Articles

The merger between DSS LP and the crude and product tanker business of Capital Product Partners (“CPLP”), in a share-for-share transaction, to form Diamond S Shipping (‘DSSI”) was successfully concluded last year. The result of the $1.65 billion transaction is the sixth largest publicly traded tanker company in the world as measured by overall NAV.

There is much in this issue that we take pleasure in, but one of our favorite activities is in proverbially panning for gold. Category winners are typically obvious, and receive many accolades, but there are other transactions which fall between the cracks. These may not fit into a category, as the accomplishment itself is not easily recognized, or perhaps they simply...

Korea's shipping industry still has not recovered from the aftermath of Hanjin Shipping's collapse in 2017. Even today, Hyundai Merchant Marine ("HMM"), the sole remaining national container shipping line in Korea, continues to have a difficult time, struggling with high charter costs and the growing burden from fuel expenses due to higher oil prices.

The stars had been aligned for months. Analysts, in near unanimity, have declared the implementation of IMO 2020 as the tanker industry's savior. And the market reinforced that conclusion, experiencing a resurgence, with rates much improved over historical averages with values following...

In a first ever project bond transaction led by Japanese/Korean sponsor, each SPV issued non-recourse Senior Secured Notes with separate security packages including a first priority mortgage over the respective vessels. Not cross-collateralized, the notes are privately rated investment grade by...

FLNG Gimi, the world's first FLNG vessel (floating liquefaction vessel) to be successfully 100% financed in the commercial bank market, is an important milestone in the development of the sector and helps pave the way for financings of similar projects in the future.

This category received the most nominations, and the winning transaction most of those. This affirms our decision last year to add this new category, believing not only that the industry cares, but that Green Finance will surely become a major category.

The owners have entered into a $176 million fully non-recourse credit facility for 8 years with a strong bank syndicate of Asian and European institutions, including Sumitomo Mitsui Banking Corporation of Japan (through its German subsidiary, SMBC Bank EU AG); Société Générale of France, and Shinsei Bank of Japan...

Talk about mission impossible. It had been over a year since the last public equity deal was done, which explains why there was no deal of the year in this category last year. When it came to shipping, equity investors were at best disinterested, and the market stagnant...

Since 2015, this company has been opportunistically monitoring the market for its first USD bond transaction. During that period, they transformed themselves from a conglomerate to an integrated shipping, ports and logistic provider...

How in the world did shipping get so lucky as to have Michael Parker bank it? Afterall, in 1985 he was assisting Citi to finance the Channel Tunnel. Instead, in a job move which would be fortuitous for the shipping industry, he was shifted by the bank to assist with a pair of...

FPSOs are a bright spot in the offshore market.

This company dreams big. Seeking to explore alternative sources of capital, the company was keen to examine Chinese leasing, which has emerged as a relatively new and stable source of capital, as part of its fleet refinancing requirements. With Western banks in retreat, Chinese lessors have...

When it comes to financing, this company follows the KISS principle, an acronym for "keep it simple, stupid" or "keep it stupid simple," a design principle first floated by the U.S. Navy in 1960. The company's approach to financing is...

Over the years, this company has demonstrated unique access to the capital markets. Many years ago, we characterized this capability as picking pockets of capital and there were few if any that they missed...

While the numbers of transactions may have declined year-over-year, range, quality, and creativity have not. It is the same old story. The banks continue to limit their risk to the industry generally and to preferred clients specifically. Instead, they have achieved, with their specialist knowledge, a level of success by becoming...

Seaspan Corporation walks the talk. Regular communications from the company speak to a constant focus on a capital strategy involving decreasing leverage, improving flexibility, and creating a lower cost of capital.

The merger between this crude and product tanker business ina share-for-share transaction, to form Diamond S Shipping was successfully concluded last year. The result of the $1.65 billion transaction is the sixth largest publicly traded tanker company in the world as measured by overall NAV...

When it comes to shipping all roads lead to Oslo and its bond market, in particular. As a result, there is typically never any shortage of nominations in this category. This year was different. Transaction volume was down and what nominations we received coalesced around...

Export Credit Agency ("ECA") financing is done on strict OECD terms and conditions to ensure a level playing field among competing countries. To achieve a degree of flexibility, banks have worked around the edges by wrapping a commercial tranche around...