Ship Finance

Our dedicated ship finance team acts for operators, borrowers, investors and financiers across the full spectrum of ship finance. This includes asset backed lending structures, sale and leaseback transactions, export credit and other constructions financings, and fleet refinancing projects.

We provide a holistic service managing all aspects the transaction, from early negotiations through to post-completion matters, liaising with foreign counsels, vessel and corporate registries, shipyards, refund guarantors, insurers and brokers to ensure a seamless service. We are frequently instructed as maritime counsel to conduct due diligence on vessel portfolios for investors, and regularly act for private equity funds (either directly or in partnership with their corporate counsel) investing in the maritime and offshore sectors.

Our partners have been actively involved on BIMCO drafting committees relating to standard forms relating to ship finance (SHIPTERM, SHIPLEASE) and related matters (BARECON, QUIET ENJOYMENT LETTERS).

The global shipping and offshore sectors have experienced profound challenges in recent economic cycles with the result that many stakeholders have been forced to restructure the way they finance, manage and operate their fleets. At the same time, as the availability of traditional debt finance has diminished, new types of capital providers have entered the market bringing with them new ideas on how the industry can navigate through the difficult economic waters and look confidently to the horizon.

Our team has worked with clients across the energy, transportation, cargo, offshore and cruise sectors in some of the largest and most complex transactions and restructurings.

We have recognised expertise and experience assisting our clients in understanding and mitigating the complexities of maritime law both in distressed situations (involving enforcement of security and potential insolvency risks) and investment and growth opportunities. Furthermore, we can provide Marshall Islands and Liberian legal opinions from within the firm.

Recent examples of our work include:

• Advised an energy trader as borrower and guarantor in relation to term facilities of approximately $110m in aggregate to refinance loans secured by oil and product tankers operated under various joint ventures, including bareboat and time charters and management agreements.
• Acted for a cruise line in connection with the construction and ECA financing of cruise ships with Italian and German shipyards, including restructuring of debt and capital market financings during the Covid-19 pandemic and maritime aspects of a group tax restructuring.
• Acted for a shipping company as lender in relation to pre-delivery loan facilities and mezzanine financing for the delivery of five cargo ships to a cargo carrier to be operated under a joint venture with its charterer.
• Advised a project consortium on ECA financing for the construction of five luxury superyachts to be operated by a hotel group, including in relation to shareholder arrangements and direct agreements between the financiers and hotel operator.
• Acted for the seller/charterer in a sale and leaseback transaction involving eight newbuilding MR tankers including a sub-bareboat chartering structure for a number of the vessels.
• Acted for the seller/charterer in a sale and leaseback transaction involving ten tankers.
• Advised a freight company as borrower in relation to a $50m term loan facility with Macquarie Bank for two bulk carriers.
• Advised a Norwegian bank in connection with insurance assignments under term and bridge facilities secured by fishing vessels.