Articles

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

Last week, Crowley and SEACOR Holdings announced that they had agreed to form a joint venture that will integrate their liquid energy and chemical transportation vessels, operations, and related services into a new, independent U.S. Jones Act service provider, Fairwater Holdings LLC. Companies: Crowley, SEACOR Holdings, Fairwater Holdings LLC

Last week, Ocean Yield AS successfully completed a new five-year senior unsecured bond issue of NOK 750 million, which represents the initial issue amount drawn from a borrowing limit of NOK 1,500 million. Companies: Ocean Yield AS, Kohlberg Kravis Roberts & Co. L.P., Arctic Securities, Danske Bank, DNB Markets, Nordea

One cannot underestimate the value of longstanding relationships. The Navios name is well-known and respected in Japan being one of the earliest participants in Shikoku leasing. Company: Navios Maritime Partners

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.

It has been a hectic period in Oslo, where shipping companies have made debt capital markets bankers earn their wages. Over a four-week period, issuance has exploded with a new bond offering weekly. Companies: Wallenius Wilhelmsen, Klaveness Combination Carriers, Ocean Yield, Bonheur, Stolt-Nielsen Limited, Stolt Tankers, Stolthaven Terminals, Stolt Tank Containers, Danske Bank, DNB Markets, Nordea, SEB

Last week, Klaveness Combination Carriers ASA (“KCC”) successfully priced a new five-year senior unsecured sustainability-linked bond issue of NOK 500 million with a borrowing limit of NOK 1,000 million. Companies: Klaveness Combination Carriers ASA, Danske Bank, Nordea, Pareto Securities, SEB

Last year, issuance in the Norwegian bond market by shipping companies was slow, particularly so in comparison to the strong year in 2021. This year may be even slower.

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.

Last week, Navios Maritime Holdings Inc. (“Navios Holdings”) announced that its board of directors had received an unsolicited non-binding proposal from N Shipmanagement Acquisition Corp. (“NSC”). Companies: Navios Maritime Holdings Inc. , N Shipmanagement Acquisition Corp. N Shipmanagement Acquisition Corp.

Although now a private company, Seapeak LLC still reports its quarterly financial results publicly on the ‘down-low’ as its two perpetual preferred share issues and two NOK denominated bonds remain trading in the public markets. Company: Seapeak LLC

Last week, Globus Maritime Limited announced that it had entered into, an amended and restated a term loan facility with First Citizens Bank & Trust Company (formerly known as CIT Bank N.A.) which allowed for an additional borrowing amount of $25 million, increasing the loan facility to $77.25 million.

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

Also, last week, MOL Chemical Tankers Pte. Ltd. (“MOLCT”) and Fairfield-Maxwell Ltd. announced that they have agreed in principle to a transaction in which MOL Chemical would acquire the business of Fairfield Chemical Carriers (“FCC”) in an all-cash transaction for approximately $400 million. Companies: , MOL Chemical Tankers Pte. Ltd. (“MOLCT”), Fairfield-Maxwell Ltd., Fairfield Chemical Carriers

It was merely five years ago that the Chinese lessors stepped up opportunistically to fill the lending gap created by Western banks’ conscious decision to reduce their shipping exposures. Their timing was impeccable and shipowners’ appetite for sale-leaseback transactions seemed nearly insatiable. Companies: Crédit Agricole CIB, BNP Paribas

The Jones Act is a world unto itself. Little is known or fully understood outside of its small coterie of participants. In brief, the Jones Act requires that cargo transported between U.S. ports be shipped solely aboard vessels that are built in the U.S., owned by U.S. citizens, and crewed by American sailors. Companies: Maritime Partners LLC, American Tanker Holding Company, Inc. (“ATHC”) , AMSC ASA (“AMSC”), OSG, Keystone Shipping, Aker Capital, DNB Bank, Deutsche Bank Securities, Pareto Securities

It has been a busy 1H 2023 for SFL Corp. with the company securing new financing arrangements totaling more than $1 billion so far this year. Benefiting from the new contract on the Hercules, the company refinanced the drilling rigs, Hercules and Linus, in two separate loan facilities of $150 million per rig with maturities in the fourth quarter of 2025 and in the second quarter of 2026, respectively.