Teekay, the Bank – Innovation Award

We’re prejudiced. When we saw this transaction back in July, we knew it was a winner. To describe it as outside of the box is an understatement and therefore it is a perfect fit for this award. It is a product of the times, evidencing 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. In this instance, what some might view as expensive capital was provided to a shipowner in the form of a loan. And it works.

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