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While we are beginning to see the light at the end of the tunnel and hoping the recovery will not be derailed, the impact of the pandemic is clearly evident in Dealogic’s Marine Finance Rankings of Syndicated Loans for Q1 2021.

Earlier this month, Bonheur ASA successfully placed a second senior unsecured green bond issue raising NOK 700 million, out of a total availability of NOK 1,000 million. Maturing in July 2026, the issue was oversubscribed allowing the issuer to draw down NOK 100 million more than initially was indicated.

It was back in February when Seaspan Corporation and ZIM Integrated Shipping Services Ltd. announced a strategic agreement for the long-term charter of ten 15,000 TEU liquefied natural gas (LNG) dual-fuel container vessels, to serve ZIM's Asia – U.S. East Coast trade, where it is a leading player in this growing trade with an estimated market share of 9 percent.

Prexit continues apace.

Last year we wrote the introduction to the credit issue just a short 11 weeks after lockdowns began, with the future uncertain at best and unknown at worst. But even in that short period, “Before-Covid” seemed a distant memory. Now we are in the midst of the pandemic and, while we remain hopeful, the Delta variant still holds us captive. A more certain future is dependent on converting the unvaccinated to the vaccinated

Extreme liquidity and prolonged low interest rates are pushing yields to all-time lows and equity valuations to all-time highs. It's not surprising that virtually all ship finance markets are currently open. If there was ever a time for shipping companies to test the market for debt refinancing or equity, it's now.

ABN AMRO and DNB, we have a problem. Owned by a joint venture of Knutsen OAS Shipping and Umoe, Norspan LNG VI AS is a single purpose vehicle ("SPV"), which owns the Sevilla Knutsen, a 173,400 cbm LNG carrier currently on a 20-year time charter to a wholly owned subsidiary of Royal Dutch Shell.

Last week, Hapag-Lloyd doubled down, ordering an additional six ultra-large 23,500 TEU containerships bringing its total order book to 12 vessels. The beneficiary of the order was the South Korean shipyard Daewoo Shipbuilding & Marine Engineering, which was already commissioned to build the initial six vessels which were ordered last December.

Last week, Dampskibsselskabet NORDEN AS successfully placed $100 million in three-year senior unsecured bonds at par paying a coupon of LIBOR + 4.75% per annum.Proceeds of the issue will be used for general corporate purposes including diversifying long-term funding and increasing working capital to grow the business and execute on attractive market opportunities.

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Penfield Marine and Macquarie Group execute carbon neutral voyage and reach agreement to offer carbon-neutral freight solutions to Penfield's pool members and charterers.

The pandemic has created challenges for all with Ocean Yield ASA being no exception. The company has been in a quiet period with the last transaction executed being the acquisition of two Suezmax tankers back in October 2020.

There are many ways to manage one's balance sheet a process which is limited only by one's creativity. A year ago, as a pre-emptive measure to strengthen its equity ratio in light of the Covid-19 pandemic, Ocean Yield formed a joint venture with Aker Capital, whereby the latter would acquire from Ocean Yield 50% of seven tankers with long-term charters.

2020 was a challenging year for the developers of LNG export projects as the economic downturn stemming from Covid-19 led many project developers to postpone investment decisions. It is now hoped and expected that a number of the export projects, postponed through 2020, will soon reach final investment decision (FID), and that this will lead to a commensurate increase in demand for newbuilding LNG carriers (LNGCs) dedicated to these projects.

We constantly harp upon the fact that, of all the categories of awards, the Bank Debt Deal of the Year is one of the most challenging to judge. 

Earlier this month, Bonheur ASA successfully placed a second senior unsecured green bond issue raising NOK 700 million, out of a total availability of NOK 1,000 million. Maturing in July 2026, the issue was oversubscribed allowing the issuer to draw down NOK 100 million more than initially was indicated.

Back in June, MPC Container Ships ASA ("MPCC") agreed to acquire, through a share purchase agreement, Songa Container AS ("Songa") for a purchase price of $210.25 million, which is to be settled through cash consideration of $115 million with the balance paid in the form of approximately 48-50 million shares of MPCC at a price of NOK 17.34 (closing price on May 31 when the main terms were agreed).

As Marine Money's award- winning transactions clearly indicate, 2020 was a phenomenal year in ship finance. Who would have guessed it 12 months ago?

In 2020, our nation dealt with 22 natural disasters that cost at least one billion dollars each — an unprecedented number. When the ecological and financial impacts of climate change are this apparent, it’s no surprise that the climate crisis has become a top-of-mind issue for NPO, corporate and political leaders and in even the most average American’s day-to-day life.

Dmitry Pismenny, head of the Baltic Exchange’s escrow service, explains how there is a rising
demand for escrow accounts to help mitigate both S&P and chartering risks.