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Deal of the Year Awards –2002 – A Moveable Feast

Companies have cut back capital spending.” “Banks have stopped lend­ing.” “Off balance sheet deals are dead.” These are just a few of the sound bytes that have been splashed across the financial papers each and every morning of 2002 – and as far as we can tell they have absolutely no relevance to the world of ship finance. In 2002, ship­ping deals, just like the ships themselves, kept steaming along around the clock with so much momentum that they couldn’t (and shouldn’t) be stopped. For those of us who have devoted our profes­sional lives to ship finance, it is comforting to know that this industry has once again proven resilient, if not wholly disconnected, to the outside world.

Except for having to suffer through the blubbering omnipresent in the main­stream financial press, 2002 has been a downright delightful year for ship finance. Most banks exceed­ed their target loan origina­tion volume and we saw a number of truly ground­breaking deals and struc­tures executed. In the realm of Mergers an Acquisitions, Teekay announced that it had purchased Navion for $800m at press time and the pipeline is full for 2003 closings. Asian companies are looking for capital in the interna­tional marketplace, the use of mezzanine came into its own, the KG market has survived despite reports of its death, French tax leases are moving to the fore, pri­vate equity continues to emerge for the right deals, a few more bond restructur­ings were concluded and we welcomed TEN and Golar LNG onto the US exchanges. It’s been a good year and we are comfortable in saying that 2003 will be even better.

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Written by: | Categories: Deal Of The Year Awards, Marine Money | January 30th, 2003 |

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