Articles

NBF has been actively providing financing to shipping, offshore, and bunkering companies in the Gulf region for many years, but this is their first deal with Euroseas. Companies: Euroseas, National Bank of Fujairah PJSC

Dredging is the behind-the-scenes sector for the success and preparation of projects you may not have realized: maintaining channels and ports, deepening them, developing barrier islands, even offshore wind. Companies: Guggenheim Credit Services, Great Lakes Dredge & Dock Company, Guggenheim Credit Services LLC

This year is shaping up to be a good one for Nordic bond markets. There are a variety of reasons for this including the large number of companies with debt maturities and commercial bank market’s “tepid” interest in lending to the offshore sector. Companies: Shelf Drilling , Color Line, OKEA ASA

The Danaos deal inspired us to take a look at some of the other newbuilding financings that have been concluded so far in 2024. Companies: MOL, COSCO, Xiamen Financial Leasing, Seaspan (Atlas), Hyundai Glovis

Oslo-listed driller Dolphin Drilling has successfully raised approximately $40 million via a private placement of shares managed by Arctic Securities AS, Clarksons Securities AS, and DNB Markets. Companies: Dolphin Drilling, Arctic Securities AS, Clarksons Securities AS, DNB Markets, Strategic Value Partners, S.D. Standard ETC Plc, B.O. Steen Shipping AS, Surfside Holding AS, DNB, Pareto, Fearnley, MAP

Spin-offs, AKA “demergers,” are usually a winner for shareholders. Although there might be an adjustment period during which the market “discovers” the appropriate price for each of the shares, it is generally acknowledged that the mechanical act of spinning off creates value. It also creates an opportunity for investors to allocate capital to “pure plays.” Companies: Teekay Shipping, Teekay Offshore, Teekay LNG, Teekay Tankers, SEACOR Holdings, American Industrial Partners, Castor Maritime, Stealth Gas, Seanergy, Diana Shipping, United Maritime, A.P. Moller - Maersk, Svitzer Group AS, Svitzer AS, Nasdaq Copenhagen, OSG, International Seaways, Navios

Huh? Not all capital raises for offshore companies occur in the delightful city of Oslo? Apparently not. What, you want proof of this shocking revelation? Companies: Compagnie Maritime Monégasque , Summit Ridge Capital Partners, Panorama Capital Partners, International Trade Administration, Petrobras

With shipping having made headline news amidst many supply chain disruptions, interest from outside the industry has peaked and the Baltic Exchange has practically become a household name. Companies: Baltic Exchange,

We are always excited to see a maritime company access the capital markets for the first time. Such was the case this week when FPSO owner and operator Yinson Production, part of the dynamic and ambitious Yinson Group, successfully placed $500m in senior secured bonds in the Nordic high-yield bond market this week. Companies: Yinson Production, Yinson Group, DNB Markets, Pareto Securities, ABG Sundal Collier, Moody’s, Standard & Poor’s, Fitch

It was eight years of misery for the offshore market. The downturn that started in 2010 left offshore companies unable to take delivery of new vessels and rigs. It also resulted in loan impairments, equity wipeouts, and widespread restructuring. Companies: Havila Shipping, Volstad Maritime, Sæviking AS, Havila Holding, Ola Volstad Holding, Arctic Securities, Simonsen Vogt Wiig

Could there be a vote of confidence more satisfying than when John Fredriksen, the king of all shipping men, becomes your largest shareholder? Companies: Geveran Trading, Edda Wind, Østensjø Wind AS, Wilhelmsen New Energy AS, PS Ventures

Car carriers are the rage! Wait, what? Did we just say car carriers? Yes, we did. This usually sleepy sector of industrial shipping has exploded in dealmaking activity and profitability in recent months. Companies: Wallenius Wilhelmsen, Höegh Autoliners, Gram Car Carriers, SAS Shipping Agencies Services, Fearnley Securities, Jefferies, DNB Markets, ABG Sundal Collier, Wikborg Rein Advokatfirma AS, Capient AS , . Advokatfirmaet Thommessen AS

CSL Group (“CSL”) and Peak Group (“Peak”), have teamed-up to launch the Peak CSL Group (“Peak CSL”). The partnership follows an acquisition by CSL of 50% of Peak Group, who was advised by KPMG Norway on the sell side as well as Simonsen Vogt Wiig as legal counsel. Companies: CSL Group, Peak Group, Peak CSL Group, KPMG Norway, Simonsen Vogt Wiig

This week, the Marine Money team caught up with our friend Adrian Economakis to learn more about his newest venture. As many of you know, Adrian was a regular feature on the Marine Money circuit for VesselsValue and really built that business to what it was before the sale to Veson. Companies: VesselsValue, Veson, Intelligent Seas Group

Dealmaking in the Jones Act space is hotter than ever due to a combination of increased infrastructure spending, geopolitical tension, nearshoring, and an increased emphasis on the importance of energy security. Companies: Centerline Logistics, Beal Bank, Maritime Partners, ATLAS, Saltchuk, OSG, Morgan Stanley Infrastructures Partners, Crowley, Pasha Group, Pasha Hawaii, Horizon Line, Kirkland & Ellis LLP, Nixon Peabody LLP, Bank of America Securities

Different investors have different risk profiles, which is what makes the market so interesting. A good example of this is the market for vessels that support Offshore Wind and Offshore Oil & Gas installations. Companies: Golden Energy Offshore Services, Oaktree Capital Management, Blue Ocean Partners

One of the newest offerings, by a subsidiary of Shelf Drilling, Shelf Drilling North Sea, recently completed a deal with proceeds used to refinance bonds maturing in October 2025. Companies: Shelf Drilling North Sea, Shearwater, DNB Markets, Arctic Securities, Clarksons Securities

Danaos Corporation (“Danaos”), advised by Watson Farley & Williams, announced $450m in post-delivery senior secured financing from four banks: Citibank, BNP Paribas, KfW, and Alpha Bank, who were advised by Norton Rose Fulbright, for eight newbuild container vessels, bringing their orderbook to 14, more than doubling it. Companies: Danaos Corporation, Watson Farley & Williams, Citibank, BNP Paribas, KfW, Alpha Bank, Norton Rose Fulbright

Höegh Autoliners has entered into $720 million of new long-term financing arrangements. Use of Proceeds includes: (1) the refinancing of all existing bank debt, (2) new financing for four Aurora-class newbuilds, and (3) acquisition financing of two more vessels the Höegh Jeddah and Jacksonville. Companies: Höegh Autoliners, Citibank, BNP Paribas, ING Bank, Crédit Agricole, DNB, Danske Bank, SEB, Nordea

This past December saw the announcement of a transformational merger, between two U.S. listed dry bulk shipping companies, Eagle Bulk and Star Bulk. Companies: Eagle Bulk, Star Bulk, Cravath, Swaine & Moore LLP, Star Bulk, Houlihan Lokey, Akin Gump Strauss Hauer & Feld LLP, Hogan Lovells US LLP