Marine Money

Who are the Winners in Bankruptcy?

marinemoney — Thu, 04 Jun 2009 16:33:26 +0000

The following list was extracted from the Notice of Filing of Updated Master Service List filed on May 26th by the counsel to U.S. Shipping Partners L.P.: Chapter XI is a wonderful process. You need...

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Misperception

marinemoney — Thu, 04 Jun 2009 16:31:26 +0000

We have recently been criticized for our recent coverage of DryShips and it may be deserved. Rightly or wrongly, we have viewed the purchase of shares as an investment and expect a duty of care by...

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Out of Favor

marinemoney — Thu, 04 Jun 2009 16:28:45 +0000

Last week, The Wall Street Journal provided another indicator of the shipping slump when they announced the Best on the Street analysts for 2008. Unlike last year, our shipping analysts were...

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Deep Science or Voodoo

marinemoney — Thu, 04 Jun 2009 16:27:19 +0000

Last week Dennis Berman, in an article entitled “One Key Number in Pricing a Deal: the 52-Week High,”1 laid bare the science of pricing an M&A deal. He reported on a study by Harvard Business...

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DRYS Cancels

marinemoney — Thu, 04 Jun 2009 16:26:19 +0000

Yesterday, DryShips announced that it had entered into an agreement to cancel Hull 2089, a Capesize vessel under construction in South Korea. The vessel was contracted for $114 million. Under the...

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Differentiating Lenders

marinemoney — Thu, 04 Jun 2009 16:24:59 +0000

Just as banks need to know their clients, borrowers also need to evaluate their lenders. Further to an earlier announcement Rickmers Maritime announced last Friday that one of its lending banks has...

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DOF Bond

marinemoney — Thu, 04 Jun 2009 16:20:06 +0000

Despite increasing default rates, corporate issuance of bonds in the primary market has been increasing in Norway and this activity has been extended to high yield, which now represents about 5% of...

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Has Mr. Fredriksen Tapped Out the Banks?

marinemoney — Thu, 04 Jun 2009 16:15:28 +0000

On Tuesday, Seadrill announced that it had secured commitments for a senior secured credit facility in the amount $1.5 billion from a group of commercial lending institutions and export credit...

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Even Landesbanks Get the Blues

marinemoney — Thu, 14 May 2009 14:58:32 +0000

In a report dated May 6, 2009, Standard & Poor’s (“S&P”) took a hard look at the six rated German Landesbanks in light of a deteriorating economic outlook and the impact that it will have...

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Open House in the Equity Markets

marinemoney — Thu, 14 May 2009 14:56:44 +0000

Having previously done a follow-on offering of 3 million shares back in January, which raised net proceeds of approximately $107.5 million, including the over allotment, Nordic American Tanker...

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