Stephenson Harwood (Singapore) Alliance has advised an international bank, specialising in international transportation finance, on the sale of several vessel-owning special purpose companies. The transactions were completed virtually.

The bulk carrier vessels were sold to a third party group, by the owners’ shareholder, as an alternative to vessel sales during the COVID-19 lockdown period.

The closings were concluded remotely via video conferencing between an escrow agent based in Singapore, the bank based in London, Stephenson Harwood in Hong Kong and Singapore, and the buyers and sellers in China. Documents were signed and exchanged electronically as part of the closing meeting.

The transactions involved sale and purchase agreements relating to the shares of the companies, a detailed closing steps plan, which involved a mix of corporate share sale and vessel elements, and coordinating parties across multiples jurisdictions and time zones.

The Stephenson Harwood team was led by partner Iain Young and senior associate Pedram Norton, with support from associate Jefferson Tan. Partner Elton Chan and associates Minnie Wong and Brenda Wong assisted with the Hong Kong law aspects and dealings with the Hong Kong Ship Registry.