Ship's Bow

WFW advises ABN AMRO on financing for two Maltese-flagged vessels

11 June 2014

Watson, Farley & Williams (“WFW”), a leading international law firm, is pleased to announce that it has advised ABN AMRO Bank N.V. (“ABN AMRO”) in relation to the delivery to Eco Shipping Limited of Malta, of a 38,700dwt handysize open hatch box shaped dry-bulk vessel constructed at the Chinese shipyard Yangfang Group Co. Ltd. Upon delivery, the vessel has been named “Giulia I” and been registered under the Maltese flag.

Eco Shipping Limited of Malta is fully owned and controlled by Venice Shipping and Logistics S.p.A. (“VSL”).

WFW’s Asset Finance practice also advised ABN AMRO in relation to a term loan facility of up to US$18.6 million granted to Eco Tankers Limited of Malta, which is 67% owned by VSL. The remaining 33% is owned by d’Amico International Shipping S.A.. The purpose of the term loan is to finance part of the acquisition costs of a 50,000dwt MR product/chemical tanker constructed by Hyundai Mipo Dockyard Co. Ltd, at the Vietnamese shipyard Hyundai-Vinashin Shipyard Co. Ltd, and the subsequent delivery. This ship has been named “High Sun” and is also registered under the Maltese flag.

On both transactions, the WFW team was led by London maritime partner Michael O’Donnell, supported by associates Ida Marie Oedegaard and Katharine Langabeer. WFW Rome asset finance partner Furio Samela and associate Michele Autuori advised on the Italian law aspects of both transactions.

WFW London partner Michael O’Donnell, said: “These two deals for ABN AMRO highlight both the breadth and depth of WFW’s market-leading asset finance and maritime practices. We were able to advise our client, ABN AMRO, on two separate deals for different holding companies in a tight timeframe, over multiple jurisdictions.”