Articles

Offshore drilling coverage is far from a weekly occurrence in this newsletter, but Borr Drilling Ltd.’s July 29 acquisition of five jack-up rigs from Fontis Finance Ltd. is a useful reminder that the same financing tools we track in shipping — non-recourse seller credit, joint-venture structures, opportunistic timing — travel just fine into adjacent asset-heavy sectors. Companies: Borr Drilling Ltd., Fontis Finance Ltd., BC Ventures Ltd., Proyectos Globales de Energía y Servicios, Friede & Goldman, LeTourneau, Valaris Ltd., Transocean Ltd.), Noble Corp., ADES Holding Co. Ltd., Paratus Energy Services, SeaMex, Seadrill, Archer, Seagems, Petrobras, Pemex

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Pelagic Credit Plc, the yield-oriented shipowning platform that debuted on Euronext Growth Oslo earlier this year, has moved into dry bulk for the first time. This week, the company announced it has entered definitive agreements for a sale-and-leaseback of three handysize bulk carriers valued at an aggregate $47.4 million. Companies: Pelagic Credit, Pelagic Partners, Bertling Group, Hartmann Group

Throughout this shipping cycle, we have observed the rise of several alternative lending markets for shipping. One of the most prominent has been the bond market, in particular Norwegian bonds. Companies: Contships, Navios South American, Performance Shipping, Scorpio Tankers, Capital Clean Energy Carriers Corp, Piraeus Bank, Alpha Bank, Euroxx Securities, Optima Bank, Seanergy, AXIA Ventures , CrediaBank SA, Pantelakis Securities ,

Spin-offs have been utilized in shipping for decades, from creating pure-play companies, to separating charter strategies, and the rationale can be simple – or highly nuanced. Companies: Bruton Ltd. , New Times Shipyard

Pyxis Tankers recently announced plans to issue a $20 million convertible preferred offering, marking its return to the preferred securities market for the first time since redeeming its 7.5% Series A preferred shares in 2024. Companies: Pyxis Tankers, ThinkEquity, Tsakos Energy Navigation, Costamare

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The long-awaited Marine Money Credit Issue is on its way to the printers and in the meantime, we thought we would provide a little sneak-peak at the 2025 results.

In the late 2010s-early 2020s, decarbonization appeared to be rising as an organizing principle of maritime finance. Companies: Cadeler, EIFO, Hongkong and Shanghai Banking Corporation, KfW IPEX-bank, Rabobank, DNB Bank, Union Maritime, Norsepower, BAR

The management team at MPC Container Ships continues to prove they are among the most active, creative, and talented management teams in the shipping industry. Companies: MPC Container Ships, Capital Tankers, Okeanis Eco Tankers, Bruton, DNB Carnegie, Fearnley Securities, Pareto Securities, Clarksons Securities, Hamburg Commercial Bank

As a well-deserved holiday season comes to a close, Oslo’s ship and offshore finance community is rested up and preparing for the bevy of deals that will define the coming months. Companies: Tidewater, Bahri, OceanPact, Pioneer, Constellation, Clarksons Securities, Goldman Sachs, J.P. Morgan, Itau BBA, Morgan Stanley, Arctic Securities, DNB Carnegie, Fearnley Securities, Pareto Securities, McDermott, Bruton Limited

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In this “shipowners” market for credit, we have seen several owners refinancing loan facilities or signing new ones for reasons as simple as the terms are too good to pass up. Companies: Performance Shipping, Nordea Bank

Private equity has a long history in shipping. Many funds entered commodity shipping investments after a massive newbuilding orderbook coincided with the global market crash after 2008. Companies: CapeOmega, HavEnergy, Neptune Maritime Leasing, Fleetscape, Pelagic Credit, Kohlberg Kravis Roberts & Co., Ocean Yield, Pareto Securities, A.P. Moller Holding , Arctic Securities , BAHR, Simpson Thacher , Maersk, Danske Bank, Noble, Svitzer, DOF

During Marine Money Week, Hamish Norton, President of Star Bulk stated that if you continue to sell assets and buy back shares to capture the NAV arbitrage you eventually liquidate your shipping company. Companies: Star Bulk , Tsakos Energy Navigation, Oaktree, Performance Shipping, International Seaways, Diana Shipping, Genco, Seacor Marine, Smartlenses Capital, Euronav, Pangaea Logistics Solutions, Crescendo Partners, Strategic Shipping

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Seacor Marine announced its 2Q earnings after yesterday’s market close. The financial results were generally in-line with market expectations, but the company continues to suffer from negative operating cash flow with fleet utilization at just 68%. Companies: Seacor Marine , American Industrial Partners , EnTrust Global, Blue Ocean, Clifford Capital, NIBC , Hamburg Commercial Bank, Comerica, DNB, Hudson Structured Capital Management

We have discussed various “shipping funds” several times in the last few years as these investment vehicles grow in number and influence in the world of shipping finance. Companies: Pelagic Credit , Zeaside Capital Partners , Alba Tankers, Clear Ocean

Among all the well capitalized and delivered shipowners, Scorpio Tankers still stands out with a net-positive cash balance of nearly $500 million and a reduction in indebtedness of $2.50 billion over a five-year period. Companies: Scorpio Tankers , Standard Chartered, DekaBank Deutsche Girozentrale, Jingjiang Nanyang Shipbuilding

In January 2025, Venture Global debuted on public markets, marking a $1.75 billion capital raise and a nearly $60 billion valuation. Companies: Venture Global , Cheniere, Venture Global Shipping Holdings , Deutsche Bank, ING, Samsung Heavy Industries, Hanwha Ocean