Articles

As we have written, ad nauseum, the success of a project financing, or for that matter any vessel acquisition, is tied, most importantly, to market timing. The right price can cover a multitude of sins and is the basis of an asset play...

Benefitting from both a strategic restructuring of its fleet, the strengthening of its balance sheet and an improving tanker market, International Seaways announced on Monday that it had received a commitment for up to $380 million of senior secured credit facilities.

Of course, we exaggerate, but in relative terms it was a quiet year, as uncertainty prevailed. To the extent there was capital to be put to work, it was not burning a hole in anyone's pocket at least when it came to shipping. Tech reigned supreme...

Yesterday, Capital Product Partners L.P. announced that it agreed to acquire, from its parent, Capital Maritime & Trading, three 9,954 TEU sister containerships, the Athos, Aristomenis and Athenian built in 2011 at SHI...

Early last month, BW Offshore Limited ("BWO") successfully placed $297.4 million of its senior unsecured convertible bonds due 2024. The final pricing was concluded at attractive terms to the company with the bonds having a fixed coupon of 2.50%, and a conversion premium of 37.5 percent.

As traditional lenders scale back their portfolios, limiting their focus to core clients, it is a good time to be an alternative capital provider to the shipping industry. More specifically, it could not be a better time for SFL Corporation Ltd. ("SFL"), the new nom de guerre of what was previously known...

Instead of a "for sale" sign, middle-aged vessels today are more likely available for lease. And why not? The vessel is sold, cash is received, and a gain recorded. And the best part is that the vessel remains under the owner's control for further trading and possibly an eventual second sale, depending on market conditions, through the exercise of the purchase option.

Private placements were the most prolific of equity issuances with $2.0 billion raised over 29 deals, though a decline from the $2.9 billion in 2018...

Norled AS is one of Norway's largest ferry and express boat operators and the market leader in express boat services with national coverage and a presence in all the major cities and regions along its coastline. With a fleet of 80 vessels, the company operates routes from the Oslofjord in the southeast to Troms County in the north.

The possibility had never occurred to us, but in the Norwegian world of project finance, transactions can be recycled. Approximately 10 years ago, Adriatic Chemical KS was formed to acquire two small chemical tankers...

Once in a while, we read something totally unrelated to shipping on the surface, but which somehow manages to trigger in our mind a tenuous, perhaps far-reaching connection. In this instance, it was an article entitled "What I Learned in Avalanche School"[1] which paired knowledge with behavior and the risks of "the more you know...." Ponder this.

Change is inevitable but often hard to contemplate. After 38 years of active participation in and observation of ship finance, we understand that change, as in all things, is inevitable. As they have since time immemorial, banks remain...

It was a great year in ship finance, which means the decade ended a lot better than it started – and there was no shortage of drama in the meantime. The most remarkable thing about 2019 was that it was pretty much drama-free; there weren't a lot of...

Earlier this week, GasLog Ltd. announced that it has arranged Export Credit Agency-backed debt financing of $1.05 billion with twelve international banks for its current newbuilding program of seven LNG carriers. More than 2x oversubscribed, the new facility covers the balance due to the shipyard on delivery, fully funding the final installments of...

If the addition of five containerships was not sufficient, Navios Maritime Partners acquired more tonnage from an entity affiliated with its Chairman and CEO, Angeliki Frangou and agreed, additionally, to take on

At the end of the last year, Diamond S Shipping Inc. announced today that it had closed on a five-year $525 million credit facility, comprised of a $375 million term loan and a $150 million revolving credit facility.

What maritime shipping companies, investors, insurers, and lenders need to know...

In an article entitled "Companies Suffer as Shale Cools,"[1] the author Rebecca Elliot suggests that the slowdown in drilling is unusual in that it has not been driven by a decline in oil prices. "Rather, U.S. oil producers are paring growth and spending largely because many have struggled mightily to generate returns for shareholders and are facing tightening access to capital." Chris Wright, the CEO of Liberty Oilfield Services more bluntly states that "Investors are playing a large role here, and that's the biggest driver of this cycle."

For the sixth time, Diana Shipping Inc. successfully concluded a tender offer for its shares, which commenced on November 12th.Despite the enticement of oversubscription, the company remained disciplined acquiring only the number of shares in the original tender...

Back in 2013, when the shipping markets were in the midst of their darkest hours and banks struggled with their portfolios, HSH Nordbank and Navios Maritime Holdings saw an opportunity and created a financing structure whereby vessels could be removed from insolvency and placed...