Stephenson Harwood advises on seven award-winning deals

Law firm Stephenson Harwood LLP has advised on seven deals which have been recognised at the Marine Money Deal of the Year Awards 2024.

"The recognition of these deals by Marine Money highlights the intricate and challenging nature of the transactions we've helped our clients to navigate over the past 12 months," said Ian Mace, Global Head of Maritime Trade and Offshore Finance at Stephenson Harwood. "Our team's ability to deliver sophisticated solutions for complex, multi-jurisdictional matters reflects our deep industry knowledge, commitment to excellence and the strength of our client relationships. This recognition is a testament to our position as leaders in maritime and offshore finance and the wider transportation and trade sector."

Project Financing Deal of the Year - MPC Container Ships 'Greenbox' Newbuild Financings
The firm advised MPC Container Ships ASA (MPCC) on the pre- and post-delivery financing of two innovative dual-fuel 1,300TEU container ships constructed at Taizhou Sanfu Ship Engineering Co., Ltd. in China. The $55 million term loan facility was made available to MPC Greenbox AS (a majority owned subsidiary of MPCC) by Deutsche Bank Aktiengesellschaft Filiale Hong Kong with DB Trustees (Hong Kong) Limited acting as security agent. Partner Dora Mace-Kokota, head of the firm's international Maritime, Trade and Offshore practice, led the team advising on this deal.

Structured Finance Deal of the Year - EUKOR Car Carriers Financing
The firm acted as lead counsel to Bank of America, The Korea Development Bank, The Export-Import Bank of Korea and BNP Paribas as mandated lead arrangers and DNB Bank and Sumitomo Mitsui Trust Bank in respect to two sustainability linked loan facilities. The deal provides facilities of up to $450 million to subsidiaries of EUKOR Car Carriers, the largest specialised car carrier company in Korea. The team was led by Partner Gregg Johnston with assistance from Partner Matthew Seah.

East Structured Finance Deal of the Year - $615 Million Financing of HMM 9 x 9K TEU Containerships
The firm advised Crédit Agricole Corporate & Investment Bank on a sustainability-linked syndicated loan facility of up to approximately $615 million to finance part of the construction and acquisition costs of nine newbuild 9,000 TEU methanol dual-fuel container vessels for HMM Co., Ltd. The financing was of particular note as it is being raised to finance the construction and acquisition of modern and eco-friendly methanol-fuelled neo-panamax container ships forming part of HMM's goal of reaching Net-Zero by 2045.

The team was led by Partners Gregg Johnston and Matthew Seah, who were supported by Elton Chan on certain Hong Kong law aspects of the transaction.

East M&A Deals of the Year - CETUS Maritime Successful Amalgamation of Nachipa Corp.
The firm advised Cetus Maritime, one of the largest private dry bulk handysize players in the market, on its acquisition of Chile-based shipowner-operator Nachipa Corp. With the addition of Nachipa’s Japanese-built, modern handysize vessels, Cetus Maritime’s fleet will comprise 65 ships, of which 75% will be eco-vessels. The team was led by Partners Pedram Norton and Tom Platts.

East M&A Deals of the Year - Cyan Renewables Acquisition of MMA Offshore and Subsequent Financing M&A
The firm co-advised Cyan Renewables (Cyan) on its acquisition of MMA Offshore (MMA), a Perth-based ASX-listed offshore vessel support company, for an implied equity value of AU$1.1 billion.

The deal is the largest investment Cyan Renewables has made in the offshore sector since its launch two years ago. It is also one of the largest ever public M&A deals in the decarbonisation space in Asia Pacific.

The team was led by Partners Jeffrey Tanner, Tom Platts and Jay Tai, with further Singapore law advice provided by Virtus Law Partner Jason Yang.

Refinancing of the Group Indebtedness
Following the acquisition of MMA by Cyan, the firm co-advised on the subsequent refinancing of the group's indebtedness.

The financing was provided by Standard Chartered, Westpac, Export Development Canada, Bank of Baroda, UBS, Bank SinoPac. The facility included a Senior Secured Term Loan, Revolver, and Bank Guarantee Facilities. It refinanced acquisition loan, discharged existing indebtedness, provided fund growth and maintenance capital expenditures, and working capital.

The team was led by Partner Jeffrey Tanner with Singapore law advice provided by Virtus Law Partner Jason Yang.

East Leasing Deal of the Year - Xpress Feeders and Eastaway France SAS
The firm advised X-Press Feeders and Eastaway France SAS on a long-term lease financing for six methanol dual-fuel carrier vessels—the first of their kind—with eight more vessels planned, under French leasing structures with a total financing value exceeding $280 million. These methanol dual-fuel vessels represent a groundbreaking step in reducing the carbon footprint of container shipping and underscores France’s attractiveness as a maritime hub for innovative and sustainable shipping projects.

These financings involved three major French arrangers: Societe Generale, Crédit Industriel et Commercial, and BNP Paribas. This transaction stands out as a landmark in green shipping finance, involving complex legal, operational, and jurisdictional challenges. The team was led by Partners Alain Gautron and Ezio Dal Maso, supported by Of Counsel Hortense Atthenont-Duret.

East Project Finance Deal of the Year - Yinson Azalea Production Pte Ltd
The firm advised Standard Chartered Bank and HSBC on a unique US$1.3 billion project finance structure, relating to the pre- and post-delivery financing of Yinson Production's floating production, storage and offloading unit 'Agogo FPSO' (the FPSO). The FPSO will operate in Angola pursuant to the firm contract for the provision, operation and maintenance of the FPSO with Azule Energy, a 50/50 joint venture between BP and Eni, Angola’s largest independent oil and gas producer, which was awarded in February 2023. The contract has a firm operation period of 15 years, with a total contract value of up to approximately US$5.7 billion.

Partner and Global Head of Maritime, Trade and Offshore Finance Ian Mace led the team alongside Partner Pedram Norton. Further Singapore law advice was provided by Virtus Law Partner Jason Yang and advice on Italian law aspects of the transaction was provided by Partner Ezio Dal Maso.

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