Articles

The bond issuance frenzy out of Oslo continues with this most recent offering completed by SFL Corporation with the help of joint Bookrunners Arctic Securities and DNB Markets, and Co-Managers Fearnley Securities, Pareto Securities, SEB, and SMBC Nikko. Companies: SFL Corporation, Arctic Securities, DNB Markets, Fearnley Securities, Pareto Securities, SEB, SMBC Nikko, Ocean Yield

As you can see from the table below, equity continues flowing into the global shipping industry from so-called Limited Partners, or “LPs,” which are largely comprised of insurance companies and pension funds in the U.S. and Europe.

Among M&A transactions in the shipping industry, take-private acquisitions have gained significant traction.

With so many submissions for different facets of this highly transformative deal, we thought it best to award all of them as the wild card for a deal which saw the conclusion of a multi-year standoff.

Headquartered in Copenhagen and listed on the NYSE and Oslo Stock Exchange, Cadeler A/S is a world-leading provider of services to the offshore wind industry, specializing in the transportation and installation of wind turbines and their foundations.

This week we received Dealogic’s “Marine Finance Rankings Syndicated Loans – First Quarter 2024,” which after having just recently reviewed a comparison of the 4th quarter results, displayed varying levels of support to the conclusions made in that piece.

A truly cross-border newbuild financing transaction was consummated for one of the largest asset managers globally on four dual fuel ready containerships.

With valuations hovering stubbornly below net asset value, it’s been almost impossible for new dry bulk owners to reach the U.S. public equity markets in recent years, but Himalaya made it happen in 2023.

Asia is large, and maritime transactions are prevalent throughout. Expert knowledge of new jurisdictions and building client relationships in new countries is all part of the job.

Our DOTY 2024 Offshore East is awarded to Yinson Production which raised its first corporate loan following the reorganization and decentralization of Yinson Group in 2023, and showcases Yinson Production’s ability to attract financing along the entire capital structure, utilizing Yinson Production’s balance sheet.

In recent weeks, we have covered a lot of bonds as issuances seem to be pouring out of the public markets, certainly keeping bankers busy! Companies: PS Marine Holdings, Universal Energy Resources, Petroserv Marine, Floatel International, DNB Markets, Clarksons Securities AS

It would be fair to say that 2023 was also characterized by anticipation of decarbonization regulations soon to come, leading to all sorts of creative sustainable financing solutions.

Maritime Infrastructure, such as seaports, are a critical element of global shipping. Not surprisingly, there has been a clear trend of traditional shipping players like shipowners, charterers, investors, and financial advisors leveraging their knowledge and relationships into this adjacent industry.

As the industry moves toward decarbonization, the frequency of sustainability-linked debt facilities has increased, each with its own merits and good intentions.

In a significant move reflecting the vibrancy of the Jones Act Market, Centerline Logistics has taken a bold step to secure its future within the nation’s burgeoning maritime infrastructure and offshore energy sector.

Despite the fact that Taylor Maritime owns around 80% of its shares, Grindrod Shipping continues to make regulatory filings. In a recent 6-K filing, Grindrod reported that on March 8th it closed a $113 million deal with Nordea Bank ABP (facility and security agent) and Skandinaviska Enskilda Banken AB (security agent) to refinance a loan made by Crédit Agricole Corporate and Investment Bank and Hamburg Commercial Bank AG in February 2020. Companies: Taylor Maritime, Grindrod Shipping, Nordea Bank ABP, Skandinaviska Enskilda Banken AB, Crédit Agricole Corporate and Investment Bank, Hamburg Commercial Bank AG

On March 7th, Tidewater Inc. (NYSE: TDW) announced a definitive agreement to purchase 37 of Solstad Offshore ASA’s platform supply vessels for $577 million.

In a landmark transaction, Maritime Partners has been awarded the prestigious Securitization Deal of The Year Award, a testament to the first capital markets asset-backed securities (ABS) issuance backed entirely by inland marine vessels.

When it comes to the Marine Money Deal of the Year Awards, the vessel leasing category is always fiercely competitive.

This year’s Public Debt award is given to Stena International S.A. for its offering of senior secured notes due 2028 with a coupon of 7.25 percent. Book runners were Citi, J.P. Morgan, BNP Paribas, and Nordea.