Articles

This past week, Ocean Yield ASA (“OCY”) issued $75m worth of perpetual callable hybrid bonds. If that combination of words is confusing, don’t worry because you’re not alone. Companies: Ocean Yield ASA, Arctic Securities, Danske Bank, Nordea, SEB

Last week, over 450 attendees gathered at the Grand Elysée hotel in Hamburg to share and discuss their views on the current state of our industry, where it is going, how they plan to navigate the markets, and buying football clubs for fun! Companies: Berenberg, Hamburg Commercial Bank, UniCredit, Ehlermann Rindfleisch Gadow, Marshall Islands Registry, Maritime Strategies International, AMA Capital Advisors, Navios Maritime Partners, CMA CGM, Maersk, Hapag-Lloyd, COSCO, OOCL, Evergreen, Kühne Foundation

We used to see Manav Kumar, President of Dynamic Drilling, on a more regular basis – when Marine Money Offshore conferences took place in abundance and the offshore market was strong. Manav was a founding speaker at our Singapore Offshore Finance Forum in 2013, and a regular at the Houston conference since its inception in 2011, which he often attended while participating in his leadership roles (currently on the global executive committee) at the International Association of Drilling Contractors (IADC). Companies: Dynamic Drilling

When we read last week that drilling startup Eldorado had closed a $275mm senior secured debt facility for two ultra-deepwater drillships we were impressed. Companies: Eldorado Drilling AS, Fearnley Securities, SpareBank 1 Markets, Arctic Securities, CSG Investments, Beal Bank

It’s one of the highest risk, highest return strategies in shipping investment: charter in a vessel on a long-term basis and trade her short-term market in order to (hopefully) capture an arbitrage. Companies: Hunter Group, DNB Markets, Fearnley Securities

Amazing things can happen when you plug the right team into the right platform with the right product – and the Blue Ocean Funds are a good example of that. Companies: Blue Ocean Funds, EnTrust Global, HitecVision, Jefferies, Evercore, Maas Capital, ABN AMRO

Altera Shuttle Tankers, a subsidiary of Altera Infrastructure, successfully placed $200 million of senior unsecured bonds, in what we view as a positive sign for the maritime bond market. The company will use the net proceeds to refinance approximately $203.8 million in existing notes. Companies: Altera Shuttle Tankers, Altera Infrastructure, Arctic Securities, Danske Bank, DNB Markets, Nordea, SEB, Crédit Agricole Corporate and Investment Bank, Nordea

At the beginning of the year headlines erupted when news broke that Energos had acquired two more FSRU’s from Dynagas affiliates on long-term charters in Germany. That transaction made Energos the largest LNG infrastructure owner-operator by FSRU capacity within the continent of Europe, and growth prospects surrounding energy transition and security have remained strong.

High valuations, rising interest rates, threat of recession, and a dead IPO market. These are some of the factors that contributed to the slow M&A activity in recent years – but leave it to maritime to be different. Companies: SEACOR, Maritime Partners, American Industrial Partners, Seabulk Tankers, Crowley, Fairwater, US Ocean, Waterman

When recently discussing our upcoming conference in Hamburg with Niklas Bedranowsky, Branch Manager of Arctic Securities in Hamburg, it occurred to us that we had not seen or even heard of Niklas’ father, Ralf Bedranowsky, in quite some time. Companies: Arctic Securities, DVB Bank, DZ Bank AG, Helaba, Mitsubishi UFJ Financial, Deutsche Bank, Hauck Aufhäuser Lampe Privatbank AG

Ocean Yield is not the only company last week to have issued new notes, New Fortress Energy issued new notes last week for a total issuance size of $750 million, seeking extra liquidity to repay their outstanding debts or also for general and corporate purposes to pursue new and emerging opportunities. Companies: New Fortress Energy, Vinson and Elkins

With the recent announcement of Cetus Maritime (“Cetus”) and Nachipa Corp’s (“Nachipa”) merger, as well as a great presentation by Chris Weyers of AMA Capital Partners here at our Hamburg conference, we thought this a good opportunity to discuss the M&A outlook for 2024 and sum up what we have seen so far. Companies: Cetus Maritime, Nachipa Corp, AMA Capital Partners, Star Bulk, Eagle, Cadeler, Eneti, Asia Maritime Pacific, Hamburg Bulk Carriers

Maritime Partners has brought fresh thinking, new capital, and lots of energy to the Jones Act. The results have been spectacular. Companies: Maritime Partners, Seacor, American Industrial Partners’, J. Russell Flowers, MG Transport Holdings, American Tanker Holding Company, U.S. Marine Management

In the realm of ship finance, the Jones Act market has had a history of ups and downs. In the mid-2010’s the market saw a surge alongside the energy boom which increased the demand for coastwise transportation of crude oil and refined products, highlighting the act's role in domestic energy distribution.

Last week we looked at “Strategic and non-Strategic” investments in shipping companies. The conclusion was this equation: low share valuations + high shipowner liquidity and restlessness = an uptick of shipping industry players making investments in public shipping companies. Today, we expand on the theme by looking at “take private” transactions. Companies: Star Bulk, Eagle, International Seaways, Diamond S

Digital innovation has been a hot topic at many maritime conferences and editorial pieces in the last few years. We have seen the promise of what digital technology can do in making operations more efficient and even have the industry release less carbon into the environment. Companies: hosted iLex, Infinity Maritime, Shipfinex

The business model of a vessel operating leasing company like Ocean Yield (“OCY”) works like this: OCY uses its balance sheet to buy a vessel which they rent to someone who uses it to move stuff around. Companies: Ocean Yield, KKR Infrastructure, Aker, Fearnley Securities, CMB, Alantra, Shuaa Capital, Maritime Asset Partners

Growth opportunities for offshore wind abound, but a combination of rising project costs, strained supply chains, and legislative challenges have made the economics of the industry challenging for developers and vessel owners alike. Companies: Cadeler, Eneti, Swire Pacific , Scorpio Bulkers, Seajacks International, Ørsted, DNB, Jefferies

This week, growth-hungry bulker owner Thoresen Thai Agencies announced an oversubscribed bond offering of 3,500 million Thai Baht (about $100 million USD). Funds raised from the offering will play a crucial role in “bolstering TTA’s capacity to execute its planned sustainable business growth” and will be allocated for investment in assets and/or business expansion. Company: Thoresen Thai Agencies

The first event on the Marine Money schedule is always London, and this year too on 25th January we had an event buzzing in the conference room and the surrounding spaces with enthusiastic debate and intelligent discussion.