Articles

Acknowledging Danaos Corporation’s prudent focus on its balance sheet and conservative commercial strategy, S&P Global Ratings last week, upgraded the long-term issuer credit and issue ratings on the company and its unsecured notes to ‘BB+’ from ‘BB’ with a stable outlook. Companies: Danaos Corporation, S&P Global Ratings,

Last week, BW Epic Kosan Ltd. announced that it had secured its first Sustainability Linked Loan (“SLL”) to refinance 19 vessels for up to $140 million alongside an acquisition line of $20 million to finance potential growth opportunities. Companies: BW Epic Kosan Ltd., ABN AMRO, Crédit Agricole CIB, Skandinaviska Enskilda Banken, Standard Chartered Bank, Iyo Bank.

Last week, Dorian LPG Ltd. announced its seventh consecutive “irregular” quarterly dividend of $1.00/share for a total amount payable of approximately $40.4 million. Since the company commenced paying dividends in July 2021, it has returned a total of $341.8 million to shareholders in this manner. Companies: Dorian LPG Ltd. , Helios LPG Pool , Phoenix Tankers, Mitsui OSK Lines Ltd, Hyundai LNG Shipping Company

The arguments for diversification versus pure play strategies are well known with each having their obdurate supporters. In fact, the re-shaping of the Navios group of companies under the leadership of Angeliki Frangou over the past 19 years could serve as a case study for the argument’s pros and cons. In constant transition, companies were sold, acquired, spun off, and combined. Company: Navios Maritime Partners

It’s near-death experience nearly invisible in its rear-view mirror, Danaos Corporation has, as is close to humanly possible, future proofed itself. With lessons learned and the benefits of the bull market during the pandemic, the company has substantially deleveraged, added significant liquidity and built a substantial charter backlog despite continuing geopolitical uncertainty and turmoil in the financial markets. Companies: Danaos Corporation

A maritime leasing and finance company primarily focusing on vessels operating on inland waterways under the Jones Act, Maritime Partners, LLC announced the successful completion of its inaugural securitization transaction, which notably was the first ABS issuance composed entirely of inland marine vessels. Companies: Maritime Partners, LLC, Atlas SP Securities, Apollo Global Securities, Vedder Price

There are times when the pieces of a puzzle fall into place. For Klaveness Combination Carriers (“KCC”) recent macro trends and a favorable market backdrop offered the company the opportunity to renew its fleet. Companies: Klaveness Combination Carriers, ABG Sundal Collier, Clarksons Securities, DNB Markets

In an unforgettable year in shipping, the role of credit was merely background noise. It was present but less consequential, as owners were “long” cash, having experienced another year of strong markets.

Before the Millennium and PowerPoint, we took a business strategy course which required us to analyze case studies. There was a strict and simple caveat. Our papers could not exceed one page in length as this was the amount of time, according to our professor, that senior management was prepared to spend on the problem. Company: Odfjell SE

Earlier this month, Diana Shipping Inc. announced the financing of the DSI Drammen, a 63,500-DWT Ultramax bulk carrier built at Imabari in 2016, through a Norwegian limited partnership, which acquired a 75% partnership interest, while Diana retained a 25 percent. Companies: Diana Shipping Inc.

Back in March, Navigator Holdings entered into a $200 million senior secured term loan with Nordea, ABN AMRO, Skandinaviska Enskilda Banken, and BNP Paribas to refinance its June 2017 Secured Term Loan and Revolving Credit Facility and the October 2016 Secured Term Loan and Revolving Credit Facility that were due to mature in June and October 2023, respectively. Companies: Navigator Holdings, Nordea, ABN AMRO, Skandinaviska Enskilda Banken, BNP Paribas

Last week, Tsakos Energy Navigation Ltd. (“TEN”) announced that it has called for redemption at par of all 3,517,061 of its outstanding 8.75% Series D Cumulative Redeemable Perpetual Preferred Shares (“Series D Preferred Shares”), which will take place on July 7, 2023. Company: Tsakos Energy Navigation Ltd.

Robert Bugbee makes the case for a pure play strategy. With a strong product market, Scorpio Tankers is taking advantage of its operating leverage, largely deploying its fleet in the spot market while opportunistically fixing some vessels on long-term charters. Companies: Scorpio Tankers

Last week, Eagle Bulk Shipping Inc. announced that it has entered into an Amended and Restated Credit Agreement which provides for an increased borrowing capacity of $175 million, a reduction in margin, and an extension in maturity by two years. Company: Eagle Bulk Shipping Inc.

Continuing its strategy of pursuing attractive refinancing opportunities, Seanergy Maritime Holdings Corp. recently returned from Japan having successfully executed two sale-and-leaseback agreements with unaffiliated Japanese third parties for the refinancing of the existing indebtedness covering the 2010-built Capesize bulk carriers, M/V Knightship and M/V Lordship. Companies: Seanergy Maritime Holdings Corp., Fearnley Securities

Working with various financial institutions, Globus Maritime Limited is exploring financing and refinancing transactions with better terms and conditions in order to expand and modernize its fleet. In its Q1 2023 earnings release, the company, as part of the process, disclosed that it had reached an agreement with First Citizens Bank & Trust Company (formerly known as CIT Bank N.A.) Companies: Globus Maritime Limited, First Citizens Bank & Trust Company, CIT Bank N.A.

In an effort to rid itself of expensive “debt,” Ocean Yield AS, on Monday and Tuesday, bought back $42.26 million of its hybrid perpetual bond OCY06. Company: Ocean Yield AS

In its latest quarterly presentation, Diana Shipping announced that it has signed a term sheet with a major European bank for a new six and a half years sustainability linked loan facility in an amount of up to $100 million. Company: Diana Shipping

SFL Corporation took care of business this past quarter with the company securing new financings totaling in excess of $1 billion so far in 2023. With the latest facilities concluded, the company’s newbuild and capital expenditure program is fully financed, and most of its financings with near-term maturities were replaced with new long-term loans. Company: SFL Corporation

DHT Holdings entered into a $405 million secured credit facility, including a $100 million uncommitted incremental facility, The new facility bears interest at a rate equal to SOFR plus a margin of 1.90% which compares to a LIBOR equivalent margin of 164 basis points, and represents a reduction in the company’s borrowing cost. Companies: DHT Holdings, ING, Nordea, ABN AMRO, Crédit Agricole, Danish Ship Finance, SEB