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21 Apr 2020

Stephenson Harwood acts on five award-winning deals

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Law firm Stephenson Harwood LLP has advised on five separate deals which have been recognised at the Marine Money Deal of the Year Awards 2019.

The first deal, which was named ‘Leasing Deal of the Year – East’, relates to the US$185.2 million financing of two containerships chartered to Maersk Line, the logistics company, through a Japanese Operating Lease with Call Option structure. The firm acted for Bank of Communications Financial Leasing Co. Ltd. (BCLC), in its role as the head charterer in the transaction. This is the second consecutive year in which a deal on which the firm acted has won the award. Stephenson Harwood partners Huay Yee Kwan and Gregory Xu, both of whom are based in the firm’s Singapore office, advised on the transaction.

Stephenson Harwood lawyers also advised BCLC in the second and third transactions, which together won ‘The Editor’s Choice Deals of the Year – Ships for Shares’ award. BCLC was outgoing financier for a fleet of 29 ships chartered to Trafigura Maritime Logistics (Trafigura), the Swiss commodities trader. 19 of the ships were sold to Scorpio Tankers Inc (Scorpio), the New York-traded tanker owner, and formed part of Scorpio’s landmark acquisition in a US$803 million ships-for-shares deal with Trafigura. In addition to the vessels’ acquisition, Scorpio issued approximately 4.7 million shares to Trafigura for a market value of US$135 million, making Trafigura the biggest known shareholder in Scorpio. The remaining 10 ships were bought by Frontline Ltd. (Frontline), a Bermuda-based oil shipping firm, in another notable ships-for-shares deal worth up to US$675 million, where Frontline acquired the ships along with a special purpose company owned by Trafigura. Singapore-based partner Huay Yee Kwan and associates Joan Tan and Gary Leow advised on these transactions.

The fourth matter also won one of ‘The Editor’s Choice Deals of the Year’ awards. The Stephenson Harwood team advised Fleetscape Capital Limited (Fleetscape), an alternative capital provider to the global shipping and offshore industries, on the sale and leaseback of 11 oil tankers with Advantage Tankers. The vessels were partly financed by a US$190 million senior secured debt facility led by Crédit Agricole Corporate and Investment Bank and a junior debt facility by Fleetscape. The Stephenson Harwood team was led by London-based partner Ian Mace, who was supported by senior associates Jennifer Ashford and Roderick McGeachy, and associate Alex Troop.

The fifth transaction won 'Export Credit Agency Deal of the Year – East'. Hong Kong-based partner Elton Chan, with associate Minnie Wong, advised CMB Financial Leasing Co., Limited in the US$193.2 million post-delivery refinancing of the sale and leaseback of two 23,000 TEU containerships built by Samsung Heavy Industries. The matter was arranged by Citi and other leading international financiers, with support from KEXIM, and the vessels are bareboat chartered to one of the world's largest shipping companies for 15 years. 

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KEY CONTACT

Elton Chan

Elton Chan
Partner

T:  +852 2533 2726 M:  +852 9350 9218 Email Elton | Vcard Office:  Hong Kong

Huay Yee Kwan

Huay Yee Kwan
Partner

T:  +65 6622 9678 M:  Email Huay Yee | Vcard Office:  Singapore

Ian Mace

Ian Mace
Partner

T:  +44 20 7809 2653 M:  +44 7827 353 109 Email Ian | Vcard Office:  London

Dr Gregory Xu

Dr Gregory Xu
Partner

T:  +65 6622 9670 M:  +65 9233 2159 Email Dr Gregory Xu Office:  Singapore

Joan Tan

Joan Tan
Associate

T:  +65 6622 9636 M:  Email Joan | Vcard Office:  Singapore

Minnie Wong

Minnie Wong
Associate

T:  +852 2533 2847 M:  +852 9824 6030 Email Minnie | Vcard Office:  Hong Kong

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Rose Russell
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