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WFW advises BPS on US$10m financing for Pimlico Shipping12 September 2023

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Watson Farley & Williams (“WFW”) has advised Banca Popolare di Sondrio (“BPS”) on a US$10m ship finance loan granted to Malta’s Pimlico Shipping Limited (“Pimlico Shipping”), which is owned by Italian shipping company Fratelli Cosulich S.p.A. (“Fratelli Cosulich”).

Notably, the loan cancels all the outstanding debt owed to BPS by Fratelli Cosulich’s subsidiary Vulcania S.r.l. relating to the purchase of the Maltese-flagged bulk carrier Saturnia from Ocean Trader V LLC.

The Saturnia is now registered to Pimlico Shipping and destined for time charter to Lauritzen Bulkers. It is the fifteenth vessel in Fratelli Cosulich’s fleet, which also includes six Bunker Tanker Vessels and the two Small Scale & LNG Bunker Tanker Vessels.

Founded in in 1857, Genoa-based Fratelli Cosulich is a family-owned shipowner with an annual revenue of US$2bn+ and active in 15 countries worldwide.

The WFW Italy maritime team that advised BPS for all aspects related to the drafting and negotiation of the financial documentation under Italian law was led by Rome Partner Furio Samela, assisted by Senior Associate Antonella Barbarito and Associate Sergio Napolitano.

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