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As is well known, the Covid-19 outbreak has shut down economic activity leading to a severe impact on employment levels, industrial activity and consumer spending, which, in turn, resulted in a significant reduction in international trade and, specifically, container shipping volumes. The numbers tell the story.

It goes without saying that timing is everything. With the deadline for our Q2 2020 Marine Money magazine fast approaching, we were awaiting an article from SMBC on a new loan participation structure.

That is a question we would like to ask Maxim Group, the sole bookrunning manager of Globus Maritime Limited's upsized $12.0 million underwritten public offering, which closed on Monday.

Back in September 2019, Hunter Tankers AS entered into a $180 million sale-and-leaseback transaction with Ship Finance International Limited for three of its VLCCs at what were said to be highly attractive terms.

The good news as you can see from this and previous issues is that owners are working feverishly to bolster their balance sheets and raise liquidity given the uncertain future.

Last year, for the first time, we made our Portfolio League Table a living document. Historically, like college basketball it was one-and-done. However last year we uncovered the data for ING, one of the industry's leading lenders and for the first time updated and republished the graph.

When it comes to capital allocation, we are Marine Money's resident curmudgeon. We've yet to reconcile a capital hungry cyclical industry with the requisites of a public company, particularly as it relates to rewarding shareholders. In fact, we cannot think of an industry which has been more abusive to its shareholders.

Navios South American Logistics Inc.("Navios Logistics") announced on Tuesday that it along with its wholly-owned finance subsidiary, Navios Logistics Finance (US) Inc.successfully priced $500 million of 10.75% Senior Secured Notes due 2025 (the "Notes").

Years ago, when discussing Seaspan's successes with raising capital with its former CFO, Sai Chu, we recall he always emphasized preparation. Noting that financial market windows open and shut with little notice, his finance team was always prepared and ready to go on a moment's notice.

Following the wisdom of GE's Jack Welch, Diamond S Shipping Inc. announced on Tuesday that it has entered into a strategic partnership with NORDEN A/S to form DiaNor, which would consolidate the fleets of two of the world's largest owner/operators of product tankers.

Recognizing the risks of climate change, the need for leadership and their unique position in the shipping industry, a group of future looking banks threw down the gauntlet by establishing the Poseidon Principles as a means to contribute to international shipping's decarbonization.

Last week, GoodBulk Ltd. announced that it has reached an agreement with its banks to refinance its fleet having received credit committee approval for a loan of $200 million to refinance the full amounts outstanding under five of its six existing facilities for approximately the same total amount.

Last week, Sungas Holding Ltd. sold its entire existing investment of three million shares, representing approximately 4.65% of the share capital in Avance Gas Holding Ltd. in a secondary offering.

This webinar, presented by high-ranking law firm,Wikborg Rein, considers the recent High Court guidance in Jiangsu Guoxin Corporation–v–Precious Shipping Public Co. Ltd [2020] EWHC 1030 (Comm), which considers the application of the prevention principle, delay and extensions of time under shipbuilding contracts.

Over the past few months, Team Tankers International Ltd. entered into a series of strategic transactions which transferred the commercial management of the bulk of its fleet and the entire technical management of the fleet from in-house to third party providers.

COVID-19 struck and for MPC Containerships Invest B.V. ("Issuer") and MPC Containerships ASA ("Parent" and together "MPCC") there was no need or time to quarantine. Anticipating the impact of the virus on the global economy resulting in sharply reduced cargo volumes, the company, fearing infection, initiated an immediate dialogue with creditors and shareholders to seek their help in creating a liquidity runway to weather the storm.

Back in mid-June, American Tanker, Inc. ("ATI") an indirectly-owned subsidiary of American Shipping Company ASA ("AMSC") successfully placed a $200 million senior unsecured bond, with strong demand from Nordic and international investors.

To increase liquidity and further strengthen its capital structure, GasLog Ltd. announced on Monday that it had sold 14.4 million common shares at a price of $2.50 per share raising total gross proceeds of $36.0 million through a private placement of unregistered common shares.

A year cannot or should not go by without a Marine Money Week. This year out of necessity, we went virtual.

In another add-on transaction, Eagle Bulk Shipping Inc.announced on Monday thatEagle Bulk Ultraco LLC, a wholly-owned subsidiary, closed on a$22.6 millionincremental term loan under its existing five-year senior secured term loan facility, which bears an interest rate of LIBOR plus 2.50% and matures in 2024.