Articles

The much-touted idea of using “shares as currency” to buy ships is easier said than done. When the shares are significantly below Net Asset Value (NAV), companies don’t want to issue new shares because it would dilute existing investors. Companies: Torm, Hayfin, Sinokor, Evercore ISI

Commercial banks are lending less, and private credit funds are lending more. Therefore, it is not surprising that the biggest players on Wall Street are now moving aggressively into the private credit market and existing players are consolidating to scale-up. One of the leaders in private credit is Blue Owl. Companies: Blue Owl, Atalaya Capital, DNB Markets, Ridgebury Tankers

Let the good times roll! After an exciting offshore discussion on the opening day of Marine Money Week, full of positive sentiment and excitement for the industry, the deals just keep coming. Companies: DOF Group ASA , Maersk Supply Service A/S, A.P. Moller Holdings

From June 24th through the 26th, over 850 delegates joined us in the financial capital New York City at the Pierre Hotel with our Partner Sponsor, Jefferies. Our longest, and largest yearly event was jam packed with deal making and discussions on the state of the industry, where to invest, and where it is heading (maybe).

Each year Marine Money publishes the Portfolio League Tables, which are undoubtedly some of the most important and sought-after data which we produce.

What do you do when your company achieves the highest profit in its 150+-year-long history? Get stronger! That is why when tanker and bulker owner/operator Norden recorded $744 million in profits for 2022, the company became an acquirer for the first time in May 2023 when it bought Thorco Projects for $57 million. Companies: Norden, Thorco Projects, New Mountain Capital, Intermarine , Scan-Trans, Norlat

The hunt for ship mortgages is ON! As we discussed last week, Hamburg Commercial Bank’s acquisition of NIBC’s shipping loan portfolio and XYZ’s acquisition of Danish Ship Finance are proof that shipping loans are in demand – by lenders! Companies: Hamburg Commercial Bank, NIBC, Magellan Group, Danish Ship Finance, Gunvor Group, ABN AMRO , Tsakos Energy Navigation, ING, Watson Farley & Williams

This week’s issue seems to be all about acquisitions, which have made their way into the shipping finance space as of recent as we discussed in our June 20th issue, “The M&A Hurricane Pulls-In Maritime Service Companies” with the acquisition of Danish Ship Finance by Magellan Group. Companies: Danish Ship Finance, Magellan Group, Hamburg Commercial Bank, NIBC

After a century of ups and downs, the ship finance industry appears to be enjoying a state of remarkable calm these days; owners and operators are making lots of money, equity values are up, portfolios are performing well, restructuring is almost non-existent, and memories of write-offs are fading.

At the Marine Money Panama event held in March this year, the audience had the pleasure of listening to JR Zambrotta, a Managing Director on the Hudson Northern Shipping team of Hudson Structured Capital Management Ltd. (“HSCM”), present his views on the current maritime credit market.

NASDAQ-listed crude and product tanker owner, Top Ships, has agreed to purchase a 47-meter mega-yacht from an affiliate of the company’s CEO, Evangelos J. Pistiolis for $20 million, which includes a mix of cash and the assumption of debt. Companies: Top Ships, Goldenport, Golden Yachts

Anyone who has ever tried to raise private equity for a small shipping company in the last ten years knows this: the rewards can be tremendous, but the process is usually painful. Excruciatingly painful. In fact, simply getting investor meetings can hurt, never mind generating term sheets and negotiating them to the point where they are mutually acceptable. Companies: Maxim Group , Icon Energy ,

M&A is everywhere - all the time. From weekly strategic acquisitions between shipowners and offshore owners, to service providers like commercial and technical managers and technology services, business combinations are in vogue in 2024. Companies: Hanwha, Kvaerner Shipyard, U.S. Maritime Administration

Outsourcing business functions has increased significantly recently, and this trend continues within banking. Outsourcing is no longer limited to certain IT services, but also includes critical payment and administrative services.

The human body has a remarkable ability to handle changes in external conditions. In Egypt today, the Bedouin population is estimated at 300,000 to 400,000.

A six-year joint venture between a subsidiary of Trafigura, Puma Energy Supply (“Puma”), and Gearbulk is coming to an end with the sale of Gearbulk’s stake in the company to Puma. Companies: Trafigura, Puma Energy Supply (“Puma”), Gearbulk, High Heat Tankers, Mitsui O.S.K. Lines, Greig Maritime, G2 Ocean

Ismini Panayotides-controlled Icon Energy (“Icon”) completed a one ship IPO on NASDAQ last week. The transaction marks the first time that fresh capital has been raised for an IPO of just one vessel. To be clear, this transaction is not a “drop down” or a “spin-off.” Companies: Icon Energy , NASDAQ, Maxim Group, United Maritime

Diana Shipping (“Diana”) can’t seem to stay away from capital markets as a source of funding! This past December, the company completed a creative, and untraditional financing mechanism utilizing warrants in the form of dividends to raise non-dilutive equity capital. Companies: Diana Shipping , Nordea, Fearnley Securities, Advokatfirmaet Thommessen AS , Wikborg Rein Advokatfirma AS , OceanPal

The Chinese lessors remained very active in 2023 and achieved a strong finish to the year.

It doesn’t happen often, but it is beautiful thing to watch when the capital markets align with the shipping and/or offshore markets, allowing a company to raise capital at a cost that allows them to use that capital to make accretive investments and refinancings. Rinse and repeat. Companies: Yinson Production, Citigroup, Santander, HSBC, ING, J.P. Morgan, Natixis, Mizuho, Ramirez & Co, Standard Chartered, Bladex, Norton Rose Fulbright, Petrobras, Yinson Boronia Production B.V., Sumitomo Corporation, Moody, Fitch