Articles

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

Peer investments in shipping take many sizes, shapes, and forms. As we have discussed before, sometimes one owner may take an equity stake in a fellow shipowner to attain a liquid and short-term investment in a different sector, for example Scorpio’s investment in DHT. Companies: Scorpio, DHT, Evercore, CMB.Tech , Golden Ocean , Oaktree , Morgan Stanley

Following last week’s discussion of Frontline’s financing for its acquisitions of VLCCs from Fredriksen’s Hemen Holdings, another big name pure-play VLCC owner has secured new vessels and financing. Companies: Frontline, Hemen Holdings, DHT Holdings , Nordea Bank , ING, DNB Bank, ABN AMRO, Credit Agricole, Danish Ship Finance, SEB, Nordea, K-SURE, Dorian, Hanwha Ocean

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

Every year, Marine Money Week is a bit different. This year, 900 delegates joined us at the Pierre Hotel alongside our partner, Jefferies, and capital sponsor, EnTrust Global, for a great week of discussions and dealmaking on the heels of a historic win for the city of New York—and the World Cup!

Marine Money Week is only a few days away, and the agenda is packed with great discussions all around, from the intersection of infrastructure and shipping to technology, how owners are choosing to invest (or divest) in current markets, and, of course, capitalizing on a bull market. Companies: Okeanis, Bruton , Capital Tankers , Scorpio, International Seaways , Navios Maritime Partners

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

It’s not often that we discuss a Middle Eastern offshore support vessel owner issuing bonds into the Nordic markets. Companies: HEA Energy, Magellan Capital, DNB Carnegie, Fearnley Securities, and Pareto Securities, ZMI, ADNOC L&S, Paratus Energy,

The crude tanker segment, and particularly VLCCs, have seen a market this year that has gone from strength to strength. Companies: Frontline Ltd. , Hemen Holdings, DNB Carnegie , Crédit Agricole, Standard Chartered, ING, Bank of China Hong Kong, China Export & Credit Insurance Corporation, DNB

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

Maritime shipping’s credit conditions have paved the way for numerous interesting transactions and trends. From international issuers in the Norwegian bond market, geopolitical disruption in Chinese leasing, the rise of private credit, and a hyper-competitive loan market that recently supported a sub-100 basis point margin transaction for Frontline, transactions have been diverse. Companies: Frontline, Navigator Holdings Ltd, Watson Farley & Williams, Jiangnan Shipyard (Group) Co. Ltd, China Shipbuilding Trading Co. Ltd, BNP Paribas, Maritime Strategies International

With 48 LNG carriers, 38 shuttle tankers, and six bunkering vessels, Knutsen Group is the largest operator of modern LNG carriers and shuttle tankers globally, and the powerhouse behind numerous owner/operator joint-venture partnerships like KNOT Offshore Partners (with NYK) or Hav Energy (which Apollo Global acquired a 50% stake last year). Companies: Knutsen Group, KNOT Offshore Partners, NYK, Hav Energy, Apollo Global , TS Shipping Invest — Seglem, Pareto Securities , Thommessen, Clarksons, DNB, DNB Carnegie

Whether it is the Nordic, U.S., or another bond market, a significant amount of new bond issuance activity has come out of the offshore sector. Companies: Noble Corporation, Diamond Foreign Asset Company, Diamond Finance, Wells Fargo Securities, HSBC, Barclays, Citi, DNB, J.P. Morgan, Santander, Morgan Stanley, SpareBank 1 Markets, Texas Capital Bank , Clarksons, Fearnley, Touhy, CoBank