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In its Marine Finance Rankings Syndicated Loans – First 9 months of 2023, Dealogic reported a slight increase in Syndicated Marine Finance Loan volume over the comparable period as was the case during the first half of the year.

On Tuesday, DFDS A/S entered into a sale leaseback agreement with Navigare Capital to finance three freight ferries for a total sales price of DKK 1.46 billion. The three ferries are the Flandria Seaways, Humbria Seaways, and Scandia Seaways which were built in 2020, 2020, 2021 respectively. The five-year charters will commence upon delivery of the vessels to the new owner which is expected to occur this week. Companies: DFDS A/S, Navigare Capital

Earlier this month, Heidmar Inc. announced that it had dropped its plans for a U.S. listing having terminated its Business Combination Agreement with Home Plate Acquisition Corporation, a publicly listed, special purpose acquisition company. Companies: Heidmar Inc.

Having previously rounded up AMSC, Maritime Partners LLC last week announced that one of its managed funds acquired U.S. Marine Management LLC (“USMMI”) from Maersk Line, Limited (“MLL”). USMMI was founded 40 years ago to support the conversion and operation of five Maritime Prepositioning Ships on behalf of the United States Navy.

Last week, Hafnia Limited announced the signing of a Sustainability-Linked Credit Facility of up to $303 million, which matures in early 2029. The new facility is structured as an amortizing revolving credit facility and is secured by a fleet of nine chemical tankers. Companies: Hafnia Limited, BNP Paribas, Citibank, Danske Bank, DBS Bank, IYO Bank, Nordea Bank, Oversea-Chinese Banking Corporation ("OCBC Bank”), Standard Chartered Bank

Last week, the Navios Group of Companies celebrated its 70th anniversary with a dinner in New York City. The timing was propitious as the company’s latest transaction brought it back full circle to its beginnings. The company has evolved from a simple captive of U.S. Steel to today’s leading tonnage provider to the dry, wet, and container markets. Companies: Navios Group of Companies, Navios Maritime Partners, Navios Maritime Holdings Inc., N Logistics Holdings Corporation, . Jefferies LLC, S. Goldman Advisors LLC

Last week, Web Holding Limited (the "Offeror"), a company controlled by the major shareholders of BW Epic Kosan Ltd., last week, announced its intention to make a voluntary unconditional offer for all the outstanding shares of BW Epic Kosan. Companies: BW Epic Kosan, Web Holding Limited, Skandinaviska Enskilda Banken AB, Pareto Securities

There was a time not so long ago when shipping markets were weak, and banks were carefully managing their portfolios and shipping exposures. The idea of new business was not thrilling, and the banks’ focus turned mainly to their key clients. This created a vacuum for alternative lenders, led by the Chinese lessors, to fill and they did just that by introducing leasing on a broader scale to the shipping industry. Companies: Scorpio Tankers

Last week, Taylor Maritime Investments Limited (“TMI”) announced that its subsidiary, Grindrod Shipping Holdings Ltd. (“Grindrod Shipping”) agreed to acquire TMI’s commercial and technical managers, Taylor Maritime Management Limited (“TMML”) and Tamar Ship Management Limited (“Tamar”). Companies: Taylor Maritime Investments Limited, Taylor Maritime Investments Limited

Earlier this month, Bonheur ASA successfully priced a new five-year senior unsecured green bond issue of NOK 600 million, which represents the initial amount drawn from a borrowing limit of NOK 1,000 million. Companies: Bonheur ASA, Fred. Olsen & Co, Fred. Olsen Renewables, Fred. Olsen Seawind, Fred. Olsen Ocean, Fred. Olsen Windcarrier, Global Wind Service, United Wind Logistics, Fred. Olsen Cruise Lines, DNB Markets, Pareto Securities

With its highly contracted and stable cash flows, the container leasing business is a perfect vehicle for infrastructure investors. The business offers a strong cash yield and downside protection along with a platform for continued growth. Companies: Brookfield Infrastructure Partners, Triton International Limited, Textainer Group Holdings Limited, Stonepeak, BofA Securities, Deutsche Bank

Last week, Jamie Dimon, Chairman and CEO of JP Morgan Chase, commented on the bank’s Q3 2023 results: “The Firm delivered another quarter of solid results, generating net income of $13.2 billion and an ROTCE of 22%—although, we acknowledge that these results benefit from our “over-earning on both net interest income” and “below normal credit costs”, both of which will normalize over time.” Companies: Dorian LPG,

The long running feud between Frontline PLC and Euronav is settled at last with the parties agreeing to dismember the latter. The transaction comprises three independent agreements. Companies: Frontline PLC, Euronav, CMB NV, DNB Markets, Crédit Agricole CIB, KBC Securities, Sociéte Générale

Last week, International Seaways, Inc. (“INSW”) entered into a $160 million revolving credit facility (the “Revolving Facility”) with attractive terms. Amortizing on a 20-year age-adjusted profile, the Revolving Facility, which matures on March 27, 2029, bears interest based upon Term SOFR plus 1.90% and is subject to a sustainability-linked pricing mechanism, which allows the margin to be decreased or increased by 0.075% depending on whether it achieves or fails to meet its KPI targets. Companies: International Seaways, Inc., Nordea, ING, Crédit Agricole CIB, DNB Markets, Danish Ship Finance, SEB

For 30 years, the editorial team at Marine Money has been producing an annual ranking of the of the shipping industry’s leading public companies based on a variety of financial metrics. We present this data based on the specific sector that each company operates in, so that the information can be used for benchmarking against peers.

Last week, Cool Company Ltd. (“CoolCo”) and Huaxia Financial Leasing Co. Ltd. announced that they had entered into sale and leaseback financing arrangements for the Kool Tiger and Kool Panther, both newbuildings scheduled to be delivered in September and December 2024 from Hyundai Samho Heavy Industries. Companies: Cool Company Ltd. (“CoolCo”), Huaxia Financial Leasing Co. Ltd.

Last week, Atlas Corp. announced its intention to redeem its 8.00% Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Shares, Series I (the "Series I Preferred Shares") at the liquidation preference of $25.00 per share, which will require an outlay of $150 million based upon the 6 million shares outstanding. Companies: Atlas Corp

Also, last week, Maritime Partners, LLC (“Maritime Partners”) announced the successful closing of a $600-million warehouse facility between several special-purpose, wholly owned subsidiaries of one of its managed funds and a syndicate of lenders led by ATLAS Securitized Products Holdings, L.P. (“ATLAS SP”), which included two new lenders, Deutsche Bank and Bank of America. Companies: Maritime Partners, LLC, ATLAS Securitized Products Holdings, L.P., Deutsche Bank

Last Friday, Star Bulk Carriers Corp. announced that it had entered into a repurchase agreement with an affiliate of Oaktree pursuant to which Star Bulk agreed to purchase from the seller 10 million of its common shares at a price of $18.50 per share, which represents a premium of 4.7% above the prior day’s closing price. Companies: Star Bulk Carriers Corp., Oaktree

We present and analyze the peer group results.