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	<title>Marine Money Archives &#187; Justin Yagerman</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>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>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>
		<wfw:commentRss>http://www.marine-money.com/archive/separating-the-wheat-from-the-chaff/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Better than Equity? – SeaCube Raises $50 Million from Unexpected Source</title>
		<link>http://www.marine-money.com/archive/better-than-equity-%e2%80%93-seacube-raises-50-million-from-unexpected-source</link>
		<comments>http://www.marine-money.com/archive/better-than-equity-%e2%80%93-seacube-raises-50-million-from-unexpected-source#comments</comments>
		<pubDate>Thu, 05 May 2011 15:53:30 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[Apollo Investment Corporation]]></category>
		<category><![CDATA[Deutsche Bank]]></category>
		<category><![CDATA[Justin Yagerman]]></category>
		<category><![CDATA[SeaCube Container Leasing Ltd.]]></category>
		<category><![CDATA[Wells Fargo]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=10342</guid>
		<description><![CDATA[Last week, SeaCube Container Leasing Ltd. announced the successful closing of a $50 million unsecured term loan with Wells Fargo, as administrative agent, and Apollo Investment Corporation, as sole lead arranger. The loan matures on April 28, 2016 and bears interest at 11%. Proceeds will be used to purchase containers and for other general corporate purposes. The loan will be guaranteed by all of its subsidiaries, including Container Leasing International LLC, the main operating company.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>EZ Pass &#8211; Navios Maritime Partners Returns for More</title>
		<link>http://www.marine-money.com/archive/ez-pass-navios-maritime-partners-returns-for-more</link>
		<comments>http://www.marine-money.com/archive/ez-pass-navios-maritime-partners-returns-for-more#comments</comments>
		<pubDate>Thu, 14 Oct 2010 14:07:47 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[BofA Merrill Lynch]]></category>
		<category><![CDATA[Citi]]></category>
		<category><![CDATA[Deutsche Bank]]></category>
		<category><![CDATA[J.P. Morgan]]></category>
		<category><![CDATA[Justin Yagerman]]></category>
		<category><![CDATA[Navios Maritime Holding]]></category>
		<category><![CDATA[Navios Maritime Partners L.P.]]></category>
		<category><![CDATA[S. Goldman Capital]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=9752</guid>
		<description><![CDATA[On Thursday, after the market closed, Navios Maritime Partners L.P. announced and the next morning it priced it latest follow-on offering. If only everyone found it so easy. It is not simply just the fact of being public. Performance, story and reputation are also crucial and make the process smooth and simple or so it appears. The partnership has already raised $134.6 million thus far this year and with the latest offering will bring the year to date total to $231.7 million.]]></description>
		<wfw:commentRss>http://www.marine-money.com/archive/ez-pass-navios-maritime-partners-returns-for-more/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>First Bank of Teekay</title>
		<link>http://www.marine-money.com/archive/first-bank-of-teekay</link>
		<comments>http://www.marine-money.com/archive/first-bank-of-teekay#comments</comments>
		<pubDate>Fri, 23 Jul 2010 01:37:20 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[Deutsche Bank]]></category>
		<category><![CDATA[Justin Yagerman]]></category>
		<category><![CDATA[Peter Evensen]]></category>
		<category><![CDATA[Sea Tiger]]></category>
		<category><![CDATA[Seacor]]></category>
		<category><![CDATA[Seaspan]]></category>
		<category><![CDATA[Teekay Tankers]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=9539</guid>
		<description><![CDATA[As Justin Yagerman aptly put in his piece about this deal “Teekay Tankers or Teekay Bankers?”,  providing further evidence that the reduced availability of shipping debt is affecting the cost of capital, the structure through which it is lent and, as result, who provides it, Teekay Tankers (TNK) announced this week that, in a deal structured by Deutsche Bank , it has drawn down $115m of its revolving credit facility and used the funds to provide what is effectively a first preferred ship mortgage bond secured by 2x 2010-built VLCCs owned by a Far Eastern shipowner. ]]></description>
		<wfw:commentRss>http://www.marine-money.com/archive/first-bank-of-teekay/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Dream Team in the Making</title>
		<link>http://www.marine-money.com/archive/dream-team-in-the-making</link>
		<comments>http://www.marine-money.com/archive/dream-team-in-the-making#comments</comments>
		<pubDate>Thu, 03 Jun 2010 18:20:21 +0000</pubDate>
		<dc:creator>carisk</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[Market Commentary]]></category>
		<category><![CDATA[Citi]]></category>
		<category><![CDATA[Craig Fuehrer]]></category>
		<category><![CDATA[Deutsche Bank]]></category>
		<category><![CDATA[Justin Yagerman]]></category>
		<category><![CDATA[Ralf Bedranowsky]]></category>
		<category><![CDATA[Simon Booth]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=9224</guid>
		<description><![CDATA[After 20+ years at Citi, Simon Booth has decamped and moves to  Deutsche Bank effective September 1st, where he will serve as a Managing Director and Co-head of Deutsche Shipping, Deutsche Bank’s lending arm to the shipping sector.  Simon will be based in London and head up Deutsche Shipping alongside Ralf Bedranowsky, who is based in Hamburg where Deutsche Shipping is based.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Bite the Bullet?</title>
		<link>http://www.marine-money.com/archive/bite-the-bullet</link>
		<comments>http://www.marine-money.com/archive/bite-the-bullet#comments</comments>
		<pubDate>Thu, 25 Mar 2010 19:43:46 +0000</pubDate>
		<dc:creator>carisk</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[Deutsche Bank]]></category>
		<category><![CDATA[Justin Yagerman]]></category>
		<category><![CDATA[Seaspan Corporation]]></category>

		<guid isPermaLink="false">http://marine-money.com/?p=8763</guid>
		<description><![CDATA[Showing the resilience of its model, Seaspan Corporation last week reported its 4th quarter and year-end results, which were generally in line with consensus and given the unprecedented conditions in container shipping, the credit markets and the economy quite good in our estimation. But our focus is on capital and, as of year-end, the estimated remaining installments of the 26 remaining contracted vessels that have not been delivered amounts to approximately $1.7 billion.  ]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Another Slick Deal</title>
		<link>http://www.marine-money.com/archive/another-slick-deal</link>
		<comments>http://www.marine-money.com/archive/another-slick-deal#comments</comments>
		<pubDate>Thu, 18 Feb 2010 21:23:25 +0000</pubDate>
		<dc:creator>carisk</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[Cantor Fitzgerald]]></category>
		<category><![CDATA[Deutsche Bank]]></category>
		<category><![CDATA[Economou]]></category>
		<category><![CDATA[Justin Yagerman]]></category>
		<category><![CDATA[Natasha Boyden]]></category>

		<guid isPermaLink="false">http://marine-money.com/?p=8617</guid>
		<description><![CDATA[On Wednesday, DryShips announced the latest iteration of its fleet renewal program and it was done with the usual Mr. Economou élan. Two middle age (circa 1995) Panamax bulkers, the Iguana and Delray were sold generating proceeds of  $43.5 million and a total book gain of $9.2 million. Although the related debt was repaid, the banks have agreed to keep it available for the replacement vessels.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Why is Navios Moving from Norwalk to New York City?</title>
		<link>http://www.marine-money.com/archive/why-is-navios-moving-from-norwalk-to-new-york-city</link>
		<comments>http://www.marine-money.com/archive/why-is-navios-moving-from-norwalk-to-new-york-city#comments</comments>
		<pubDate>Thu, 04 Feb 2010 20:27:48 +0000</pubDate>
		<dc:creator>carisk</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[Cantor Fitzgerald]]></category>
		<category><![CDATA[Deutsche Bank]]></category>
		<category><![CDATA[DnB NOR Markets]]></category>
		<category><![CDATA[DVB Capital Markets]]></category>
		<category><![CDATA[Justin Yagerman]]></category>
		<category><![CDATA[Lazard Capital Markets]]></category>
		<category><![CDATA[Navios Maritime Partners]]></category>
		<category><![CDATA[S. Goldman Capital]]></category>

		<guid isPermaLink="false">http://marine-money.com/?p=8584</guid>
		<description><![CDATA[The simple answer is that they were spending too much time in New York raising capital and the commutation costs were becoming excessive. In the latest iteration, Navios Maritime Partners announced on Tuesday a follow-on offering of 3.5 million common units. This is its first offering of this year and follows three such offerings done last year that raised approximately $135 million. ]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Structuring Upside while Minimizing the Downside</title>
		<link>http://www.marine-money.com/archive/structuring-upside-while-minimizing-the-downside</link>
		<comments>http://www.marine-money.com/archive/structuring-upside-while-minimizing-the-downside#comments</comments>
		<pubDate>Thu, 21 Jan 2010 16:26:23 +0000</pubDate>
		<dc:creator>carisk</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[Deutsche Bank]]></category>
		<category><![CDATA[Diana Shipping]]></category>
		<category><![CDATA[Justin Yagerman]]></category>

		<guid isPermaLink="false">http://marine-money.com/?p=7788</guid>
		<description><![CDATA[Last week, Diana Shipping announced its intention to co-invest in a new company expected to invest in containerships over the next 12 to 18 months. Diana intends to invest $50 million for a minority stake, with the balance, as yet undisclosed, being raised in a private offering to institutional and accredited investors. Diana would further benefit from providing administrative and vessel management.]]></description>
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		<slash:comments>0</slash:comments>
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