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17 Jun 2021

Stephenson Harwood (Singapore) Alliance acts on two award-winning deals

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Stephenson Harwood (Singapore) Alliance has advised on two separate deals which have been recognised at the Marine Money Deal of the Year Awards 2020.

The first deal, which was named ‘Leasing Deal of the Year – East’, relates to the US$140.2 million financing of two 325,000 DWT VLOC newbuildings. The financing, which was arranged using the Japanese Operating Lease with Call Option (JOLCO) structure, will ultimately serve a long-term transport agreement signed with Brazilian mining giant, Vale. The firm acted for the charterers in this transaction, which are subsidiaries under a joint venture (JV) structure between group entities of ICBC Financial Leasing (ICBC) and China Merchants Energy Shipping (CMES). This is the third consecutive year in which a deal on which the firm advised has won the Marine Money ‘Leasing Deal of the Year – East’ award.

The second matter, which won 'Green Finance - Green Loan Deal of the Year', relates to the US$472 million green lease facility of three 23,500 TEU newbuilding containerships for Hapag-Lloyd. The newbuild ships will be powered by LNG dual fuel engines and are part of Hapag-Lloyd's order of six ultra-large containerships worth up to US$1 billion with Daewoo Shipbuilding & Marine Engineering. The transaction fulfils the Green Loan Principles of the Loan Market Association and the performance of the six ships is in line with the Climate Bond Initiative trajectory as certified in the form of a second-party opinion by DNV GL as an independent expert. The firm acted for ICBC Financial Leasing in its capacity as owner and lessor.

The Stephenson Harwood team was led by Singapore-based partner Huay Yee Kwan, who was supported by associates Nicole Tan, Gary Leow, Joan Tan and Romie Yeo, and paralegal Kai Wei Yeo.

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Rose Charteris
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