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	<title>Marine Money Archives &#187; Deutsche Bank</title>
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	<link>http://www.marine-money.com</link>
	<description>The Ship Finance Publication Of Record</description>
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		<title>Genco Amends its Agreements</title>
		<link>http://www.marine-money.com/archive/genco-amends-its-agreements</link>
		<comments>http://www.marine-money.com/archive/genco-amends-its-agreements#comments</comments>
		<pubDate>Thu, 05 Jan 2012 16:55:41 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[Credit Agricole]]></category>
		<category><![CDATA[Deutsche Bank]]></category>
		<category><![CDATA[DnB NOR]]></category>
		<category><![CDATA[Genco Shipping & Trading Limited]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=11797</guid>
		<description><![CDATA[Just before the holiday break, Genco Shipping &#038; Trading Limited announced it had separately amended its $1.4 billion revolver, its $253 million senior secured term loan facility and its $100 million term loan facility led respectively by DnB NOR, Deutsche Bank and Credit Agricole. The parties have agreed to waive both the maximum leverage and interest coverage ratio covenants through the quarter ending March 31, 2013. ]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Banking Crisis? Not an Issue for BW Group or NOL</title>
		<link>http://www.marine-money.com/archive/banking-crisis-not-an-issue-for-bw-group-or-nol</link>
		<comments>http://www.marine-money.com/archive/banking-crisis-not-an-issue-for-bw-group-or-nol#comments</comments>
		<pubDate>Tue, 06 Dec 2011 02:49:22 +0000</pubDate>
		<dc:creator>rwong</dc:creator>
				<category><![CDATA[Asia]]></category>
		<category><![CDATA[Bank Debt]]></category>
		<category><![CDATA[Loan]]></category>
		<category><![CDATA[Bank of Tokyo-Mitsubishi UFJ]]></category>
		<category><![CDATA[BW Group]]></category>
		<category><![CDATA[Commonwealth Bank of Australia]]></category>
		<category><![CDATA[Deutsche Bank]]></category>
		<category><![CDATA[DNB Bank]]></category>
		<category><![CDATA[Fokus Bank]]></category>
		<category><![CDATA[HSBC]]></category>
		<category><![CDATA[HSH Nordbank]]></category>
		<category><![CDATA[KfW IPEX-Bank]]></category>
		<category><![CDATA[Neptune Orient Lines]]></category>
		<category><![CDATA[NOL]]></category>
		<category><![CDATA[Nordea Bank]]></category>
		<category><![CDATA[OCBC]]></category>
		<category><![CDATA[Skandinaviska Eskilda Banken]]></category>
		<category><![CDATA[Swedbank]]></category>
		<category><![CDATA[United Overseas Bank]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=11378</guid>
		<description><![CDATA[2012 is broadly expected to be challenging for both shipping lenders and borrowers. As long as the Euro debt crisis persists and continues to worsen, capital will become increasing scarce. Even shipping companies at the top of the pyramid are busy strengthening their balance sheets and making sure that they have adequate funds to meet [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Teekay LNG Taps Equity Market</title>
		<link>http://www.marine-money.com/archive/teekay-lng-taps-equity-market</link>
		<comments>http://www.marine-money.com/archive/teekay-lng-taps-equity-market#comments</comments>
		<pubDate>Thu, 03 Nov 2011 15:47:21 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[ABN AMRO]]></category>
		<category><![CDATA[Citi]]></category>
		<category><![CDATA[Credit Agricole]]></category>
		<category><![CDATA[Deutsche Bank]]></category>
		<category><![CDATA[DnB NOR]]></category>
		<category><![CDATA[J.P. Morgan]]></category>
		<category><![CDATA[Maersk LNG]]></category>
		<category><![CDATA[Morgan Stanley]]></category>
		<category><![CDATA[Teekay LNG Partners L.P.]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=11297</guid>
		<description><![CDATA[In the first shipping follow-on since last July, Teekay LNG Partners L.P., utilizing its $750 million shelf registration, announced, priced and successfully sold 5.5 million shares yesterday in an overnight offering raising $183.7 million. The offering, which went primarily into retail hands, was priced at $33.40/share, a discount of 3.47% from yesterday’s closing price of $34.60. According to data compiled by Jefferies, the price discount was tighter than the year to date average of 7.5% and last month’s 5% suggesting strong demand. Sales proceeds will be used to pre-fund the company’s portion of the equity purchase price of the Maersk LNG acquisition, or $146 million, with the remaining funds used for the repayment of outstanding debt under one of its credit facilities, maturing in August 2018, which bears interest at LIBOR + 0.55%. In addition to a green shoe of 825 thousand shares, the offering is not contingent on the closing of the Maersk transaction nor is the Maersk transaction contingent on the closing of this offering.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Why Do One Deal When You Can Do Two – Teekay Teams with Marubeni to Purchase Maersk LNG</title>
		<link>http://www.marine-money.com/archive/why-do-one-deal-when-you-can-do-two-%e2%80%93-teekay-teams-with-marubeni-to-purchase-maersk-lng</link>
		<comments>http://www.marine-money.com/archive/why-do-one-deal-when-you-can-do-two-%e2%80%93-teekay-teams-with-marubeni-to-purchase-maersk-lng#comments</comments>
		<pubDate>Thu, 13 Oct 2011 15:37:34 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[A.P. Moller-Maersk A/S]]></category>
		<category><![CDATA[BG Group]]></category>
		<category><![CDATA[Credit Suisse]]></category>
		<category><![CDATA[Deutsche Bank]]></category>
		<category><![CDATA[George Economou]]></category>
		<category><![CDATA[Greg Lewis]]></category>
		<category><![CDATA[Justin Yagerman]]></category>
		<category><![CDATA[Maersk LNG Carriers]]></category>
		<category><![CDATA[Marubeni Corporation]]></category>
		<category><![CDATA[Qatar Gas Transportation Company]]></category>
		<category><![CDATA[RasGas]]></category>
		<category><![CDATA[Repsol YPF]]></category>
		<category><![CDATA[Sevan]]></category>
		<category><![CDATA[Teekay LNG Partners LP]]></category>
		<category><![CDATA[Total]]></category>
		<category><![CDATA[Woodside Petroleum]]></category>
		<category><![CDATA[Yemen LNG]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=11118</guid>
		<description><![CDATA[Following closely on the heels of last week’s announced transaction with Sevan, a joint venture of Teekay LNG Partners LP and Marubeni Corporation, announced the acquisition of Maersk LNG Carriers. Also thin on detail, the parties disclosed that the joint venture would acquire the ownership interests in eight LNG carriers from A.P. Moller-Maersk A/S for an aggregate purchase price of approximately $1.402 billion, which will be paid in cash with no assumption of debt. The average age of the fleet is 3.25 years making it the second youngest in the industry and the youngest among all independent owners. As far as responsibilities, Teekay LNG will provide the technical management upon turnover.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>A Look Back – Some Further Insights on the GE SeaCo Acquisition</title>
		<link>http://www.marine-money.com/archive/a-look-back-%e2%80%93-some-further-insights-on-the-ge-seaco-acquisition</link>
		<comments>http://www.marine-money.com/archive/a-look-back-%e2%80%93-some-further-insights-on-the-ge-seaco-acquisition#comments</comments>
		<pubDate>Thu, 25 Aug 2011 14:25:33 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[AMBAC]]></category>
		<category><![CDATA[Bravia Capital]]></category>
		<category><![CDATA[Cronos Ltd]]></category>
		<category><![CDATA[Deutsche Bank]]></category>
		<category><![CDATA[GE Capital]]></category>
		<category><![CDATA[GE SeaCo]]></category>
		<category><![CDATA[Genstar]]></category>
		<category><![CDATA[HNA Group]]></category>
		<category><![CDATA[ING]]></category>
		<category><![CDATA[Kelso]]></category>
		<category><![CDATA[Textainer Group Holdings]]></category>
		<category><![CDATA[Triton]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=11024</guid>
		<description><![CDATA[When the purchase of GE SeaCo by the HNA Group was announced, details of the transaction were few and difficult to come by. We scoured our contacts and were able to glean some color. We reprise the salient points below with the new details interspersed.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Private Equity Firms Charge into Shipping</title>
		<link>http://www.marine-money.com/archive/private-equity-firms-charge-into-shipping</link>
		<comments>http://www.marine-money.com/archive/private-equity-firms-charge-into-shipping#comments</comments>
		<pubDate>Fri, 12 Aug 2011 03:30:00 +0000</pubDate>
		<dc:creator>rwong</dc:creator>
				<category><![CDATA[Asia]]></category>
		<category><![CDATA[Private Equity]]></category>
		<category><![CDATA[Blue Lines]]></category>
		<category><![CDATA[Bravia Capital]]></category>
		<category><![CDATA[China Investment Corporation]]></category>
		<category><![CDATA[Cido Tanker]]></category>
		<category><![CDATA[Deutsche Bank]]></category>
		<category><![CDATA[Deutsche Bank Securities]]></category>
		<category><![CDATA[Diamond S Shipping]]></category>
		<category><![CDATA[DnB NOR Bank ASA]]></category>
		<category><![CDATA[Fairfax Financial Holdings]]></category>
		<category><![CDATA[First Reserve]]></category>
		<category><![CDATA[GE SeaCo]]></category>
		<category><![CDATA[Grand China Logistics]]></category>
		<category><![CDATA[HNA Group]]></category>
		<category><![CDATA[ING]]></category>
		<category><![CDATA[Jones Day]]></category>
		<category><![CDATA[Mayer Brown JSM]]></category>
		<category><![CDATA[Morgan Creek Capital Management]]></category>
		<category><![CDATA[Nordea Bank Finland]]></category>
		<category><![CDATA[PPM America Capital Partners]]></category>
		<category><![CDATA[WL Ross]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=10674</guid>
		<description><![CDATA[A couple of eyebrow raising private equity deals in the shipping space were announced last  week, just before the global markets took a beating. HNA Group, a Chinese conglomerate and parent of rapidly expanding shipping company Grand China Logistics has agreed to acquire Singapore based container leasing company GE SeaCo, together with Hong Kong based [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>China Shipping Nauticgreen Shelves USD 192 million IPO</title>
		<link>http://www.marine-money.com/archive/china-shipping-nauticgreen-shelves-usd-192-million-ipo</link>
		<comments>http://www.marine-money.com/archive/china-shipping-nauticgreen-shelves-usd-192-million-ipo#comments</comments>
		<pubDate>Fri, 12 Aug 2011 02:44:49 +0000</pubDate>
		<dc:creator>rwong</dc:creator>
				<category><![CDATA[Asia]]></category>
		<category><![CDATA[Equity]]></category>
		<category><![CDATA[China International Marine Containers Group]]></category>
		<category><![CDATA[China Merchants Securities]]></category>
		<category><![CDATA[China Shipping Container Line]]></category>
		<category><![CDATA[China Shipping Group]]></category>
		<category><![CDATA[COSCO]]></category>
		<category><![CDATA[Deutsche Bank]]></category>
		<category><![CDATA[Pacific International Lines]]></category>
		<category><![CDATA[Singamas Container Holdings]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=10663</guid>
		<description><![CDATA[World stock markets around the globe continue to fall sharply since Standard &#38; Poor&#8217;s downgraded American debt for the first time in history last Friday, as fears that the twin debt crises in the US and Europe could drive the world economy into recession continue to shake investors’ confidence. Others believe that the markets are [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Separating the Wheat from the Chaff</title>
		<link>http://www.marine-money.com/archive/separating-the-wheat-from-the-chaff</link>
		<comments>http://www.marine-money.com/archive/separating-the-wheat-from-the-chaff#comments</comments>
		<pubDate>Thu, 21 Jul 2011 18:56:53 +0000</pubDate>
		<dc:creator>carisk</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[Market Commentary]]></category>
		<category><![CDATA[Credit Suisse]]></category>
		<category><![CDATA[Cronos]]></category>
		<category><![CDATA[Deutsche Bank]]></category>
		<category><![CDATA[GE SeaCo]]></category>
		<category><![CDATA[Greg Lewis]]></category>
		<category><![CDATA[Justin Yagerman]]></category>
		<category><![CDATA[SeaCube]]></category>
		<category><![CDATA[TAL]]></category>
		<category><![CDATA[Textainer]]></category>
		<category><![CDATA[Triton]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=10518</guid>
		<description><![CDATA[Having worked in the sector, we are clearly prejudiced. However, it is obvious to us that investor interest in the container leasing sector has grown. Within the last year (i) one company has gone public (SeaCube); (ii) two companies have been sold to private equity funds (Cronos, Triton); and (iii) the stock prices of the two established public companies (TAL, Textainer) rose almost 50% before retreating  in the recent market downturn. The interest of the private equity funds is not surprising. Unlike strategic buyers whose sole interest is in the assets, private equity offers going concern valuations taking into account the essential infrastructure which forms the backbone of the business, but which is extraneous to the strategic buyer. Adding further credence to the sector is the fact that two shipping analysts, Greg Lewis of Credit Suisse and Justin Yagerman of Deutsche Bank, follow the public companies engaged in the sector.
]]></description>
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		</item>
		<item>
		<title>Into these Volatile Markets Goes Star Bulk</title>
		<link>http://www.marine-money.com/archive/into-these-volatile-markets-goes-star-bulk</link>
		<comments>http://www.marine-money.com/archive/into-these-volatile-markets-goes-star-bulk#comments</comments>
		<pubDate>Thu, 21 Jul 2011 18:47:42 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[ABN AMRO]]></category>
		<category><![CDATA[Cantor Fitzgerald]]></category>
		<category><![CDATA[Dahlman Rose]]></category>
		<category><![CDATA[Deutsche Bank]]></category>
		<category><![CDATA[FBR]]></category>
		<category><![CDATA[Jefferies]]></category>
		<category><![CDATA[Milena Pappas]]></category>
		<category><![CDATA[Petros Pappas]]></category>
		<category><![CDATA[RBC Capital Markets]]></category>
		<category><![CDATA[Star Bulk Carriers Corp.]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=10510</guid>
		<description><![CDATA[In its first follow-on offering since it began operations in December 2007, Star Bulk Carriers Corp. announced on Monday an underwritten overnight offering of 16.5 million shares based upon its previously filed $250 million shelf registration. The next day the offering was upsized to 16.7 million shares and priced at $1.80 per share, a discount of 10.4% from Monday’s closing price. While the file to offer discount is somewhat higher than the average year to date of 7.2% indicated by Jefferies, recall this is shipping and the markets remain volatile. Net proceeds were approximately $28 million. In addition, the company is allocating the usual 15% of the offering or 2.51 million shares to cover over-allotments.]]></description>
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		</item>
		<item>
		<title>Regent Seven Seas 2nd Lien Notes</title>
		<link>http://www.marine-money.com/archive/regent-seven-seas-2nd-lien-notes</link>
		<comments>http://www.marine-money.com/archive/regent-seven-seas-2nd-lien-notes#comments</comments>
		<pubDate>Thu, 19 May 2011 15:11:58 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[Apollo Management]]></category>
		<category><![CDATA[Barclays Capital]]></category>
		<category><![CDATA[Credit Agricole]]></category>
		<category><![CDATA[Deutsche Bank]]></category>
		<category><![CDATA[DnB NOR]]></category>
		<category><![CDATA[HSBC]]></category>
		<category><![CDATA[Morgan Joseph TriArtisan]]></category>
		<category><![CDATA[Nordea]]></category>
		<category><![CDATA[Oceania Cruises]]></category>
		<category><![CDATA[Prestige Cruise Holdings Inc.]]></category>
		<category><![CDATA[Seven Seas Cruises S. DE R.L.]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=10311</guid>
		<description><![CDATA[Last week, Seven Seas Cruises S. DE R.L., the indirect owner of Regent Seven Seas’ three luxury cruise vessels successfully issued $225 million of 9 1/8% senior secured notes due in 2019. Due to strong demand the offering, sold at par, was upsized from $200 million to $225 million and priced at the tight end of price talk. The notes were rated B- and B3 respectively by Moody’s and S&#038;P. The issuer is owned by Prestige Cruise Holdings Inc., a holding company which also owns Oceania Cruises and is itself ultimately controlled by Apollo Management.]]></description>
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