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On Monday, Golar LNG Limited announced that it would acquire New Fortress Energy’s ownership stake in the FLNG Hilli, representing a 50% interest in Trains 1 and 2, in exchange for $100 million in cash, Golar’s remaining 4.1 million shares in NFE acquired in the sale of Golar Power and the assumption of approximately $323 million in debt linked to the vessel.

Since 2021, d’Amico International Shipping S.A. (“DIS”) has acquired five of its chartered-in vessels, taking advantage of both rising asset values and improved liquidity.

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.

The stock market remains a mystery to us. Earnings are of little consequence as compared to non-GAAP financial measures including cash flow. Stock prices also fall or rise depending on how the quarterly results compare to analyst estimates and, of course, their latest recommendations.

Borr Drilling Limited’s (“Borr”) $350 million convertible bond is due May 2023 and needed to be dealt with. In simple terms, the company was faced with the choice of whether to replace the bond with another convertible bond or a traditional bond.

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.

Last week, Stena International S.A., a subsidiary of Stena AB, successfully placed €325 million of Senior Secured Notes in the 144A/Reg. S market. Maturing in February 2028, the Senior Notes bear interest at 7.25 percent.

This week, MPC Container Ships ASA (“MPCC”) announced further measures that it has recently taken with respect to portfolio optimization and capital allocation.

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”

Back in January, TORM entered into two agreements to acquire a total of seven LR1s built between 2011 – 2013 built at renowned Korean and Chinese shipyards for an aggregate purchase price $233.0 million.

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.