WFW advises DekaBank on US$94m Scorpio Tankers credit facility20 October 2023
The credit facility will finance one MR product tanker and three LR2s.
The credit facility will finance one MR product tanker and three LR2s.
This transaction resulted from HSBC’s decision to sell its Greek shipping portfolio, of which Piraeus Bank acquired the highest number of loans.
The KPS 12 Vessel supplies energy under a power purchase agreement to the Electricity Company of Ghana.
In this client alert, we summarise the amendments made by The Republic of Liberia to the Liberian Maritime Law and Liberian Maritime Regulations with respect to ship mortgages.
All sustainability provisions, including both environmental and social targets, are consistent across the facilities.
The cross-border WFW Maritime team that advised the bank on the transaction was led by London Partner Kavita Shah, with New York Partner John Benson leading on the US law aspects of the transaction.
Securitisation principles and certain structuring efficiencies were utilised to enable Fleetscape to offer sale-and-leaseback or unitranche financing on highly competitive terms.
Seamax operates a fleet of 12 modern, post-Panamax container ships and provides the world’s top shipping lines with over 1.2m deadweight tonnage in carrying capacity.
Both LNG Carriers Tangguh Batur and Tangguh Towuti have been recognised by the Maritime and Port Authority of Singapore’s Green Ship Programme for attaining Energy Efficiency Design Index certification.
The loan is secured over three large container ships operated by Maersk A/S, a subsidiary of AP Moller Maersk.
WFW advised on matters of Marshall Islands, Liberian, Thai and maritime law and also, through our formal law alliance in Singapore with Wong Tan & Molly Lim LLC, Singapore law.
This is a milestone transaction as it represents one of the world’s first completed Japanese operating lease financing for vessels which has involved a Chinese leasing company.