(LAWFUEL) – International law firm, Stephenson Harwood, has advised Transpetrol Maritime Services, an independent, fully integrated tanker company on the financing of “Progress” a 82,000cbm Very Large Gas Carrier (VLGC) for delivery from Hyundai Heavy Industries in Korea and the re-financing of two Panamax tankers, “Affinity” and “Perseverance”.
The new vessel, “Progress”, will be kept in a pool formed, in 2008, by Transpetrol, Maersk Tankers and Zodiac Maritime Agencies Limited. The new pool will manage 14 modern VLGCs by 2011. Transpetrol has now added “Progress” and will add its other newbuild to the pool in March 2009; Maersk Tankers is currently operating eight vessels and by 2011 will control nine; and Zodiac will manage three other new builds which will enter the pool during 2010/2011.
Arlene Dourish, Finance partner at Stephenson Harwood said, “We are delighted to have advised Transpetrol on this newbuild. The shipping market is facing limited liquidity in the current global downturn, therefore it is unusual to attract new debt.”
Marc Geysen Managing Director Finance at Transpetrol added, “Stephenson Harwood has advised us for several years now. Their in-depth knowledge of the shipping market and understanding of complex financing structures is the reason we rely on them time and time again.”
The Stephenson Harwood team was led by finance partner, Arlene Dourish and assisted by Hema Rachhoya in London and Juliana Yap in Singapore.
The financing was provided by Calyon Paris and BNP Paribas.
Denton Wilde Sapte acted for Calyon.