PHOTO COURTESY OF NYC & CO/WILL STEACY
Two key indicators of vessel finance – securities sales by U.S.-listed ship owners and global marine syndicated loan activity – are both flashing red. Ocean freight markets should see both short- and long-term consequences.
Ship owners began going public in New York in significant numbers in the early 2000s. Since the industry’s Wall Street debut, there has never been a full quarter when these companies did not raise at least some cash via offerings of equity or debt securities – until now.
On April 24, Teekay Corporation (NYSE: TK) announced plans for a private placement of $300 million in debt securities. Assuming the Teekay deal goes through, it will mark the first securities offering by a U.S.-listed ship owner (excluding time-to-time sales of shares under pre-existing equity distribution programs) since the mid-November 2018 sale of $100 million in perpetual preferred equity by GasLog Partners (NYSE: GLOP).
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