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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.

Teekay Parent 3Q18: Refinancing Outlook

HY Note: 19 Nov 2018, 9:58 PM ET - Good short-term high yield bonds

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.
Focused

Teekay Offshore: BUY New Bond Offering

Worth Watching: 25 Jun 2018, 1:44 PM ET - Teekay Offshore (TOO: B3, B+) new senior note issue is a BUY at 8.5% price talk.  The upsized deal (now $600 million) is backstopped by majority owner Brookfield Business Partners (BBU, $5 billion market cap).  The armada of FPSOs, FSOs, and shu ..

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.

Teekay Parent: Big Equity/Convert Raise

Worth Watching: 24 Jan 2018, 8:32 PM ET - Teekay Parent hits the capital markets for $100 million new equity and a $125 million 5% convert due 23, the first step in taking out the existing $593 million 8.5% parent bond due 2020.  The next step is raising distributions at TOO and TPG to ..
Focused

Teekay Offshore 3Q17: Ramping Up Cash Flow

HY Note: 12 Nov 2017, 9:20 PM ET - Cash flow ramps up as a flotilla of new projects come on line.

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. ..

Teekay Parent 2Q17: Past, Present, and Future

HY Note: 06 Aug 2017, 9:35 PM ET - Asset coverage should improve.
Focused

Teekay Offshore 2Q17: Whew!

HY Note: 03 Aug 2017, 10:34 PM ET - Brookfield Business Partners refinances the balance sheet; senior notes become solid short-term paper.
Focused

Teekay Parent: Semi Monetizes TOO

Worth Watching: 27 Jul 2017, 8:03 PM ET - Teekay Parent solves its Teekay Offshore problem and its own liquidity issue by essentially selling TOO to Brookfield Business Partners (BBU).  BBU puts significant cash equity into TOO to clean up the balance sheet and cash into TK by buying ..

Teekay Offshore: Transformational Event

Worth Watching: 27 Jul 2017, 8:03 PM ET - Teekay Offshore received a transformational investment from Brookfield Business Partners (BBU), essentially buying the MLP out from under Teekay Parent in exchange for increased parent liquidity.  The plethora of nagging issues are solved—Arunde ..
Focused

Teekay Offshore: Brookfield Solves Financing

Worth Watching: 27 Jul 2017, 4:39 AM ET - Teekay Offshore receives a $610 million equity investment from Brookfield Business Partners (BBU) alongside another $30 million from Teekay Parent, fully funding TOO's growth projects, and unleashing all the $9 billion contracted cash flows fro ..
Focused

Teekay Offshore: The Positive Story

HY Note: 13 Jun 2017, 6:36 AM ET - Bonds significantly oversold.

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.

Teekay Parent 1Q17: Sum of Parts < Whole

HY Note: 22 May 2017, 11:54 PM ET - Still a waiting game until affiliate activity picks up in 2018.
Focused

Teekay Offshore 1Q17: Ever Receding Bonanza

HY Note: 19 May 2017, 5:09 AM ET - Petrobras cancelled the Arundal Spirit contract, but the FPSO Libra is now on location.

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.

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