Law firm Stephenson Harwood LLP has advised Mount Street Group Limited in connection with the sale and leaseback of a Handysize product tanker. The vessel, was purchased from International Energy Group (IEG) and leased back to them under a five year fixed rate bareboat-charter with options to extend, and with purchase options exercisable at certain points during the lease period.

Mount Street is an international investment management company which offers bespoke financial services in the credit, structured and asset backed finance markets. IEG is an oil and gas company headquartered in Singapore and owned by the New Silkroutes Group, a listed company on the Singapore Exchange Mainboard. Mount Street said, “We at Mount Street are thrilled to have completed the first of many opportunities that we see within the transportation space and we continue to develop our investment pipeline”.

“What really makes this deal stand-out are the circumstances under which it was completed,” said Ian Mace, partner, Stephenson Harwood. “Due to the various restrictions imposed by governments across the globe as they respond to the coronavirus pandemic, all the parties involved were working remotely throughout almost the full period of the transaction. It’s a testament to the innovative approaches, determination and commitment of all involved that this deal completed in a relatively short timeframe and under such unusual circumstances.”

The Stephenson Harwood team was led by ship finance partner Ian Mace and senior associate Roderick McGeachy.