Maritime Services

• Chinese Lessor-financiers on a $600 million lease financing transaction between four subsidiaries of a leading government-linked Chinese leasing company (as owner) and a global shipping conglomerate (as lessee) in relation to the acquisition of four 24,000 TEU containerships.
•  Chinese Lessor-financiers on a $360 million lease - financing transaction between four subsidiaries of a leading government-linked Chinese leasing company (as owner) and an operational subsidiary of a leading PRC-based transportation company (as charterer), in relation to the financing of four 400,000 DWT bulk ore carriers.
• Chinese Lessor-financiers on a EUR280 million sale and leaseback financing transaction between a leading international cruise ship operator and the subsidiary of a leading government-linked Chinese leasing and vessel construction company (as owner), in relation to the acquisition of a passenger cruise ship built in Fincantieri, Italy.
• Chinese Lessor-financiers on a EUR500 million sale and leaseback financing transaction between various subsidiaries of a Norwegian-based passenger cruise (as charterers) and various subsidiaries of a leading government-linked Chinese leasing company (as owners), in relation to the acquisition of two passenger cruises ships built in Fincantieri, Italy.
• Chinese Lessor-financiers on a $460 million lease financing transaction between two subsidiaries of a leading government-linked Chinese leasing company (as owners) and a Greek shipping company (as charterer), in relation to the financing of two newbuild FSRU vessels (the first to be constructed in China).

A leading Malaysian shipping enterprise on a bespoke non-recourse US$1 billion facility for the financing of a high specification Semi-FPS unit.

A leading Malaysian shipping enterprise on a series of three non-recourse facility agreements from a syndicate of banks aggregating US$450 million in loan value, in relation to a sub-fleet of three LNG carriers.

As Borrower’s counsel on the refinancing of a $700 million conventional facility agreement into a Murabahah facility, between a syndicate of leading international banks and a Malaysia-based shipping conglomerate, in connection with the financing of a Floating, Production, Storage and Offloading unit (FPSO).

Lenders on a US$300 million loan agreement made by a syndicate of Singapore banks to finance the conversion of a tanker into an FPSO, to be leased to a JV enterprise owned by a Vietnamese government-linked company and a leading Malaysian shipping enterprise.

We have been involved in numerous ship building and ship sale and purchase disputes under the SAJ, Newbuildcon, NSF 1987, 1993 and 2012, and Singaporean Sale Form 2011, as well as drafting various bespoke forms of contract.

Experience:

• Acting for a French shipowner in three LMAA arbitrations regarding the sale and purchase of three newbuilding vessels. The case involved allegations of fraud, obtaining injunctive relief to prevent payment out under the refund guarantees, and subsequent enforcement of the arbitration awards made in our client’s favour.
• Acting for a French buyer of four bulk carriers in successfully setting aside an injunction obtained by an Indian shipyard restraining the buyer from making demands under the refund guarantees following termination.
• Advising a Singaporean shipyard in a dispute over modifications to a vessel’s specification during construction.
• Acting for a Norwegian shipowner in a dispute with a European shipyard arising out of an option agreement for the construction of a specialist oil product tanker.
• Acting for a Danish paint manufacturer and a Chinese shipyard in defending claims brought in London arbitration proceedings by a Greek shipowner arising out of shipbuilding contracts for the construction of six bulk carriers.
• Acting for a Norwegian shipowner in a dispute with a Chinese shipyard and a bank concerning the owner’s right to cancel two shipbuilding contracts and to make demands under the refund guarantees provided by the bank.

We have acted for owners and charterers in a broad range of disputes in connection with port operations and time, voyage and bareboat charters in arbitrations conducted under the rules of the LMAA, ICC, LCIA, SIAC and ICSID.

Experience:

• Acting for charterers in a dispute with owners relating to a dispute in relation to damage to deck cranes allegedly caused by stevedores’ negligence.
• Advising owners in respect of a claim for underperformance of speed and consumption.
• Advising owners in respect of a claim brought by cargo interests for alleged contamination of a cargo of methanol.
• Acting for owners in defending a claim in respect of alleged shortage of a cargo of UREA fertiliser.
• Advising owners in respect of the charterers’ claim for off-hire in respect of the owners alleged failure to place the vessel in a position not less favourable to the charterers than when the vessel deviated for planned drydocking.
• Acting for owners in London arbitration proceedings against the charterers claiming compensation for damage caused to the main engine by off-spec bunkers.
• Acting for owners or charterers in numerous disputes relating to the loss and damage to various cargos including polypropylene homopolymer, bananas, iron ore, cotton, palm oil, stainless steel, green beans, mung beans, livestock and containers.

The firm has over 25 years' experience in advising on, restructuring, and taking enforcement action in respect of non-performing shipping loans, including ship arrest and sale by judicial auction.