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Also, earlier this month, TORM plc agreed to acquire eight second-hand LR2 vessels that are expected to be delivered in late Q4 2023 and in Q1 2024 for a total consideration of $399 million, with a cash consideration of $239 million (~60%) and the issuance of approximately 5.5 million shares (~40%). Company: TORM plc

In its Q3 2023 earnings report, Genco Shipping & Trading Limited announced that it had received commitments for a $500 million revolving credit facility (“RCF”), which will provide additional capital allocation flexibility and improved terms compared to the existing facility. Company: Genco Shipping & Trading Limited

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

Earlier this month, GasLog Ltd., signed a new five-year Sustainability-Linked Senior Secured Reducing Revolving Credit Facility in the amount of $2.8 billion (the “Facility”) which incorporates KPIs linked to both carbon emissions and female representation in the company’s cadetship program as a component of the Facility’s pricing. Companies: GasLog Ltd., GasLog Partners LP, Citibank, BNP Paribas, DNB, ABN AMRO, Alpha Bank, Credit Suisse, Danish Ship Finance, ING, National Bank of Greece, Nordea, Oversea-Chinese Banking Corporation, Standard Chartered Bank, National Australia Bank, Skandinaviska Enskilda Banken

Star Bulk Carriers Corp. announced last week that it entered into an agreement to purchase an additional 10 million of its shares from Oaktree for $19.50/share, a premium of approximately 5.5% over the prior trading day’s closing price. The latest price was $1.00/share more than it paid for the 10 million shares it acquired back in September, which purchase was also done at a 5% premium. Companies: Star Bulk Carriers Corp., Oaktree

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

Earlier this month, Ocean Yield AS (“Ocean Yield”) announced that it agreed to acquire two 2022-built Suezmax tankers, built at Daehan Shipbuilding in Korea which it will lease back to the seller, Euronav NV, under 14-year bareboat charters, which incorporate purchase obligations at the end of the charter period. Companies: Ocean Yield AS, Euronav NV

These days capital is expensive, and sources are few. Therein lies both a challenge and an opportunity. In response, a public, albeit traditional, Greek shipowner and a leading Norwegian project finance arranger uncovered what we believe to be a new source of equity capital for a public company by accessing the expertise and riches of the Norwegian project market. Companies: EuroDry Ltd., NRP Project Finance AS, Eurobank S.A., Eurobulk Ltd.,

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

Hindsight is always 20/20 and it is exceedingly unfair to second guess decisions made with the facts at hand at the time. Still, there may be lessons in the eventual outcomes that are worth thinking about. In this instance, we return to two of our favorite hobby horses, share buybacks and the pure play versus diversification argument. Companies: Eagle Bulk Shipping Inc., Oaktree Capital Management, Danaos Corporation, A.P. Moller-Maersk, Maersk Tankers, Maersk Oil & Gas, Maersk Drilling, Maersk Supply Service, A.P. Moller Holding

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.