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2020 was a transformational year for Amsterdam Trade Bank N.V. in more ways than one. That year the bank decided to revise its strategy by focusing on delivering digital banking services to small- and medium-sized enterprises (“SME”) across Europe.

While the world was focusing on the need to respond to climate change, the war in Ukraine reminded us of the importance of energy security. Despite our hopes for a green future, we all understand that the world is dependent on oil, and that is not going to change anytime soon.

Last week, ZIM Integrated Shipping Services announced the latest in a series of tonnage acquisitions as it scales up and modernizes its operating fleet. With an explicit strategy of remaining asset light, the company, since its IPO, has agreed to charter 42 newbuilding and three used containerships.

Back in January, Hafnia Limited announced it had successfully completed the acquisition of Chemical Tankers Inc. gaining control of CTI’s fleet of 32 modern high specification ECO design vessels. The bulk of the fleet is comprised of MR (6) and Handysize (18) IMO II coated tankers built in Korea in 2015 – 2016.

With real money on the line, emissions data and all manner of calculations derived from it are now moving from the realm of “obscure” (lurking in the file cabinets of owners’ technical departments) to widely available public disclosures. Not surprisingly, a number of new product introductions occurred in conjunction with the IMO’s MEPC 77 then the COP26 meetings in November 2021- where the CII ratings timeline over the next few years was solidified.

Consolidation has always been the dream of the industry and the timing is now propitious. The tanker market is showing signs of recovery, albeit largely on the back of geopolitical events, and with the shipyards filled to near capacity with containership and LNG carrier orders it may be impossible for tanker owners to shoot themselves in the foot.

There is truth in numbers, which no one can dispute. While a decline in lending activity since the pandemic began is no surprise, the degree with which it fell over the past two years is remarkable given the context of the regular capital requirements of ongoing newbuilding deliveries, sale and purchase activity, and refinancings.

With sale-and-leaseback transactions dominating the news this week, we failed to see the forest through the trees in considering Ardmore Shipping Corporation’s latest transaction.

Last week, Dorian LPG Ltd. announced that it had completed two $70 million sale-and-bareboat charter arrangements with the same counterparty in Japan for its 2015-built VLGCs Cratis and Copernicus.

Market sources tell us that Deutsche Bank has won the mandate to sell Evergas.

The shareholders of Gram Car Carriers ASA (“GCC”) went risk-on this week. The company announced the formation of Global Auto Carriers AS (“GAC”) for the purpose of ordering four 7,000 CEU dual fuel Pure Car Truck Carriers from China Merchants Jinling Shipyard (Weihai) Co., Ltd. with options for an additional 2+2 vessels at the same yard.

Frontline and Euronav announced a planned merger, creating a tanker giant.

It is evident that Dorian LPG has demonstrated a strong preference for Japanese sale-leaseback transactions. After all, the print had not even dried on last week’s issue of Freshly Minted, which highlighted two recent transactions that Dorian had recently concluded, when it announced two new ones last Friday.

Back in May and June 2014, Safe Bulkers Inc. issued $50 million and $70 million respectively of its Series C and Series D Cumulative Redeemable Perpetual Preferred Shares each carrying a coupon of 8 percent.

Continuing the process of deleveraging, Navios Maritime Holdings Inc. announced last week its intention to redeem $25 million of its 11.25% Senior Secured Notes due 2022 (the “Notes”) at a redemption price equal to 100.00%, plus accrued and unpaid interest.

Wasting no time, Excelerate Energy, Inc. announced this week that the company and Excelerate Energy Limited Partnership (the “Borrower”) have entered into a new three-year senior secured revolving credit facility of up to $350 million.

Wallenius Wilhelmsen ASA reopened the Nordic bond market with a NOK 1.25 billion sustainability-linked bond.

Last week, MPC Container Ships ASA took a giant leap and ordered two wide beam 5,500 TEU eco-design newbuilding containerships. Deviating from tradition, these will be the first newbuildings in its fleet.

On Wednesday, Atlas Corp. announced that Fairfax Financial Holdings Limited had notified the company of its intention to exercise warrants to purchase 25 million common shares of Atlas. Originally issued in July 2018, the Warrants have an exercise price of $8.05 per common share for a total exercise price of $201.25 million.

According to its Q4 2021 earnings presentation, Safe Bulkers Inc. was busy in both the banking and capital markets. In December, the company entered into a new $100 million five-year credit facility secured by six vessels.