Articles

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

Throughout this shipping cycle, we have observed the rise of several alternative lending markets for shipping. One of the most prominent has been the bond market, in particular Norwegian bonds. Companies: Contships, Navios South American, Performance Shipping, Scorpio Tankers, Capital Clean Energy Carriers Corp, Piraeus Bank, Alpha Bank, Euroxx Securities, Optima Bank, Seanergy, AXIA Ventures , CrediaBank SA, Pantelakis Securities ,

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.

In the late 2010s-early 2020s, decarbonization appeared to be rising as an organizing principle of maritime finance. Companies: Cadeler, EIFO, Hongkong and Shanghai Banking Corporation, KfW IPEX-bank, Rabobank, DNB Bank, Union Maritime, Norsepower, BAR

“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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In this “shipowners” market for credit, we have seen several owners refinancing loan facilities or signing new ones for reasons as simple as the terms are too good to pass up. Companies: Performance Shipping, Nordea Bank

Private equity has a long history in shipping. Many funds entered commodity shipping investments after a massive newbuilding orderbook coincided with the global market crash after 2008. Companies: CapeOmega, HavEnergy, Neptune Maritime Leasing, Fleetscape, Pelagic Credit, Kohlberg Kravis Roberts & Co., Ocean Yield, Pareto Securities, A.P. Moller Holding , Arctic Securities , BAHR, Simpson Thacher , Maersk, Danske Bank, Noble, Svitzer, DOF

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

We have discussed various “shipping funds” several times in the last few years as these investment vehicles grow in number and influence in the world of shipping finance. Companies: Pelagic Credit , Zeaside Capital Partners , Alba Tankers, Clear Ocean

Among all the well capitalized and delivered shipowners, Scorpio Tankers still stands out with a net-positive cash balance of nearly $500 million and a reduction in indebtedness of $2.50 billion over a five-year period. Companies: Scorpio Tankers , Standard Chartered, DekaBank Deutsche Girozentrale, Jingjiang Nanyang Shipbuilding