• Home
  • News
  • Stephenson Harwood (Singapore) Alliance advises BNP Paribas on two JOLCOs

22 Dec 2022

Stephenson Harwood (Singapore) Alliance advises BNP Paribas on two JOLCOs

Linkedin

Stephenson Harwood (Singapore) Alliance has advised BNP Paribas (BNPP) on two Japanese Operating Leases with Call Options (JOLCOs) financing structures, as part of BNPP's Alliance with SBI Leasing Services Market Leasing Services.

The first matter relates to the financing of a 1,730 TEU container vessel, in which the firm acted for BNPP's Japanese and Singapore offices on their first JOLCO with an independent common carrier group. As part of the structure, the vessel will remain flagged under the Marshall Islands, and be bareboat charter registered under the Singapore flag.

The second matter relates to the financing of a 8,800 TEU second-hand container vessel, in which the firm acted for BNPP's Japanese and Singapore offices on their JOLCO with an Israeli owned maritime group. The vessel will serve a sub-time charter with a global container shipping company. The security package for this structure included security over the charterer's earnings account with a German bank, which comprised two German law account pledges: a first ranking account pledge by the charterer in favour of BNPP securing the loan; and a separate second ranking account pledge by the charterer in favour of the borrower and owner separately securing the charter. 

The Stephenson Harwood (Singapore) Alliance team was led by Singapore-based partner Pedram Norton, who was supported by managing associate Matthew Seah, and associates Nicole Carmen Tan and Yin Ling Ng.

Linkedin

MEDIA CONTACT

Rose Charteris

Senior communications & PR executive

T: +44 20 7809 2961 
Email Rose