizing value gains from the lease purchase options and to have better capacity cost control in an overheated charter market.

Attractive, Long-Term Financing
Feb 16, 2023
Last week, Höegh LNG Holdings Ltd. announced that it has signed a new loan facility with a strong group of international banks to refinance the FSRUs Höegh Esperanza and Höegh Gannet, which are both employed on ten-year charters to the Federal Government of Germany.

In the Interest of a Little More Disclosure
Mar 23, 2023
Scorpio Tankers Inc. last week announced that it has exercised the purchase options on six ships including two 2016-built LR2 product tankers (STI Grace and STI Jermyn), one 2019-built LR2 product tanker (STI Lavender), two 2019-built MR product tankers (STI Magnetic and STI Marshall), and one 2020-built MR product tanker (STI Miracle).

Star Bulk’s Report Card
Mar 9, 2023
In its Q4 2022 earnings release, Star Bulk Carriers Corp. reported on the state of its balance sheet. During 2022 and January 2023, Star Bulk completed $430.0 million of new refinancings resulting in the extension of the average maturity of its outstanding debt from 3.6 to 4.3 years, interest savings of approximately $5.2 million annually from more competitive margins while leaving it with 13 unencumbered vessels.

Now in Steady State
Feb 23, 2023
The highlights from Flex LNG’s Q4 2022 earnings release reflect remarkable achievements by its management team. It all began with the addition of a minimum of 38 years during 2022 to its contractual backlog through the extension of time charters with existing customers.

“Cycle-Proofing”
Feb 16, 2023
In his note on DHT Holdings, Inc.’s Q4 earnings, Evercore’s Jon Chappell noted that: “DHT has done most of the heavy lifting on cycle-proofing its capital structure, getting its balance sheet to a place (20% net debt to capital at year-end 2022) where capital returns and fleet investment do not have to be mutually exclusive.”