Asset Finance News

Angela Chao, chair and CEO of the Foremost Group, has died in a car accident, the New York-headquartered dry bulk shipping company announced on Monday.Angela Chao was an experienced and well-respected shipping executive, having worked her way up through several leadership positions at the company founder by her father, Dr. James S.C. Chao, with her mother, the late Ruth Mulan Chu Chao, in 1964.Before joining Foremost Group in 1996, Angela Chao worked in the mergers and acquisitions department of Smith Barney…

With the creation of a full-fledged U.S. offshore wind industry undoubtedly comes many opportunities for those that own, operate, build and service relevant vessels as developers work toward the nation’s goal of 30 gigawatts (GW) of offshore wind by 2030.But for every opportunity there are at least a handful of challenges, many of which have recently been amplified by supply chain volatility, inflation pressures and other unwelcome factors that have spurred cost increases for…

Shipping and asset finance lawyer, Harry Theochari OBE, has been appointed as the new Chair of the Belfast Maritime Consortium.Theochari holds the position of Senior Consultant at global law firm Norton Rose Fulbright LLP. He is also current Chair Emeritus of Maritime UK, Chair of Maritime London, and esteemed member of the Institute of Maritime Law Advisory Board at the University of Southampton, and brings with him over thirty seven years’ experience in the maritime sector and…

Metairie, La. based Maritime Partners, LLC has promoted Eric Livingston to the position of COO.Livingston joined the towboat leasing company as executive vice president in 2019 and has previously held leadership positions at Citizens Asset Finance, GATX Corporation and ATEL Capital Group.In December, Maritime Partners announced it acquired the towboat and barge fleet of J. Russell Flowers, Inc., making it the largest lessor of marine equipment in the United States.The company is also behind a project to develop the industry's first methanol-fueled towboat, set to hit the water in 2023.

While 2020 proved to be a challenging year for offshore oil and gas markets, the same cannot be said about offshore renewables, which saw substantial growth."It is expected that a number of offshore support vessels (“OSVs”) and crew boats will be redeployed from the offshore oil and gas sector to service the offshore wind industry and that existing offshore wind installation vessels will be upgraded as turbines continue to scale up."Offshore renewable projects achieved an estimated record project sanctioning of US$56bn…

Watson Farley & Williams advised HSBC Bank, HSBC Bank Middle East Limited HSBC Corporate Trustee Company  and a syndicate of banks including Mashreqbank, HSBC Bank Middle East Limited and Bank of Communications Ltd in connection with three Sinosure-backed loan facilities totalling approximately US$123m to UAE-based Zakher Marine International Inc (ZMI), to finance the construction and acquisition of three new high-spec jack-up barges.The delivery of the final two barges in September 2018 completed a structured financing and delivery process which saw Mashreqbank joining the project in 2017. Abu Dhabi-based ZMI was established in 1984 and now operates a fleet of 45 support…

Watson Farley & Williams (WFW) has advised The Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU), Japan’s largest bank, as facility agent for a syndicate of international lenders comprising itself, Development Bank of Japan Inc. and Societe Generale on the $180m refinancing of two K-Line LNG vessels, Arctic Voyager and Arctic Discoverer which are time chartered to Statoil ASA, the world’s largest offshore operator.   The WFW Hong Kong Asset Finance team advising on the transaction was led by Partner and Office Head Madeline Leong, supported by Senior Associate Ryan Tan, Registered Foreign Lawyer Rueben Tan and Legal Assistant Sandrea Mar. London Finance Partner Rob McBride provided advice on the hedging elements of the financing.

A primer for navigating the ‘ups and downs’ of marine money for domestic stakeholders. Vessel financiers are resourceful and adaptable to changing markets. On the domestic side, financiers of Jones Act and “brown water” assets have continued to serve their customers through shifting shoals in both broader capital markets and in the marine markets – both known for their ups and downs. Marine finance can take many forms. In the broadest sense, funding can be done through loans, where the vessel is owned by the borrower…

International law firm Watson Farley & Williams (“WFW”) has advised Turkey-based cruise port operator Global Ports Holding (“GPH”) on the acquisition of stakes in companies managing cruise terminals in Italy. Specifically, GPH acquired stakes in the companies managing the Cagliari (Sardinia), Catania (Sicily) and Ravenna (Emilia-Romagna) cruise ports, previously owned by Royal Caribbean Cruises Ltd. (“Royal Caribbean”), Aloschi&Bassani S.p.A. and Bassani Ravenna S.r.l. Royal Caribbean will retain a minority stake in all three companies and Cagliari, Catania and Ravenna ports will remain part of Royal Caribbean’s cruise itineraries. Founded in 2004…

International law firm Watson Farley & Williams advised Global Ports Holding on the acquisition of two significant stakes in Venezia Terminal Passeggeri S.p.A made via Venezia Investimenti S.r.l., which is jointly owned in equal shares by GPH and fellow industry leaders Costa Crociere, MSC Cruises SA and Royal Caribbean. The first acquisition was of a 48% stake in APVS S.r.l. which owns 53% of Venezia Terminal Passeggeri, from Veneto Sviluppo S.p.A. The second of an 85.85% stake in Finpax S.r.l., which owns 22.18% of Venezia Terminal Passeggeri, from certain Venice port operators. The remaining stakes in Venezia Terminal Passegeri are held by SAVE SpA (22.18%) and the Chamber of Commerce of Venice, Rovigo and the Delta Lagoon (2.64%).

AKD says the lack of an unambiguous term to describe a ‘ship’ in several jurisdictions represents a potential threat to asset security for financiers, particularly in the offshore and renewable energy sectors. AKD partner Haco van der Houven van Oordt says, “In many jurisdictions, including the US and the UK, there appears to be no clear definition of a ship. A recent Tulane Maritime Law Journal study illustrated how a variety of floating objects which have no means of propulsion and/or ability to carry cargo or passengers cannot easily be registered as a ship.

Ince & Co. partner Jonathan Elvey, who was head of the law firm's Piraeus office, has returned to the London office after spending 17 years advising clients at the heart of the Greek shipping market as head of the Piraeus office. Partner Nick Shepherd, who spent five years in Greece in the 1990s and returned to Piraeus in 2010, takes on the role of head of the office. Ince inform that In 2013 their Piraeus office celebrated its 20th anniversary, having grown in size over time to 35 people.

AIG Commercial Asset Finance (AIGCAF) and its affiliates have provided a $400 million loan for vessels owned and operated by Nautical Solutions, LLC, which is an operating unit of Edison Chouest Offshore (Chouest). Proceeds from the loan were used to refinance existing notes and to provide for the construction of new vessels. Kirk Phillips, Senior Vice President of the Direct Finance Group at AIGCAF, said that due to AIG’s extensive experience in offshore marine and energy lending, AIGCAF was able to creatively and quickly meet Nautical Solutions’ needs.

Global law firm White & Case LLP announced the availability of a new report, "Restructuring & Beyond: The marine industry's routes to safety." The report focuses on survival strategies for those affected by the industry's downturn as well as emerging opportunities for companies, banks and investors. "Market equilibrium remains out of balance, and risks remain for the maritime sector," said Christopher Frampton, Partner and Global Head of the Asset Finance Practice of White & Case. "We have seen some contraction in the bank market. This, together with continued demand for capital, presents opportunities for alternate sources of finance.

With a weakening dollar, predictions oil could hit $100 a barrel, and a boom in multi-billion dollar refinery construction, finance and shipping leaders will be meeting in Dubai this November to assess the impact on the regional and global maritime industries. The Middle East shipping industry is dominated by the tanker trade. Bookings for supertankers sailing from the Middle East to Asia account for 47% of global demand for the carriers, compared with shipments to the US and Caribbean, the second-biggest market, which accounts for 14% of demand. The balance of supply and demand, in the tanker sector in the Middle East, will be part of a special Charterers Forum that will take place during the Middle East Money & Ships 2007 conference, from 4-5 November, at Mina a'Salam, Madinat Jumeirah.

The partners of SSY announced the formation of SSY Capital LLC to serve global shipowners in the capital markets. The new unit will be led by Tom Kane, a leading American finance expert with particular expertise in international finance. SSY Capital will offer financial products tailored to its clients’ needs. Several products will be available to clients, including project and asset finance facilities, a variety of lease and debt financing structures, as well as non-traditional forms and capital sources. SSY recently celebrated its 125th anniversary. In the last 20 years, SSY has expanded its traditional broking expertise to include maritime consultancy and research, gas, chemicals, containers and freight derivatives.

office. Watson, Farley & Williams asset finance team. Wikborg Rein will become the first Norwegian law firm to offer English law expertise at this level. years and holds the leading position in the Norwegian-Asian shipping market. range of service to our clients in international transactions. "Stephen Fordham and Chee Chuen Yee are both highly regarded lawyers. truly international firm. Evensen, Managing Partner in Wikborg Rein.