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The syndicated loan market during 2020, according to Dealogic, as published earlier in Freshly Minted.

It's human nature to chase rising markets and the container market these days is particularly tantalizing as it seems to set records daily. The lesson of buying low and selling high is easily forgotten in frothy markets. We all know it will end and thus the need to prepare for a soft-landing.

Back in January 2020, Höegh LNG Holdings Ltd. ("Höegh LNG") successfully completed a new five-year senior unsecured bond issue of NOK 650 million with a borrowing limit of NOK 1.3 billion. Significantly oversubscribed, the bond carried a coupon of three-months NIBOR + 600 bps. Proceeds were used to refinance existing debt and for general corporate purposes.

While we live by the philosophy that size does not matter, it is worth noting that despite the pandemic, well-known, seasoned issuers were able to raise substantial sums of capital in Oslo.

Over the years, we have received multitudes of nominations for deal of the year, each with a different reason why the transaction was worthy of the award. None achieved the brevity or was as convincing as Erik Helberg's nomination of this year's winner in this category. He wrote simply: "Investors have made money on it."

Leonhardt & Blumberg ("L&B") has a nice little business. In fact, it is today, among the largest independent charter owners of Handysize containerships, controlling a fleet of 36 vessels as well as being the operator of the C17 -1700 TEU Feeder Pool, which consists of 20 plus x 1,700 TEU Feeder containerships.

While ideals are important, one is still running a business and must make decisions accordingly. Earlier this month, BW Offshore announced that it had decided to not proceed with the issue of a NOK-denominated senior unsecured green bond as the company considers the terms offered as unsatisfactory in the current market.

The analogy of a perfect storm could not be more appropriate. The dry bulk market, particularly for small vessels, is booming as the world economy recovers from the pandemic, the hunt for yield continues and the supply of ships remains at historical lows.

To fully grasp the significance of this transaction, you could skip ahead and read the Dealmaker of the Year Award, where this transaction represents a small piece of a stream of on-going acquisitions and investments by the BW Group.

"If you want to go fast, go alone. If you want to go far, go together." This African proverb, often used to illustrate the power of teamwork, couldn't be more fitting for this year's winner of our Dealmaker of the Year award – BW Group.

For replays of the sessions that were hosted during this years Marine Money Week, please click on this article for members-only link.

Bankruptcy is often looked at as a failing, but its design, when done well by professionals, especially when working with a fundamentally solid business, can return a company to financial and operational health, repay creditors and sometimes even return value to the equity.

George Weltman initially floated the idea that the worthiest of candidates for 2020 Ship Finance Person of the year was Kristin Holth.

Making quick use of its continued credit improvements and newly acquired senior secured rating of BBB- and BB corporate rating, Seaspan Corporation, a wholly-owned subsidiary of Atlas Corp. ("Atlas"), issued a private placement to qualified institutional buyers.

After a delay due to the pandemic, CMA CGM SA found a window of opportunity in October of last year to issue new bonds to refinance its outstanding bonds that mature in 2021.

With a strong balance sheet in place and an ever-improving dry bulk market providing a fair wind, Diana Shipping Inc. seized the opportunity to refinance its maturing bonds, allowing it to take down the credit pricing and extend debt maturities in line with its prudent capital management policy.

The theme of this year's33rd annual Marine Money Week, which will take placeJune 21-23, is, "A Golden Age for Shipping,"which reflects the extraordinary outlook and transformational opportunity for our industry.

Marine Money Weekis theworld's premier ship finance event–with anticipated attendance of 3,000 top shipping investors, financiers and decision makers around the world. It is an unparalleled investor marketing and business development opportunity andwe hope you will take advantage of it– as a sponsor, speaker, attendee or all of these.

Click here to visit the MM Week webpage

Our job in assessing and analyzing transactions is made more difficult by being outside observers. A press release or a prospectus provides details, but not the flavor of sitting at the table and being part of the deal. We report the facts of the transaction, not how it evolved. Transactions are full of twists and turns, making negotiations both challenging and interesting. In nominating this transaction, Algoma's CFO Peter Winkley set the stage, delineated the challenges, and described the happy outcome all in great detail, along with his insights.

This year's winning transaction in this category brings to mind the phrase: "And Now for Something Completely Different."

We truly believe that there is no other industry that is more committed to reducing its environmental footprint than shipping.