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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.
Focused

Ship Finance: Amends and Extends the Seadrill Rigs

Worth Watching: 26 Nov 2017, 9:32 PM ET - Ship Finance , Seadrill, and the banks extend and amend the relationships between all three, subject to final bankruptcy court approval.  SFL drops the bareboat charter rate for the West Taurus, West Hercules, and West Linus by 29% for five year ..

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. ..
Focused

Ship Finance International: Seadrill Exposure

HY Note: 01 Jun 2017, 5:46 AM ET - SFL three-rig exposure to SDRL is mitigated by relationships with John Fredriksen and the bank group.

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.
Focused

Seadrill: Refinancing Proposals Examined

HY Note: 03 Feb 2017, 1:10 PM ET - SDRL refinancing plan dead on arrival, expect greater equity infusion.
Focused

Ship Finance International: 3Q16 View on Seadrill

Company Analysis: 12 Dec 2016, 11:46 PM ET - Outlook on the consolidated assets is positive.   Unconsolidated rig entities chartered to Seadrill have limited downside and positive long-term upside.

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.
Focused

Ship Finance: New Convert

Worth Watching: 03 Oct 2016, 10:03 PM ET - Ship Finance issued $225 million 5.75% converts due 2021, upsized a bit despite heavy exposure to containers, dry bulk, and offshore rigs.  SFL is buoyed by good counterparties on $4 billion backlog and a low cost basis on its drilling rigs.  Us ..
Focused

Ship Finance 2Q16: Diversified Counterparties

Earnings Note: 06 Sep 2016, 11:53 PM ET - Survived Frontline, now takes on SeaDrill.  
Focused

Ship Finance 1Q16: Counterparty Pivots

Earnings Note: 31 May 2016, 11:50 PM ET - SFL rotates out of affiliated counterparty risk to a diverse fleet of shipping assets leased to high-end operators.  

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.
Focused

Ship Finance 4Q15: Diversifying from Offshore

Earnings Note: 01 Mar 2016, 2:11 PM ET - With or without drilling rigs, SFL bonds are buys.

Maritime Transportation: 2016 Oil Tanker Outlook

Sector Outlook: 04 Feb 2016, 5:23 AM ET - Tankers look forward to strong spot rates in 2016, but potential events in the Middle East Gulf could rapidly reverse this outlook.  
Focused

Ship Finance 2Q15: Diversifying the Backlog

Earnings Note: 30 Aug 2015, 9:48 PM ET - Offshore rigs are not opportunities, SFL diversifies into containerships.

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