Articles

The current structure of the maritime finance market can be characterized as the convergence of many forces, from geopolitical instability to fundamental analysis and risk appetite recalibration across capital sources. Companies: Hornbeck Offshore, Helix Energy, Goldman Sachs, Veriten LLC, Baker Botts LLP, Barclays, Piper Sandler, JP Morgan, Kirkland & Ellis LLP, Ares Management, Whitebox Advisors, Highbridge Capital Management

Capital raising goes in cycles and amidst the current conditions of ship financing, in large part convertible bonds and other hybrid securities have fallen out of favor. Companies: Scorpio Tankers

Zeaside Capital Partner’s recent announcement that the firm is acquiring Alba Tankers alongside a consortium of investors, on the surface, may look like another tanker M&A play. While there could be some influence from broader energy markets, the apparent strategy behind the deal is more nuanced and may even bear greater resemblance to those “niche” sector investments we discussed recently. Gorrissen Federspiel and PwC Danmark acted as advisors on the deal.

For the past several years, shipowners, lenders and investors have faced the same existential conundrum. Companies: Nippon Yusen Kaisha Group, Westfal-Larsen Group, Saga Welco AS , Saga Shipholding, Masterbulk, Mitsui O.S.K Lines , Gearbulk, G2 Ocean , S&P Global, Intermodal Research, Global Wind Energy Council , Stolt-Nielsen, Stolt-Nielsen Gas Ltd, HFW, Avenir LNG limited, Golar LNG, Höegh LNG, DNB, Wallenius Lines, United European Car Carriers , Kawasaki Kisen Kaisha, K Line, JERA, Toyota Tsusho Corporation, Fearnley Securities, World Shipping Council , DNV

A standout trend in the year thus far has been the re-emergence of equity capital markets. Companies: Pelagic Partners , Pelagic Capital, Clarksons Securities, Fearnley Securities, Marevia Holding I Co., Marevia Holding II Co. , Marevia III Co., BCN Two Pte, Bertling Group, Pelagic Wind, Hartmann Group , SFL Corp., Ocean Yield

A little over a week ago, it was reported that Taiwanese containership owner Evergreen Marine was considering a green bond debut for $500 million in international markets. Companies: Evergreen Marine, CSSC, Crédit Agricole, ING Bank, DBS Bank, OCBC,

A major source of business for Chinese lessors over the past year has been infrastructure or shipping adjacent sectors. Companies: Golar LNG , China Development Bank Financial Leasing , BW Energy, Minsheng Financial Leasing

In recent months, equity capital markets have re-emerged from a long “equity drought” in more traditional markets like Oslo and New York, raising a significant amount of capital for shipowners. Companies: BW Group, Navigator Gas, Citigroup, DNB Carnegie, Fearnley Securities, Pareto Securities, Oaktree, EGD Shipping Invest, Klaveness Combination Carriers, Clarksons Securities, d’Amico International SA, d’Amico International Shipping,

This past week, Performance Shipping entered into a sale and leaseback agreement with an undisclosed and unaffiliated lessor for an LR1 newbuilding vessel under construction at Jiangsu New Yangzi Shipbuilding Co., scheduled for delivery in early 2027. Companies: Performance Shipping, Jiangsu New Yangzi Shipbuilding Co., d’Amico International Shipping , Mercuria Energy Trading

Continuing some of those trends described in the prior discussion with bank debt seeing increasingly lower margins, Navigator Gas this week entered a pre- and post-delivery financing agreement with a consortium of banks. Companies: Navigator Gas , ABN AMRO, Crédit Agricole, Nordea Bank , Jiangnan Shipyard Co. and China Shipbuilding Trading Co.,

Last month, Evangelos Marinakis’ Capital Tankers went public on the Euronext Growth Oslo Exchange, marking a major development in shipping’s equity capital markets. Companies: Capital Tankers, Bruton Ltd., Okeanis Eco Tankers, Mercuria, Trafigura, CSSC Dalian Shipbuilding Industry Corp, Performance Shipping, JP Morgan Asset Management, HD Hyundai, New Times Shipbuilding, Pareto Securities, Fearnley Securities, Clarksons Securities, Sparebank 1 Markets, Thommessen, Watson Farley & Williams, Bairactaris & Partners, Simonsen Vogt Wiig

This week, Cadeler continued the broader shipping industry’s equity raising activities with a new private placement that raised NOK 1,965 million, or approximately $203 million, in new capital. Cadeler issued just over 35 million in new shares, approximately 10% of the company’s outstanding shares pre-issuance, at a price of NOK 56/share, or approximately $5.76/share, with DNB Carnegie and Jefferies as joint global coordinators and bookrunners.

One asset class has been at the center of attention this year: VLCCs. More specifically, one market participant, Sinokor, which has been rapidly acquiring any VLCC available. Companies: Sinokor, Veson Nautical, Signal Group , Intermodal Research, Mediterranean Shipping Company, SAS Shipping Agencies Services, A.P. Møller – Mærsk, Gram Car Carriers, MSC Cruises, Wilson Sons, Terminal Investment Limited

Building on the equity capital markets success in the Nordic markets, Norwegian LNG Shipping company, Awilco LNG ASA has recently secured new equity through a private placement. Companies: Awilco LNG ASA , Fearnley Securities , Wikborg Rein , ALNG Trading, CDB Financial Leasing

While bond issuances have become a staple of shipping finance throughout the last few years, few have used them more than Ocean Yield. Companies: Ocean Yield, Arctic Securities, Danske Bank, DNB Carnegie, SEB, BAHR, Kohlberg Kravis Roberts , CapeOmega Gas

M&A has been a standout theme throughout the year—but not necessarily within typical shipping circles. Companies: Sinokor/MSC , International Trade Administration, International Energy Agency, Arctic Offshore , Tidewater, CBO, OceanPact, ASM Texas Corp., FV Star One Limited, Maersk Supply Service, DOF Group,

Last week, Crosby Enterprises subsidiaries, Crosby Tugs, Crosby Dredging, and Crosby Marine Transportation, filed for voluntary Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Eastern District of Louisiana.

Over the past year, lending margins have seen pressure build from various areas. Companies: International Seaways, Korea Trade Insurance Corporation, Dorian LPG, Citibank, Nordea

Over the past year, bank financing margins have reached lower and lower floors. While for the most part, that momentum has stalled with most facilities comfortably settling around 150 basis points, at this past Marine Money Hamburg, we even heard some comments believing that spreads could drop below 100 basis points! Companies: K-SURE, International Seaway, Navigator Gas, d’Amico International Shipping , d’Amico Tankers,

The VLCC market is experiencing a bull run with earnings and asset values not seen since 2008. Companies: Sinokor, Capital Tankers, Bruton, Okeanis Eco Tankers , Hunter Group ASA