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Last week, SFL Corporation Ltd. successfully placed $150 million of senior unsecured sustainability-linked bonds. Maturing in February 2027, the bonds will pay a coupon of 8.875% and be issued at a price of 99.58% yielding approximately 9 percent.

Last week, Altera Infrastructure L.P. announced that it has emerged from the Chapter 11 process, having successfully consummated its plan of reorganization just five months after the cases were initiated.

Last week, d’Amico International Shipping S.A., announced that it exercised its purchase option under the existing bareboat charter-in contract for the MT High Freedom, a 49,999 dwt MR2 product tanker built in January 2014 by Hyundai Mipo, for consideration of approximately $ 20.1 million.

Last week, Ocean Yield AS exercised the call option on its NOK 750 million Senior Callable Bond Issue (“OCY05”) maturing on 25 May 2023.

Nordea Bank has had a US presence for more than 40 years, including its New York Branch, which primarily serves Nordic companies and select US companies with a Nordic connection as well as offers Nordic-based services in the United States.

Stamatis Tsantanis, the Chairman & Chief Executive Officer of Seanergy Maritime, is a man on a crusade. Nothing will stop him in his effort to increase the company’s shareholder value.

At the end of last month, Navigator Holdings Ltd., announced that its 60/40 joint venture with Greater Bay Gas Co. Ltd. acquired the first of its scheduled five vessels.

Another perspective on the unwinding of the Frontline – Euronav transaction was suggested by Øystein Kalleklev, the CEO of Flex LNG, who wrote a pithy response to our request for nominations for our Deal of the Year awards.

Scorpio Tankers Inc. (“STNG”) is now reaping the benefits of its well-conceived business plan and operating strategy as well as a strong tanker market underpinned by a low orderbook and supply disruptions resulting from the conflict in Ukraine. It is a perfect storm which begins with the company being the world’s largest product tanker owner.

Just prior to the bondholder meeting scheduled to amend the terms of its $300 million 6.5% Sustainability-Linked Senior Unsecured Bond maturing in April 2026, Seaspan Corporation withdrew its proposal to amend the bonds terms to remove the de-listing covenant and cancelled the meeting as the holders of more than one third of the bonds found the company’s best and final offer of an upfront fee of 8.5% unattractive.

On Tuesday, GasLog Ltd. (“GasLog”) offered to acquire all of the outstanding Common Units of GasLog Partners LP not already beneficially owned by GasLog.

Global Ship Lease, Inc. was again in the news as its never-ending AGM saga continues. Last week, GSL announced that its 2022 Annual General Meeting was reconvened for the sole purpose of voting on the one outstanding proposal - to approve an amendment to the company’s Amended and Restated Articles of Incorporation establishing a quorum for all meetings of shareholders of one-third of the shares.

On Monday, DHT Holdings, Inc. (“DHT”) announced that it had entered into a new $305 million secured credit facility. In line with the “DHT-style financing,” the new facility has a six-year tenor with a 20-year repayment profile. The new facility will bear interest at a rate equal to SOFR plus 1.90%, including the historical Credit Adjustment Spread (CAS) of 26 basis points.

Well, that is not exactly true. However, as evidenced by Dealogic’s report, “Marine Finance Rankings Syndicated Loans – Full Year 2022,” a pattern of declining demand for marine finance continued throughout the year.

To say United Maritime Corporation is opportunistic would be an understatement. The company went public in July when it also announced the acquisition of two Aframax tankers and two LR2s, with the former delivering in August and the latter in October.

For Pacific Basin Shipping Limited it was an opportunistic moment for a reset and expansion. During 2022 asset prices approached historical highs which enabled the company to sell eight of its smaller older Handysize vessels crystallizing value while further optimizing its fleet.

At the end of the year, Global Ship Lease, Inc. announced that it had entered into an At Market Issuance Sales Agreement (the “Sales Agreement”) with B. Riley Securities, Inc. under which the company may offer and sell, from time to time, up to $150,000,000 of its Depositary Shares (the “Depositary Shares”), each of which represents 1/100th of one share of its 8.75% Series B Cumulative Redeemable Perpetual Preferred Stock, par value $0.01 per share, with a liquidation preference of $2,500.00 per share (equivalent to $25.00 per Depositary Share) (the “Series B Preferred Shares”).

While much has been written with more to certainly come, Evercore’s Jonathan Chappell, in my estimation, hit the nail on the head with his research piece entitled “FRO/EURN Merger is OFF (for now); In the End, Ego Always Wins in Shipping”

The concept of optimization has become a common thread in company discussions, as management teams focus on both assets and liabilities as they seek make the best of the cards they have been dealt. Ideally, with optimization comes fortress-like balance sheets and sufficient liquidity to weather any storm while, at the same time, maintaining the capacity to return capital to shareholders.

Erland Sommerfelt Hauge explains the benefits of rising interest rates.