Stephenson Harwood advises StraitNZ on ro-pax ferry acquisition
Law firm Stephenson Harwood LLP has advised StraitNZ on its acquisition of the ro-pax ferry m.v. Stena Livia.
The transaction involved unwinding an existing leasing and dual-flagging arrangement, as well as re-flagging the Livia and placing new securities over it on the same day. The team had to interface with correspondent counsels across different time zones as well as representatives from the Denmark, Cyprus and Bahamas ship registries. Stena Livia was delivered in drydock in Denmark where it will undergo work before sailing to New Zealand.
This acquisition marks the firm's third opportunity to support StraitNZ in managing its ro-pax shipping portfolio. The firm advised StraitNZ first in connection with its purchase of m.v. Connemara from Stena Line in late 2022 and was subsequently involved not long after in advising on the sale of m.v. Straitsman to the Channel Islands-based operator Condor Ferries Limited in early 2023.
The Stephenson Harwood team was led by Singapore-based Partner Pedram Norton and Associate Jonathan Simpson. Virtus Law LLP Partner Jason Yang and Associate Angeline Yap provided Singapore law assistance while London-based Managing Associate Roderick McGeachy and Associate Kathleen Wan supported with the closing in London. Hong Kong-based Partner Elton Chan and Associate Tinnie Chan advised on the unwinding of the existing leasing arrangement and discharge of security, and Virtus Law LLP Partner Colin Jarraw acted as Singapore counsel for the incoming mortgagee.
