Stephenson Harwood (Singapore) Alliance has advised ANZ Bank on a US$50 million sustainability-linked loan to U-Ming Marine Transport (S) Pte Ltd (U-Ming).

The loan will be used to finance U-Ming's fleet renewal plan, which includes the delivery of five new bulk carriers by the end of 2022. These vessels will feature an optimised hull design with energy-saving main engines and devices, ultra-low friction paint hull-coating, and a fleet safety management system designed by U-Ming.

This sustainability-linked loan is the second financing arrangement of this type for U-Ming this year. It further demonstrates U-Ming's long term commitment to transforming its vessels into a modern, environmentally friendly fleet, which fully complies with the International Maritime Organisation carbon reduction targets and APLMA Sustainability Linked Loan Principles.

The Stephenson Harwood (Singapore) Alliance team was led by banking and finance partner Dr Gregory Xu, who was supported by associates Nicole Tan and Shawn Yap. Further advice was provided by Virtus Law ship finance partner Colin Jarraw, associate Constance Leong, and paralegal Sylvia Lisa.