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	<title>Marine Money Archives &#187; JP Morgan</title>
	<atom:link href="http://www.marine-money.com/archive/tag/jp-morgan/feed" rel="self" type="application/rss+xml" />
	<link>http://www.marine-money.com</link>
	<description>The Ship Finance Publication Of Record</description>
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		<title>Improving Leverage While Increasing Liquidity &#8211; Teekay Tanker Follow-On</title>
		<link>http://www.marine-money.com/archive/improving-leverage-while-increasing-liquidity-teekay-tanker-follow-on</link>
		<comments>http://www.marine-money.com/archive/improving-leverage-while-increasing-liquidity-teekay-tanker-follow-on#comments</comments>
		<pubDate>Thu, 07 Oct 2010 14:45:46 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[Credit Suisse]]></category>
		<category><![CDATA[Deutsche Bank]]></category>
		<category><![CDATA[DnB NOR]]></category>
		<category><![CDATA[JP Morgan]]></category>
		<category><![CDATA[Morgan Stanley]]></category>
		<category><![CDATA[Teekay Tankers Ltd.]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=9661</guid>
		<description><![CDATA[Utilizing last year’s shelf registration, Teekay Tankers Ltd. last Friday priced its follow-on offering of 8.2 million Class A shares of common stock at $12.15, a 6.6% discount to the closing price the day of the announcement (September 30th). Gross proceeds, exclusive of the 30-day green shoe, were approximately $99.6 million. Proceeds will be used to repay a portion of the outstanding debt under its revolving credit facility, which has a variable rate of interest equal to LIBOR + 60 bps. Previously, drawdowns under the revolver had been made for working capital, general corporate purposes and to fund the two loans totaling $115 million made to an Asian shipowner. The 3 year loans, swapped mainly to a fixed rate of 1.6%, are secured by first mortgages on two 2010 built VLCCs. ]]></description>
		<wfw:commentRss>http://www.marine-money.com/archive/improving-leverage-while-increasing-liquidity-teekay-tanker-follow-on/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>US Capital Markets Fuel Corporate Activity – Wall Street Firms Execute For Clients</title>
		<link>http://www.marine-money.com/archive/us-capital-markets-fuel-corporate-activity-%e2%80%93-wall-street-firms-execute-for-clients</link>
		<comments>http://www.marine-money.com/archive/us-capital-markets-fuel-corporate-activity-%e2%80%93-wall-street-firms-execute-for-clients#comments</comments>
		<pubDate>Fri, 01 Oct 2010 14:23:35 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Marine Money]]></category>
		<category><![CDATA[BNP Paribas]]></category>
		<category><![CDATA[BofA Merrill Lynch]]></category>
		<category><![CDATA[Citi]]></category>
		<category><![CDATA[Dahlman Rose]]></category>
		<category><![CDATA[Deutsche]]></category>
		<category><![CDATA[DnB NOR]]></category>
		<category><![CDATA[HSBC]]></category>
		<category><![CDATA[ING]]></category>
		<category><![CDATA[Jefferies]]></category>
		<category><![CDATA[JP Morgan]]></category>
		<category><![CDATA[Morgan Stanley]]></category>
		<category><![CDATA[Pareto]]></category>
		<category><![CDATA[UBS]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=9815</guid>
		<description><![CDATA[Marine Money’s survey of the global banking community in the spring told a dramatic story.  Banks prefer lending to and doing business with public shipping companies. Transparency, performance and the simple fact that public company managements with their access to capital have been among the most active in the business – that activity of course translates into fees – makes the case that capital markets access and execution capability are important skills. We celebrate here the Capital Markets performance of the leading Wall Street banks and their first half contributions to the shipping community.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>The Action Continues at China Exim!</title>
		<link>http://www.marine-money.com/archive/the-action-continues-at-china-exim</link>
		<comments>http://www.marine-money.com/archive/the-action-continues-at-china-exim#comments</comments>
		<pubDate>Sat, 28 Aug 2010 02:18:05 +0000</pubDate>
		<dc:creator>rwong</dc:creator>
				<category><![CDATA[Asia]]></category>
		<category><![CDATA[Bank Debt]]></category>
		<category><![CDATA[Bourbon Offshore]]></category>
		<category><![CDATA[China Exim]]></category>
		<category><![CDATA[China Exim Bank]]></category>
		<category><![CDATA[Export-Import Bank of China]]></category>
		<category><![CDATA[Interorient Navigation]]></category>
		<category><![CDATA[Jiangsu New Century Shipbuilding]]></category>
		<category><![CDATA[Jiangsu Rongsheng Heavy Industries]]></category>
		<category><![CDATA[JP Morgan]]></category>
		<category><![CDATA[Morgan Stanley]]></category>
		<category><![CDATA[Sino-Pacific Shipbuilding]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=9577</guid>
		<description><![CDATA[Even as many are trickling back from their summer holidays, the Export-Import Bank of China (“China Exim Bank”) has no time to rest on its laurels as the bank continues to work hard in providing financing to both foreign shipowners and domestic shipbuilders. Last week, the policy bank signed a massive RMB 50 billion (USD 7.35 billion) long-term strategic agreement with Jiangsu Rongsheng Heavy Industries. This is the largest agreement that the policy bank has ever signed with a non-state owned shipbuilder. The cooperation will entail the provision of the different types of bank guarantees required in Jiangsu Rongsheng’s business which include refund guarantees, tender bonds, performance bonds, payment guarantees and seller’s credit. Over RMB 10 billion (USD 1.47 billion) will be set aside for seller’s credit. The latest strategic alliance will greatly enhance Jiangsu Rongsheng’s competitiveness in attracting new shipbuilding orders. Jiangsu Rongsheng is also rumoured to have appointed Morgan Stanley and JP Morgan to revive its IPO plans to raise at least USD 700 million in Hong Kong in the fourth quarter of this year.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Marine Money Capital Market League Tables</title>
		<link>http://www.marine-money.com/archive/marine-money-capital-market-league-tables</link>
		<comments>http://www.marine-money.com/archive/marine-money-capital-market-league-tables#comments</comments>
		<pubDate>Thu, 06 May 2010 14:55:53 +0000</pubDate>
		<dc:creator>carisk</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[Market Commentary]]></category>
		<category><![CDATA[Citi]]></category>
		<category><![CDATA[Deutsche]]></category>
		<category><![CDATA[DnB NOR]]></category>
		<category><![CDATA[JP Morgan]]></category>
		<category><![CDATA[Morgan Stanley]]></category>
		<category><![CDATA[OSG]]></category>
		<category><![CDATA[Pareto]]></category>
		<category><![CDATA[Teekay]]></category>

		<guid isPermaLink="false">http://marine-money.com/?p=8952</guid>
		<description><![CDATA[Deutsche, Morgan Stanley, DnB NOR, JP Morgan, Pareto and Citi  Top League tables from Busy start of the year

By almost every measure, the start of 2010 has been a good one for those working in the capital markets for shipping. Over $2 billion has been raised in the US public equities markets, while in excess of $2 billion has been raised in the Western public debt markets.  What is more another $2 billion in shelf registrations have been filed, with many additional projects at various stages of development.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>The Importance of Self Preservation</title>
		<link>http://www.marine-money.com/archive/the-importance-of-self-preservation</link>
		<comments>http://www.marine-money.com/archive/the-importance-of-self-preservation#comments</comments>
		<pubDate>Thu, 31 Dec 2009 08:54:11 +0000</pubDate>
		<dc:creator>carisk</dc:creator>
				<category><![CDATA[Asia]]></category>
		<category><![CDATA[Equity]]></category>
		<category><![CDATA[A.P. Moller Maersk]]></category>
		<category><![CDATA[Berlian Laju Tanker]]></category>
		<category><![CDATA[DBS]]></category>
		<category><![CDATA[Ezion Holdings]]></category>
		<category><![CDATA[Ezra Holdings]]></category>
		<category><![CDATA[HSBC]]></category>
		<category><![CDATA[J.P. Morgan]]></category>
		<category><![CDATA[JP Morgan]]></category>
		<category><![CDATA[Mermaid Maritime]]></category>
		<category><![CDATA[Merrill Lynch]]></category>
		<category><![CDATA[MISC]]></category>
		<category><![CDATA[Mitsubishi UFJ]]></category>
		<category><![CDATA[Morgan Stanley]]></category>
		<category><![CDATA[Neptune Orient Lines]]></category>
		<category><![CDATA[Nippon Yusen Kaisha]]></category>
		<category><![CDATA[NOL]]></category>
		<category><![CDATA[Nomura Securities]]></category>
		<category><![CDATA[NYK]]></category>
		<category><![CDATA[Otto Marine]]></category>
		<category><![CDATA[Pacific Basin]]></category>
		<category><![CDATA[Petronas]]></category>
		<category><![CDATA[RHB Investment Bank]]></category>
		<category><![CDATA[rights issue]]></category>
		<category><![CDATA[Swiber Holdings]]></category>
		<category><![CDATA[Temasek]]></category>

		<guid isPermaLink="false">http://marine-money.com/?p=7834</guid>
		<description><![CDATA[In 2009, the equity markets had a roller coaster run, but some shipping companies found windows of opportunity for share placements, often tied to debt reduction. Self help through raising equity capital for balance sheet recapitalization is one way to ride through the difficult times. There had been varying degrees of success and among the most notable would be Neptune Oriental Lines’ (“NOL”) USD 972 million rights issue in June and NYK’s recently concluded JPY 116.4 billion (USD 1.3 billion) global equity offering. ]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>A Good Citizen</title>
		<link>http://www.marine-money.com/archive/a-good-citizen-2</link>
		<comments>http://www.marine-money.com/archive/a-good-citizen-2#comments</comments>
		<pubDate>Fri, 18 Dec 2009 02:02:33 +0000</pubDate>
		<dc:creator>carisk</dc:creator>
				<category><![CDATA[Asia]]></category>
		<category><![CDATA[Bonds]]></category>
		<category><![CDATA[Shipping Trust]]></category>
		<category><![CDATA[First Ship Lease]]></category>
		<category><![CDATA[First Ship Lease Trust]]></category>
		<category><![CDATA[FSL]]></category>
		<category><![CDATA[Jefferies]]></category>
		<category><![CDATA[JP Morgan]]></category>

		<guid isPermaLink="false">http://marine-money.com/?p=7967</guid>
		<description><![CDATA[For the benefit of our readers in Asia, we reproduce some excerpts on First Ship Lease (“FSL”)’s suspended USD 200 million notes offering from our sister publication Freshly Minted before we take a little closer look at the motivations behind the shipping trust’s offering. 

“Philip Clausius is a committed man. He moved FSL to Singapore and has become a fixture in the shipping community. But even this was not enough. To further demonstrate his commitment and cement his presence locally, he has become a Singaporean citizen. So it came as no surprise that when the idea of a bond issue was broached, Mr. Clausius wanted a deal done that would tap both the Asian and U.S. investor bases, not just a straight 144A issue marketed to U.S institutional investors, which may have well been easier. Mr. Clausius understood that once established as a “local” issuer in Asia the rates would become highly competitive.
]]></description>
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		</item>
		<item>
		<title>NOL Rights Issue</title>
		<link>http://www.marine-money.com/archive/nol-rights-issue</link>
		<comments>http://www.marine-money.com/archive/nol-rights-issue#comments</comments>
		<pubDate>Fri, 17 Jul 2009 06:04:54 +0000</pubDate>
		<dc:creator>carisk</dc:creator>
				<category><![CDATA[Asia]]></category>
		<category><![CDATA[Equity]]></category>
		<category><![CDATA[DBS]]></category>
		<category><![CDATA[HSBC]]></category>
		<category><![CDATA[JP Morgan]]></category>
		<category><![CDATA[Morgan Stanley]]></category>
		<category><![CDATA[Neptune Orient Lines]]></category>
		<category><![CDATA[NOL]]></category>
		<category><![CDATA[OOIL]]></category>
		<category><![CDATA[Temasek]]></category>

		<guid isPermaLink="false">http://marine-money.com/?p=8349</guid>
		<description><![CDATA[With the strong support from state-owned Temasek Holdings, Neptune Oriental Lines (“NOL”) announced on Monday that its USD 985 million rights issue has been fully taken up. Looking closer at the numbers, over 97% of the total rights shares were subscribed by the existing shareholders (including Temasek), and the remaining will be allocated to shareholders who had applied for additional rights shares. The excess applications of 81 million shares represent 7.3% of the total rights issue or 2.58 times of the rights shares that were previously not taken up. NOL says preference will be given to the rounding of odd lots, and the Directors and substantial shareholders (including Temasek) will rank last in priority. The success of this massive offering will not be possible if not for Temasek’s commitment in underwriting the entire rights issue. DBS, HSBC, JP Morgan and Morgan Stanley were the lead managers of this issue. 

In the latest report on NOL, J.P. Morgan says there is “limited downside to NOL” due less concerns about its balance sheet risks following its recent rights issue but there is better value in OOIL given the former’s cheaper valuations and longer term upside from its property development business in China.
]]></description>
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		</item>
		<item>
		<title>Bottoming Out?</title>
		<link>http://www.marine-money.com/archive/bottoming-out</link>
		<comments>http://www.marine-money.com/archive/bottoming-out#comments</comments>
		<pubDate>Fri, 08 May 2009 06:07:26 +0000</pubDate>
		<dc:creator>carisk</dc:creator>
				<category><![CDATA[Asia]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[Assets Supervision and Administration Commission]]></category>
		<category><![CDATA[Baosteel Group]]></category>
		<category><![CDATA[BTMU]]></category>
		<category><![CDATA[Cai Mep International Terminal]]></category>
		<category><![CDATA[Calyon]]></category>
		<category><![CDATA[China Exim]]></category>
		<category><![CDATA[China Merchant Holdings]]></category>
		<category><![CDATA[China Merchants Securities]]></category>
		<category><![CDATA[COSCO]]></category>
		<category><![CDATA[COSCO Dalian]]></category>
		<category><![CDATA[Dalian Ocean Shipping]]></category>
		<category><![CDATA[DBS]]></category>
		<category><![CDATA[DE Shaw]]></category>
		<category><![CDATA[Eksportkredit]]></category>
		<category><![CDATA[Gao Hua Securities]]></category>
		<category><![CDATA[Goldman Sachs]]></category>
		<category><![CDATA[Jiangsu Rongsheng]]></category>
		<category><![CDATA[JP Morgan]]></category>
		<category><![CDATA[PSA International]]></category>
		<category><![CDATA[SMBC]]></category>
		<category><![CDATA[Zhangjiang Port]]></category>

		<guid isPermaLink="false">http://marine-money.com/?p=8491</guid>
		<description><![CDATA[Over the past week, we have experienced the first market rally from a recession trough. Asian stock markets rallied to some of their highest since mid October as investors take confidence in China’s economic recovery. The manufacturing purchasing managers’ index in China rose from 44.8 in March to 51.1 in April, passing the 50-point mark that separates contraction and expansion for the first time in 9 months.

In a market report published last Friday, JP Morgan presented an optimistic view, suggesting that “we are indeed very close to the bottom in global economic activity, and may already be there, with the world economy set to start expanding again in coming months” but acknowledged that there are still many inherent risks since banks and households are still in balance sheet repair mode and a swine flu pandemic cannot be ruled out.
]]></description>
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		</item>
		<item>
		<title>Hapag-Lloyd Ponders Its Future</title>
		<link>http://www.marine-money.com/archive/hapag-lloyd-ponders-its-future</link>
		<comments>http://www.marine-money.com/archive/hapag-lloyd-ponders-its-future#comments</comments>
		<pubDate>Thu, 24 Jul 2008 21:30:07 +0000</pubDate>
		<dc:creator>carisk</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[Citi]]></category>
		<category><![CDATA[Deutsche Bank]]></category>
		<category><![CDATA[Hapag-Lloyd]]></category>
		<category><![CDATA[HSH]]></category>
		<category><![CDATA[HVB]]></category>
		<category><![CDATA[John Fredriksen]]></category>
		<category><![CDATA[JP Morgan]]></category>
		<category><![CDATA[RBS]]></category>

		<guid isPermaLink="false">http://marine-money.com/?p=4838</guid>
		<description><![CDATA[As questions about <strong>Hapag-Lloyd</strong>’s future continue to circulate, we thought it worth a refreshed look at how the deal came about and where it might be going. Hapag-Lloyd parent TUI’s interests have long been split between its core tourism business and a fairly substantial container shipping business, representing EUR 449 million and EUR 197 million respectively in 2007 underlying EBITDA. TUI bolstered the shipping side of its business with the]]></description>
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		</item>
		<item>
		<title>Navios Comes Full Circle</title>
		<link>http://www.marine-money.com/archive/navios-comes-full-circle</link>
		<comments>http://www.marine-money.com/archive/navios-comes-full-circle#comments</comments>
		<pubDate>Thu, 26 Jun 2008 15:12:33 +0000</pubDate>
		<dc:creator>carisk</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[Transaction Report]]></category>
		<category><![CDATA[Angeliki Frangou]]></category>
		<category><![CDATA[Deutsche Bank]]></category>
		<category><![CDATA[First Class Navigation]]></category>
		<category><![CDATA[Frank Harris Shriver & Jacobson]]></category>
		<category><![CDATA[International Shipping Enterprises]]></category>
		<category><![CDATA[JP Morgan]]></category>
		<category><![CDATA[Mintz Levin Cohn Ferris Glovsky]]></category>
		<category><![CDATA[Navios Maritime Acquisition Corporation]]></category>
		<category><![CDATA[Popeo and Fried]]></category>
		<category><![CDATA[Reeder & Simpson]]></category>
		<category><![CDATA[S. Goldman Advisors]]></category>

		<guid isPermaLink="false">http://marine-money.com/?p=5750</guid>
		<description><![CDATA[Less than 10 days after making its first public F-1 filing, SPAC <strong>Navios Maritime Acquisition Corporation </strong>successfully priced its 22,000,000 unit IPO at $10.00/unit to raise gross proceeds of $220 million. The deal timetable was ultimately compressed and the deal well oversubscribed by a mix of SPAC investors, shipping fundamental investors, and those who have been following Navios. Units had traded up a half a percent at close today to]]></description>
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