Law firm Stephenson Harwood LLP has advised ABN AMRO Bank N.V. (ABN) – in its capacity as arranger and sole lender – on a buyer credit facility in relation to a loan to be extended to Star Bulk Carriers Corp. (Star Bulk). The loan will be used to finance the delivery and installation of scrubbers on a series of vessels owned by the group. The facility is insured by Atradius Dutch State Business N.V.(Atradius DSB).

ABN is one of the largest banks in the Netherlands, with a global focus on sectors such as energy, metals, minerals, commodities, shipping, logistics and petrochemicals. Atradius DSB is the Export Credit Agency of the Netherlands. Star Bulk is a global shipping company providing worldwide seaborne transportation of dry bulk cargoes, including iron ore, coal and grain, and minor bulks, such as bauxite, fertilisers and steel products. It is the largest dry bulk shipping company listed on NASDAQ, and is also listed in Oslo.

Scrubbers clean vessels’ exhaust gases in accordance with the International Maritime Organisation’s 0.1% Emission Control Area requirement, and ensure compliance with the 0.5% global sulphur cap requirement coming into force in January 2020.

"We were pleased to advise ABN and work with Star Bulk and Atradius on this strategically important transaction," said Chris Vartzis, partner, Stephenson Harwood. "This pioneering financing sets a market precedent for future financings of this type, which, particularly in view of the upcoming IMO's regulations, we expect to become increasingly popular."

The Stephenson Harwood team was led by Piraeus-based ship finance partner Chris Vartzis, who was supported by senior associate, Constantinos Karachalios and associate, Jenny Anastasopoulou.