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CMA CGM 3Q18: Reprieve in Bunker Costs on the Way?

Earnings Note: 28 Nov 2018, 11:18 AM ET - CMA CGM reported 3Q18 results that continue to highlight positive growth in demand, offset by a drag on earnings due to the rise in fuel costs.

Hapag-Lloyd 3Q18: Fuel Recovery Plan On the Way

Earnings Note: 08 Nov 2018, 9:27 PM ET - Hapag-Lloyd reported solid results, and although market headwinds remain, remains cautiously optimistic and well positioned to react to potential headwinds on the horizon.

CMA CGM 2Q18: Fuel surcharges, M&A on the Horizon

Company Analysis: 11 Sep 2018, 8:05 AM ET - 2Q18 results were expected to be weak, but liquidity remains solid and 2H18 will improve sequentially as fuel surcharges kick in.

US Strategy: Tariffs as Repricing Event?

Strategy Analysis: 01 Mar 2018, 9:40 PM ET - The market has been building in very low odds of a trade war event, a NAFTA withdrawal, or a significant escalation of tit-for-tat trade retaliations on a broader scale.  The odds-makers just got a fresh load of input.
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Navios Maritime 3Q17: Upside Out There Somewhere

HY Note: 27 Nov 2017, 10:11 PM ET - 3Q17 results underperformed the dry bulk rally.
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Navios: Prints Secured Note

Worth Watching: 14 Nov 2017, 9:24 PM ET - Navios printed its new $305 million "secured" note, taking out the 8.125s due 19.  11.75% at 97 out-yields the other shipping deals recently done (GSL, Teekay Shuttle) or in the market (International Seaways, Eagle Bulk), and with good reason ( ..
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Navios Maritime: New Issue Refinancing

HY Note: 06 Nov 2017, 2:54 PM ET - Tenders for the 8.125s with anticipated proceeds of new bond issue.

CMA CGM: Taps 5.25s of 2025 for €150 mn

Worth Watching: 06 Nov 2017, 5:37 AM ET - CMA CGM (B3/B-) is tapping its €500 mn 5.25% 2025 senior unsecured notes for an additional €150 mn, less than one month after issuing the bond (see CMA CGM: Issuing €300m 7NC3 Bonds, IPT 5.5%-5.75%). This will take the total outstanding amount t ..

Hapag-Lloyd: 2Q17 Earnings

Worth Watching: 29 Aug 2017, 4:52 PM ET - Hapag-Lloyd reported solid results that benefitted from the improving pricing environment – although the consolidation of UASC, as well as the company's long term contract mix, has held the company back from posting even stronger improvements. ..
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Navios Maritime 2Q17: Recovery Drivers

HY Note: 23 Aug 2017, 11:46 PM ET - Dry bulk market perks up and the Vale contract kicks in during 4Q17.
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Navios Acquisition 2Q17: Lower Revenue, Book Value

HY Note: 13 Aug 2017, 9:49 PM ET - Financial metrics continue sequential decline.
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Navios Acquisition: Uncertain Maturity

HY Note: 16 Jul 2017, 10:21 PM ET - Collateral value will be insufficient at bond maturity.
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Navios Maritime Holdings: Deep Dive

HY Note: 10 Jul 2017, 10:37 PM ET - Navios expands into distressed investing, but looks increasingly distressed itself.

CMA CGM 1Q17: Riding the Recovery Wave

Earnings Note: 23 May 2017, 8:44 PM ET - CMA CGM reported strong 1Q17 results as the rise in freight rates, improvement in operating performance and NOL synergies more than offset the sharp rise in bunker fuel costs.

Hapag-Lloyd 1Q17: Fuel Costs Weigh on Margins

Earnings Note: 13 May 2017, 10:53 AM ET - Hapag-Lloyd reported results that were weighed down by the rise in bunker fuel costs, while freight rates continue to improve sequentially, but still remain down YoY.

CreditSights 12th Annual European Conference

Announcement: 29 Nov 2016, 8:54 PM ET - Download our Conference Mobile App for our upcoming event on Friday 9th December 2016.
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Navios Maritime Holdings: Coercive Exchange Offer

Worth Watching: 19 Sep 2016, 11:34 PM ET - Navios Maritime Holdings announced a coercive tender and consent offer to take out its 8.75 and 8.625 preferred issues at current market for about $5.80 cash (up to 50% of par) or 4.7 common shares per pref share.  A successful offer needs commo ..
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HY Note: Navios Maritime Acquisition LTV Review

HY Note: 22 Aug 2016, 10:47 PM ET - Assets currently cover bonds, but 2021 maturity is five years away.
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Navios Maritime 1Q16: A Quick and Dirty Look

Earnings Note: 26 May 2016, 10:00 PM ET - NM financials are long on optimism, short on footnotes.

Maritime Shipping: Three STRONG BUYS

Sector Analysis: 04 May 2016, 10:49 PM ET - Maritime shipping sector lagged the high yield rebound.  Teekay, Teekay Offshore, and Eletson are strong buys.

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