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18 May 2020

Stephenson Harwood advises Mount Street LLP on sale and leaseback transaction

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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.

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KEY CONTACT

Ian Mace

Ian Mace
Partner

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

Roderick McGeachy

Roderick McGeachy
Associate

T:  +44 20 7809 2223 M:  Email Roderick | Vcard Office:  London

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Freddie Harrison
Senior communications and PR manager
T: +44 20 7809 2832
Email Freddie