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20 Nov 2018

Stephenson Harwood advises NIBC Bank N.V. on US$55 million loan facility

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Law firm Stephenson Harwood LLP has advised NIBC Bank N.V. (NIBC), in its capacity as agent and co-lender, on a US$55 million loan facility for MW Shipping B.V., a joint venture (JV) between MAAS Capital Investments B.V (MAAS) and Van Weelde Shipping Group B.V. (Van Weelde), a Dutch shipping group. DVB Bank SE (DVB) also acted as lender.

MAAS, part of ABN AMRO Bank, invests in the shipping and intermodal sectors, as well as in the oil and gas industry. Van Weelde is a group of companies primarily involved in commercial shipping activities in the dry bulk sector.

The JV, which has used the facility to acquire six cargo ships to date, is seeking to further expand its fleet in the near future.

“NIBC, DVB and MAAS are all long-standing clients of the firm, so we were especially pleased to advise in relation to this strategic deal, and to also work with Van Weelde for the first time,” said Ian Mace, global head of ship finance, Stephenson Harwood. “After several difficult years for the market, investments such as this illustrate that the sector currently offers exciting opportunities.”

The Stephenson Harwood team was led by global head of ship finance, Ian Mace, who was assisted by senior associate Roderick McGeachy.

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