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In the world of spies, HUMINT is preferable to SIGINT. Thus, we were fortunate this week to hear from two market participants who provided insights into what is currently happening in their respective markets.

SFL Corporation Ltd., last week announced that in its latest transaction it has agreed to acquire two new eco-design feeder container vessels in combination with long-term time charters to a leading European liner company.

It was back on July 20th that United Maritime Corporation closed on its public offering of eight million units, representing one common share and one warrant, raising gross proceeds of $26 million based upon a unit price of $3.25.

Last week, d’Amico International Shipping S.A. (“DIS”), announced that it had gained control of 100% of Glenda International Shipping through the purchase of the shares owned by its 50% joint venture partner, Topley Corporation, a part of the Glencore Group, for consideration of $ 27.4 million.

It's eight months into the year and Performance Shipping Inc. has kept its favorite banker, Maxim Group busy raising equity for the business. Back in May, Maxim raised $8 million through an underwritten public offering of 7.62 million units at a price of $1.05/unit.

d’Amico International Shipping S.A., on Monday, announced that it has exercised its purchase option on the leased M/T High Adventurer, a 50,000 dwt MR2 product tanker built in November 2017 by Onomichi Dockyard Co., Ltd., Japan, for a consideration of JPY 4.1 billion (equivalent to approximately $ 30.4 million).

Last week, Taylor Maritime Investments Limited (“TMI”) announced that it had submitted a non-binding indicative offer to acquire all of the ordinary shares of Grindrod Shipping Holdings Ltd. (“Grindrod”), other than the 26% holding it already owns, for cash.

During the second quarter, Frontline Ltd. entered into two senior secured term loan facilities for a total amount of up to $356.4 million to refinance two existing term loan facilities maturing in the first quarter of 2023 with total balloon payments of $324.6 million.

In Q2 2022, Wallenius Wilhelmsen ASA (“WalWil”) put its plans into action. Earlier this year, the company published its sustainability-linked financing framework, in which the group committed to reducing its CO₂ intensity by 27.5% from 2019 to 2030, including interim CO₂ intensity targets for each year from 2022-2030.

Earlier this month, Dorian LPG Ltd. reported its Q1 2022 financial results. The highlights from our perspective were the declaration of its fourth “irregular” dividend and the refinancing of the major commercial bank/ECA credit facility which was used to finance its newbuilding program back in 2015 (“2015 AR Facility”).

In our estimation, no one has been as disciplined in executing its capital allocation strategy than DHT Holdings Inc. Vessels were purchased at the low point in the cycle and sold at market tops. Dividends were paid in accordance with a formula while leaving cash for liquidity or reinvestment.

Last month, Avance Gas Holding Ltd entered into a sale-leaseback agreement with Bocomm Leasing for its final two newbuildings, Avance Castor and Avance Pollux, which are scheduled for delivery in the fourth quarter of 2023 and first quarter of 2024, respectively.

After 18 months of being in the desert, struggling with low oil demand due to the pandemic, the tanker market began to show signs of life earlier this year, particularly in the product trades. The world is back on the move, as populations move from lockdowns and masking to utilizing their newfound freedom to make up for lost time.

Last week, Diana Shipping Inc. announced that it had entered into two sale and leaseback agreements with two Japanese lessors for two 2015-built Capesize dry bulk carriers, the m/v New Orleans, and the m/v Santa Barbara. According to Vessels Value, the two bulk carriers are worth $38.87 million and $35.83 million respectively or a total of $74.70 million.

Last week, Diana Shipping Inc. announced that it had agreed to acquire nine modern Ultramax dry bulk carriers built between 2015 and 2018 from Sea Trade Holdings Inc. (“Sea Trade”), an unaffiliated third party, with deliveries expected to occur during the fourth quarter of 2022.

Back in June, Pareto Securities AS offered investors the opportunity to invest in its newly formed investment vehicle, Partankers 20 AS, which would acquire two 51,000 DWT product tankers for a total project cost of $33.6 million, including start-up expenses, legal costs, fees, and a working capital facility.

This week, Scorpio Tankers Inc. announced that it has given notice to two of its lessors of its intention to exercise its purchase options on two Handymax product tankers (STI Battersea and STI Wembley), four MR product tankers (STI Ville, STI Texas City, STI Meraux, and STI Brooklyn), and two LR2 product tankers (STI Rose and STI Rambla), which were sold and leased back by the company in the third quarter of 2018.

Earlier this month, Algoma Central Corporation announced that it has entered into a joint venture agreement to construct four dual-fuel ice class 1A 17,999 DWT climate-friendly product tankers with Sweden’s Furetank AB, a leader in the Northern European intermediate ice-class product tanker segment.

Last week, SFL Corporation Ltd. announced that it agreed to acquire four modern Suezmax tankers in combination with long term time charters to a subsidiary of Koch Industries, a world-leading industrial conglomerate. The purchase price of the vessels is $222.5 million with delivery expected to take place between August and October.

In a move to consolidate its debt, International Seaways Operating Corporation (“ISOC”) back in May entered into a $750 Million Credit Facility consisting of (i) a five-year $530 million senior secured term loan facility (“Term Loan”) and (ii) a five-year $220 million revolving credit facility (“Revolving Loan”).