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	<title>Marine Money Archives &#187; Freshly Minted</title>
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	<description>The Ship Finance Publication Of Record</description>
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		<title>You Can Go Home Again</title>
		<link>http://www.marine-money.com/archive/you-can-go-home-again</link>
		<comments>http://www.marine-money.com/archive/you-can-go-home-again#comments</comments>
		<pubDate>Thu, 09 Feb 2012 20:22:20 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[People & Places]]></category>
		<category><![CDATA[AMA]]></category>
		<category><![CDATA[BNP Paribas]]></category>
		<category><![CDATA[DNB Bank]]></category>
		<category><![CDATA[Fortis]]></category>
		<category><![CDATA[Jim Dolphin]]></category>
		<category><![CDATA[Kevin O'Hara]]></category>
		<category><![CDATA[Paul Leand]]></category>
		<category><![CDATA[The First National Bank of Maryland]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=11922</guid>
		<description><![CDATA[Kevin O'Hara has rejoined AMA after seven years in the banking sector with BNP Paribas, Fortis and DNB Bank. Kevin will bring to AMA a wealth of experience in the shipping and offshore banking sector and will focus on those relationships in his return to AMA.  Kevin started his career in shipping finance in 1997 at The First National Bank of Maryland, where two of the AMA partners CEO Paul Leand and Jim Dolphin also started their careers.]]></description>
		<wfw:commentRss>http://www.marine-money.com/archive/you-can-go-home-again/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Heading Uptown to the Safe Bulkers Investor Day</title>
		<link>http://www.marine-money.com/archive/heading-uptown-to-the-safe-bulkers-investor-day</link>
		<comments>http://www.marine-money.com/archive/heading-uptown-to-the-safe-bulkers-investor-day#comments</comments>
		<pubDate>Thu, 09 Feb 2012 20:21:28 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[Market Commentary]]></category>
		<category><![CDATA[Polys Hajioannou]]></category>
		<category><![CDATA[Safe Bulkers]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=11920</guid>
		<description><![CDATA[How could we forego the opportunity to hear one of the premier bulk ship owners who came to town to talk about the market? On Tuesday, Safe Bulkers held an investor and analyst day in New York for a sizeable and very interested audience. Polys Hajioannou spoke about the company, its strengths and strategy as well as their view of the market.]]></description>
		<wfw:commentRss>http://www.marine-money.com/archive/heading-uptown-to-the-safe-bulkers-investor-day/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Outtakes from Hellenic/Norwegian 18th Annual Joint Shipping Conference</title>
		<link>http://www.marine-money.com/archive/outtakes-from-hellenicnorwegian-18th-annual-joint-shipping-conference</link>
		<comments>http://www.marine-money.com/archive/outtakes-from-hellenicnorwegian-18th-annual-joint-shipping-conference#comments</comments>
		<pubDate>Thu, 09 Feb 2012 20:18:51 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[Market Commentary]]></category>
		<category><![CDATA[AMA]]></category>
		<category><![CDATA[Andy Dacy]]></category>
		<category><![CDATA[Commodore Research]]></category>
		<category><![CDATA[Dahlman Rose]]></category>
		<category><![CDATA[Elliot Etheredge]]></category>
		<category><![CDATA[Gavin Kagan]]></category>
		<category><![CDATA[Houlihan Lokey]]></category>
		<category><![CDATA[J.P. Morgan]]></category>
		<category><![CDATA[Jeffrey Landsberg]]></category>
		<category><![CDATA[Larry Rutkowski]]></category>
		<category><![CDATA[Paul Leand]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=11917</guid>
		<description><![CDATA[From our too short stopover at the Hellenic Norwegian conference, we extracted the following thoughtful bits as being of interest to us. First, we thought Commodore Research’s Jeffrey Landsberg's decision to look at supply and demand in terms of numbers of ships rather than millions of DWT made the data more accessible and to us meaningful.]]></description>
		<wfw:commentRss>http://www.marine-money.com/archive/outtakes-from-hellenicnorwegian-18th-annual-joint-shipping-conference/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>The End Becomes a New Beginning Again – TBS Files</title>
		<link>http://www.marine-money.com/archive/the-end-becomes-a-new-beginning-again-%e2%80%93-tbs-files</link>
		<comments>http://www.marine-money.com/archive/the-end-becomes-a-new-beginning-again-%e2%80%93-tbs-files#comments</comments>
		<pubDate>Thu, 09 Feb 2012 20:17:56 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[Bank of America]]></category>
		<category><![CDATA[Credit Suisse]]></category>
		<category><![CDATA[DVB Bank]]></category>
		<category><![CDATA[TBS International]]></category>
		<category><![CDATA[Toronto Dominion Bank]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=11915</guid>
		<description><![CDATA[Last week TBS International, with the support of its lenders, filed a pre-packaged Chapter 11 plan of reorganization and has obtained most importantly DIP financing of $42.8 million from its existing lenders, Bank of America, DVB Bank, Toronto Dominion Bank and Credit Suisse. Under the plan the company will restructure its secured debt and pay in full the allowed claims of unsecured creditors. The plan is expected to be approved within 60 days. Under the terms of the agreement, all of the company’s operating subsidiaries will be transferred to a new entity that will be principally owned by the lenders, effectively wiping out the existing equity.]]></description>
		<wfw:commentRss>http://www.marine-money.com/archive/the-end-becomes-a-new-beginning-again-%e2%80%93-tbs-files/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>What Do They Know? – Teekay Tankers Follow-on</title>
		<link>http://www.marine-money.com/archive/what-do-they-know-%e2%80%93-teekay-tankers-follow-on</link>
		<comments>http://www.marine-money.com/archive/what-do-they-know-%e2%80%93-teekay-tankers-follow-on#comments</comments>
		<pubDate>Thu, 09 Feb 2012 20:15:58 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[Evercore]]></category>
		<category><![CDATA[Jon Chappell]]></category>
		<category><![CDATA[Michael Webber]]></category>
		<category><![CDATA[Teekay Tankers]]></category>
		<category><![CDATA[Wells Fargo]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=11912</guid>
		<description><![CDATA[Back in the US, Teekay Tankers on Tuesday announced the sale of 15 million shares in a follow-on offering including a green shoe of 2.25 million shares. The timing was curious. The shipping markets are appalling although the dry market has overtaken the wet side on the downside.]]></description>
		<wfw:commentRss>http://www.marine-money.com/archive/what-do-they-know-%e2%80%93-teekay-tankers-follow-on/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Norwegian Car Carriers Piggybacks on Prior Issue</title>
		<link>http://www.marine-money.com/archive/norwegian-car-carriers-piggybacks-on-prior-issue</link>
		<comments>http://www.marine-money.com/archive/norwegian-car-carriers-piggybacks-on-prior-issue#comments</comments>
		<pubDate>Thu, 09 Feb 2012 20:15:03 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[Norwegian Car Carriers]]></category>
		<category><![CDATA[RS Platou Markets]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=11910</guid>
		<description><![CDATA[Buried in the flood of Norwegian bonds issuance last week, we missed Norwegian Car Carriers utilization of the tap feature in its 5-year NOK 200 million 10.5% senior unsecured open bond issue concluded in September 2010. A tap issue allows borrowers to sell bonds, generally smaller amounts, from past issues. Issued at their original face value, maturity and coupon rate, the bonds are sold at the current market price.]]></description>
		<wfw:commentRss>http://www.marine-money.com/archive/norwegian-car-carriers-piggybacks-on-prior-issue/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>SinOceanic on the Road</title>
		<link>http://www.marine-money.com/archive/sinoceanic-on-the-road</link>
		<comments>http://www.marine-money.com/archive/sinoceanic-on-the-road#comments</comments>
		<pubDate>Thu, 09 Feb 2012 20:12:59 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[HNA Group Co. Ltd]]></category>
		<category><![CDATA[Pareto Securities]]></category>
		<category><![CDATA[Sin Oceanic II AS]]></category>
		<category><![CDATA[SinOceanic III AS]]></category>
		<category><![CDATA[SinOceanic Shipping ASA]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=11906</guid>
		<description><![CDATA[At the beginning of last week, SinOceanic Shipping ASA began marketing its new senior secured bond offering. The bonds were to be issued by Sin Oceanic II AS and SinOceanic III AS, the single purpose ship owners and guaranteed by parent SinOceanic Shipping in order to provide a ring-fenced structure. The company intended to sell $200 to $220 million of 3-year 10% bonds at par. Proceeds, split 50-50, will be used to finance pre- and post-delivery payments owed to the shipyard for the construction of the MSC Altair and MSC Regulus, two newbuild 13,100 TEU containerships scheduled for delivery in February and April. The total amount represents an advance rate of 65-70% of the vessels’ acquisition price of ~$154 million. Equity of approximately $50-$60 million consists largely of subordinated loans from HNA Group Co. Ltd, the parent company, while they wait for the equity markets to reopen. These 2nd mortgage loans have a tenor of three years and are interest only. The interest rate steps-up increasing from LIBOR + 8% in year one to LIBOR + 10% thereafter. To date, HNA has invested $120 million into the business and has a 33% interest.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Ahead of the Curve – 1=2</title>
		<link>http://www.marine-money.com/archive/ahead-of-the-curve-%e2%80%93-12</link>
		<comments>http://www.marine-money.com/archive/ahead-of-the-curve-%e2%80%93-12#comments</comments>
		<pubDate>Thu, 02 Feb 2012 20:12:03 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[And in New York...]]></category>
		<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[Seadrill Limited]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=11904</guid>
		<description><![CDATA[Mr. John Fredriksen always seems to be a step ahead. Today, Seadrill Limited announced that Mr. Esa Ikaheimonen, its CFO, will be leaving the company to pursue other opportunities. While we wish him good luck, Mr. Ikaheimonen should take comfort in the fact that two people are now needed to replace him. We believe Mr. Fredriksen is making the right decision to formally separate the finance role into two positions – a CFO and CAO (Chief Accounting Officer). While this split likely exists informally in many organizations, the recognition of the role of CAO is long overdue in this era of Sarbanes Oxley. The split also recognizes that the investor relations role has become all-consuming these days.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
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		<title>Genmar  – Prenegotiated Deal Filed, Prospects for Quick In and Out of Court Hoped</title>
		<link>http://www.marine-money.com/archive/genmar-%e2%80%93-prenegotiated-deal-filed-prospects-for-quick-in-and-out-of-court-hoped</link>
		<comments>http://www.marine-money.com/archive/genmar-%e2%80%93-prenegotiated-deal-filed-prospects-for-quick-in-and-out-of-court-hoped#comments</comments>
		<pubDate>Thu, 02 Feb 2012 20:11:17 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[And in New York...]]></category>
		<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[Genmar]]></category>
		<category><![CDATA[OakTree]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=11902</guid>
		<description><![CDATA[If you have to restructure and use Chapter XI, take a page from Genmar, where a pre-negotiated restructuring proposal has been filed.  The effort would seem to have been put together with maximum chance for all parties from banks, to trade creditors and the bondholders to approve the deal and the company to go into and then come out of the court with speed giving it a better than fighting chance to be a successful commercial company – assuming a modest recovery in the tanker markets - again.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Costamare Files Shelf</title>
		<link>http://www.marine-money.com/archive/costamare-files-shelf</link>
		<comments>http://www.marine-money.com/archive/costamare-files-shelf#comments</comments>
		<pubDate>Thu, 02 Feb 2012 20:10:14 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[And in New York...]]></category>
		<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[Costamare Inc.]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=11900</guid>
		<description><![CDATA[On Monday, Costamare Inc. filed a shelf registration on Form F-3, which covers only new issuances by the company and not secondary issues by the principals who have no current intention to sell. When effective, the company will be able to offer up to $300 million of its securities including common stock, preferred stock, debt securities, warrants, rights and units. Proceeds of any offerings will be used for general corporate purposes which may include among other things: future vessel acquisitions, additions to working capital and the repayment of indebtedness. As they say, “dry powder.”]]></description>
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		<slash:comments>0</slash:comments>
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