No Surprises This Quarter Either

On Wednesday, Dealogic released its Bookrunner and MLA Tables for Syndicated Shipping Loans for the 9 months 2009. As expected, total volume and transactions were well down from the prior year. Total deal volume was $25.6 billion in 85 transactions compared to $72.2 billion in 263 transactions over the same period in 2008, confirming what we hear anecdotally. In percentage terms, the nine-month decline was 64.5%, which was less than the quarter over quarter reduction of 73.9% suggesting relief is not yet in sight.

Looking at the changes in the tables from the first half of the year, there was movement in the bookrunner table (figure 1) as Mitsubishi UFJ jumped from 8th place to 1st on the strength of two NYK deals booked at the end of September. This pushed SMBC into 2nd place. In a similar fashion, ING moved from 9th to 3rd on the back of the Bluewater transaction, while BofA Merrill Lynch, which was not even in the top 20 came out of nowhere to finish in 9th place based upon the Tidewater transaction. DnB NOR and Mizuho rounded out the top five finishers. The data is particularly striking in that 9 banks made the top 20 having done only a single transaction.

Written by: carisk | Categories: Freshly Minted, The Week in Review | October 8th, 2009 | Add a Comment

Rankings 2003 : Marking 2002 Performance

By Urs Dür

Every year the Rankings issuecauses as much controversy as applause and, hence, every year we at Marine Money try to make it better and more inclusive. The controversy arises from different interpretations of balance sheet and income (P&L) statement line items and the relevance of each of the tests to the public companies analyzed. This marks the third year that Rankings has been based on ratio analysis tests. 2000 Rankings, published in June/July 2001, had five tests over for 41 companies, with Coflexip Stena Offshore deemed the best performer. 2001 Rankings, published in July/August 2002, had 53 companies and eight tests, with D/S Torm the winner. This year, 2002 Rankings – with the dutiful assistance of Daniel Ahmad, our intern from The Yale School of Management and many years solving the world’s problems at the United Nations – consists of 60 companies – 18 having never before appeared – tested in nine ways to yield the best overall performer of 2002: Oceaneering International (NYSE: OII).

lic, traded for the full year of 2002 and had to have, by time of ranking in May 2003, printed and available income (P&L) and balance sheet statements for 2002.

Written by: carisk | Categories: Marine Money, Rankings | June 1st, 2003 | Add a Comment

Deal of the Year – 2002 M&A and Joint Ventures

In shipping charter parties, a good broker makes both parties feel that they have won the negotiation, while it is likely that both have yielded more than they would have at the start. In shipping M&A brokers and advisors too are involved, but, unless the deal is an obvious one between friendly parties, this “good broker” dynamic is often lost because the deals are done in a public forum.

2002 was a down year in shipping in general and while there were some notable successes this year, see below, just as notable was the abundance of big merger ideas that did not come to fruition. Think about what did not happen in 2002 (so far):