Articles

With equity investors on the sidelines, MLPs have, for some time, been starved for fresh equity as evidenced by few deals and weak fund flows into the sector.

A leading tonnage provider to the major container liners, Danaos Corporation controls a fleet of 59 containerships with an aggregate capacity of 351,614 TEU, making it the 6th largest independent containership leasing company globally by capacity.

While New York will remain the center of capital markets activity, wary investors there left a void which needed to be filled.

An attractive yield play supported by long-term contracts and the added strength of a main new shareholder were the perfect recipe for the winning transaction in this category.

One year sober! It has been a long progression through binge-drinking, hangovers and rehab. Last year our journey brought us to acceptance and with that hope. Under normal circumstances, that would be an extraordinary accomplishment. But looking back at the year, it was a miracle.

Ports play a passive role in the transportation of goods. They are the receptacle for cargo on its way in or out to the next destination, whether by sea or land. Port movements are limited to holding, loading and discharging of cargo.

In a transforming shipping finance landscape, where traditional sources are either withdrawing or becoming more selective while new sources of capital emerge, it is important for shipping companies to be aware of and have access to all different alternative sources whoever and wherever they may be.

When it comes to execution, there is nothing more exquisite than nailing the timing of an offering.

Shipbuilding remains a highly competitive business. Price can only go so far and ECA terms, which are fixed, provide only a level playing field.

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This is a new category — one that will take on greater and greater importance as companies, financial institutions and shareholders all strive for greater environmental, social and governance performance measures.

Japanese Operating Leases with Call Options (“JOLCO”) first appeared on our radar last year and have subsequently become a growing alternative source of capital for shipowners.

Norwegian bond issuance in the oil & gas and shipping sectors continued to grow from the lows in 2016. In 2018 volume, volume grew to NOK 31.4 billion up 12% from 2017.

Back in June, Pacific Basin Shipping Limited closed a $325 million 7-year reducing revolving credit facility secured by over 50 of its owned vessels.

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At the end, there is always a piece of a puzzle that does not fit. Similarly, there is infrequently a transaction that is difficult to categorize requiring a catchall.

Choosing a winner between the merger between Global Ship Lease and Poseidon Containers and the acquisition by Seaspan Corporation of Greater China Intermodal (“GCI”) was incredibly difficult.

This year we received a number of highly competitive nominations in this category, as bankers carefully structured transactions to appeal to these discriminating investors. Optionality always appeals and Credit Agricole continues to make hay as the leader for KEXIM co-financings with Guaranteed Note option in shipping.

We begin this year’s awards presentation with a deviation from the past. Historically, awards stood on their own.

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