Credit Agricole Finances Landbridge VLCCs

London-based international law firm Watson Farley & Williams (WFW) has advised Credit Agricole Asia Shipfinance Limited as facility agent on a US$91m term loan facility to a subsidiary of investment firm Sole Shipping Group (advised by Nordisk Legal Services) for the financing of two VLCCs (and scrubbers).

According to WFW, the ships will be bareboat chartered to Hong Kong-based Landbridge group, with the leases arranged by Pareto Securities.

The lenders were Crédit Agricole Corporate and Investment Bank and BNP Paribas, it said.

The WFW Hong Kong Maritime team advising on the transaction was led by Partner and Office Head Madeline Leong, supported by Valerie Lee and Lee Siu Ting.

Madeline said: “We are extremely pleased to have worked on this transaction, which represents a trend towards more structured financings involving new players in the Asian maritime markets such as investment firms. Advising on this matter required experience and expertise in maritime financing and leasing and which we were able to bring to bear on our client’s behalf to facilitate and contribute towards its successful closing”.