2007

If you read the mainstream financial news headlines, you might think we were living in turbulent times. And yet, the ship finance market is far from scathed. Some deals are struggling more than they might have a couple months back, but not inordinately so. The strength of the dry bulk market is certainly helping to buttress this position, but cannot be the sole factor. The reality is that good deals are getting done despite the credit market hiccups that have been driving stock market volatility. This is at least in part because industry can claim an international following of banks – and of equity investors.

Over the past two weeks, Navios and Genco continued to expand in the booming dry bulk industry, as has Seaspan in its containership leasing business. All find the debt and equity they need to be accessible, and it shows as they move confidently when they see an attractive acquisition, knowing financing will not stand in their way. Paragon was right on target with its IPO, OSG America has officially entered the fray, and Chembulk obtained the credit facility its been looking for.

This is only an excerpt of The Week in Review – 08/23/2007

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