Our activity in shipping finance
We are often instructed to draft loan agreements and all the demanded collateral guarantee documents. We draft and review the documents for the delivery of the vessel, including the registration of the mortgage of the vessel, the registration of the vessel in the naval registries, the review of the insurance contracts and the draft of the contractual obligation. Recently banks and purchasers of the vessel appoint us to better handle the matter also under the economical aspect.
Here are some issues we have handled:
In winter 2015 Premuda International SAH sold to a company based in Marshall Island, used as corporate vehicle by an equity fund, M/t “Minerva Atlantica” and “Minerva Antarctica”. We have sorted out problems in connection with the issue of change of the flag and the impact this might have on the bareboat charter in place at that time with Minerva Marine. We have given advice regarding the Moa and Novation Agreement and taken care of the closing.
In winter 2015 Scerni di Navigazione has sold to an Ireland company, used as corporate vehicle by an equity fund, two oil tankers. We have drafted the documents for the sale and purchase of the oil tankers and we have sorted out problems related to the cancellation of the mortgage, the deletion of the vessels from Italian Registry and taken care of the closing and of the delivery of the vessels.
In summer 2015 Neapolitan entrepreneur Carlo Pontecorvo, Earl of Pontecorvo, the helm of LGR di Navigazione, instructed Studio Legale Garbarino Vergani to assist in the sale of four gas carriers to the Dutch Shipping Company Anthony Veder. The aiming of the selling of four gas tankers is focusing on Medium Range segment on the tanker market.
In Spring 2015 we assisted Banca Carige S.p.A. for leasing operations concerning pleasure boats with a full rounded service starting at the moment of the adjudication, for the drawing up of the contract and for the audit of the guarantee documents.
In 2015 we assisted Banca Carige S.p.A. in rescheduling the debt concerning a shipping finance. We examined the requested amendments to the below guarantee.
In 2015 we assisted UBI Banca in respect of financial difficulties attaching Energy Shipping. We carried out all the activity to protect the bank interests in connection with the loan of the M/v “Sunflower”. We have attended proceeding established at the Admiralty Registrar in London for the foreclosure of M/v “Sunflower”, dealing with the lawyers of the bankruptcy with the aim to conclude the enforcement within English jurisdiction.
In 2014 we have advised a broker in respect a BIMCO Time Charter Party “Supply Time 2005” of an accommodation barge for offshore natural gas extraction in Persian Gulf. We have examined the insurance covers and additional clauses to complement War Risk Insurance taken out basis Nordic plan. We have reviewed the state of sanctions against Iran with reference to the intended employment of the barge and examined the conditions applicable to loss of hire insurance (Norwegian Plan) and P&I cover, with particular attention to the effect Sanction Regime may have on insurance covers.
In 2014 we assisted UBI Banca S.p.A. in respect of a pool loan. We have studied the loan agreement and carried out all the necessary activity to protect bank interests in connection with the loan of the M/v Quercianella”. We have done some checks with the harbor-office in Cagliari which is the port of entry of the M/v “Quercianella”; we have found at the notary archive in La Spezia the document with which the debtor declares his debt, have verified the economical exposure of the various banks involved and examined the documents concerning the proposal of rescheduling the debt.
In 2013 we assisted Castile Shipping Inc. in the auction sale, preparing bundle of documents to support the bid which was timely lodged in Court. We have attended hearing before the Tribunal of Genoa in bankruptcy proceedings of Handy Shipping for the auction and conducted same for and on behalf of the Purchasers until the final adjudication of M/v “Sider Oricono”. We have assisted the Ship-owner in the transfer of ownership and delivery of the vessel after having sorted out problems related to the cancellation of various encumbrances on the vessel included the cancellation of the mortgage. We have also assisted the Ship-owner and Banca Carige S.p.A in executing a loan financial agreement in order to finance the sale.
In 2013 we have assisted Banca Carige S.p.A. in preparing the auction sale to be held in South Africa of the vessel “Rapallo”. We have prepared all the documents working jointly with South African lawyers and the brokers instructed by the bank in order to proceed with sale the vessel. We have dealt with the Administrator of the bankruptcy of the Owners in Italy and with the various sets of creditors. We have assisted the bank in providing finance in support to different potential bidders and in finalizing loan agreement and documents collateral thereto.
In 2013 we acted for Stylida Maritime in the auction sale, preparing bundle of documents to support the bid which was timely lodged in Court. We have attended hearing before the Tribunal of Torre Annunziata in bankruptcy proceedings involving Deiulemar and sale of unit Margherita Lembo and Eleonora Lembo.
The vessel was sold at the hearing held in July 2013 before the Tribunal of Torre Annunziata.
In 2013 we have assisted Paradise Navigation S.A. for the sale and purchase of M/v “Syn Alcor”. We have followed the successful purchase of LNG Carrier SYN Alcor arranging for all relevant documents.
In 2013 we acted for Shipowners in restructuring the debt under a Shipfinance transaction . We have examined the loan agreement and the offers to be put forward to the bank to sell the vessel off. We have prepared all the demanded documents for the sale of M/v “African Star” to close the loan with Banca Popolare of Novara and the documents concerning the proposal of rescheduling the debt.
In 2012 we assisted the lender – Centrobanca S.p.A./UBI Banca S.p.A. – under a loan facility agreement secured through a mortgage, to recovery a substantial credit against Deiulemar Compagnia di Navigazione S.p.A., borrower under the above loan facility and Ledi Shipping s.r.l., owner of the vessel, through the arrest and subsequent sale of the bulk carrier “Valeria della Gatta”. We have dealt with all the aspects and intricacies related with a public auction in a foreign Country with criminal and insolvency proceedings pending in Italy.
In 2011 an English company bought a 35.000 bulk carrier. The purchase, based on a ship building contract in a Korean shipyard, has been financed by Banca Carige S.p.A. Cassa di Risparmio di Genova e Imperia. The vessel has been enrolled at the Cayman Island Register. We have verified all the documents demanded for the guarantee.
In 2010 Banca Intesa Mediocredito S.p.a. has financed the construction of a 23.700 tons bulk carrier which has been bought by a Bahamas company. We have conducted the contractual and the delivery stages for the bank. We have attended to the closing which was held in Vietnam.
In 2010 Unicredit Corporate Banking S.p.A. has financed the building of two sister-ships, 35,000DWT bulk carrier – 23,456 GT, which has been puchased by an English company. The vessels have been registered in the Cayman Island Register. We have looked after the latest stages of the building of the vessels. We have adjusted the loan agreement to our clients – the ship-owners and the bank – needs. We have taken care of all the demanded operations for the safe delivery of the vessels which has taken place in Korea.
In 2009 we have assisted a ship-owner for the loan agreement of a 14.000,00 tons bulk carrier under construction. We have drafted the loan agreement and the guarantee documents.
In 2009 Unicredit Corporate Banking S.p.A. has financed an English company for the purchase of a 23.400 tons bulk carrier which has been registred in the Cayman Island Register. We have taken care of all the demanded operations for the safe delivery of the vessel which has taken place in Korea.
In 2009 we assisted MPS Leasing & Factoring S.p.A., a client providing regular instructions since years, for the purchase of a high sea tug which has been built in Turkey and leased out to an Italian ship-owners. We have reviewed on behalf of the leasing company and of the Shipowner, the terms of the Memorandum of Agreement. We have drafted and changed each demanded documents for the delivery of the tug. We travelled to Turkey together with the representatives for the leasing company and the ship-owner for the closing. We have arranged for the change of flag, from Turkish flag to Italian flag.
In 2009 an Italian Ship-owner has sold to a Marshall Island company a 40.000 tons oil tanker which has been registered in the Cayman Island Register. We have drafted the documents for the sale and purchase of the oil tanker.
In 2009 we assisted Unicredit S.p.A. for the transfer of a vessel from the International Italian Registry to the Maltese Registry. We have drafted the deed to change the terms of the loan agreement together with all the lien documents for the transfer of the naval mortgage regulated by the Italian law to the typical common law system, in which there is the standard Deed of Mortgage together with the Deed of Covenants.
In 2008 we took care of the sale and purchase of a bulk carrier built in 1981, enrolled in Maltese Naval Registry, gross tonnage 35.664 tons, which has been bought by a Maltese company. The purchase of the vessel has been financed by Banca Antoniana Popolare Veneta S.p.A. (“Banca Antonveneta”) and MPS Capital Services Banca per i servizi alle imprese . We have dealt with the negotiations held before the purchase and with the financing aspects of the dealing together with the technical aspects concerning the registration of the mortgage and the contractual documentation concerning the vessel. Furthermore we have drafted the contractual documents and the delivery documents regulated by the English law and jurisdiction.
In 2006 we have advised Centrobanca – Banca di Credito Finanziario e Mobiliare S.p.A. Centrobanca. Centrobanca has financed an Italian company for the purchase of a ro-ro vessel from an Australian company. We have reviewed and drafted all the demanded documents for the delivery of the vessel. A lawyer of our law firm travelled to Australia to take care of the closing on behalf of the bank.
In 2005 Banca Antoniana Popolare Veneta S.p.A. (“Banca Antonveneta”) financed the building of a GT19.000 bulk carrier which has been bought by a company in Madeira. We have assisted the bank to supplement the loan agreement to complete the building of the vessel, to finalize the delivery of the vessel and for the enrollment in the Registry of the same. The contract is governed by the English law.
In 2004 Unicredit Banca Mediocredito S.p.A. has granted a big loan to an Italian shipping operator for the purchase of a 35.000 tons tanker, for the carriage of oil and chemical products, under construction in Pusan (South Korea). We have drafted the loan agreement and have advised the bank during the building of the vessel. We have taken care of the closing and of the delivery of the vessel.
In 2003 Banca Mediocredito S.p.A. financed the building of a gross tonnage 40.562 tons bulk carrier flying Italian flag which has been purchased by an Italian shipping company. We have drafted the loan agreement and taken care of the closing and of the delivery of the vessel.
In 2003 Banca Mediocredito S.p.A. financed the building of a vessel for the transport of oil and chemical products, which has been purchased by an Italian shipping company. We have advised the bank in drafting the loan agreement and we have taken care of the delivery of the vessel and of the enrollment in the Madeira Naval Registry.
In 2003 we advised Bipop Carire S.p.A. for the loan of a 11.800 tanker which has been purchased by an Italian shipping company. We have done all the demanded activity to grant the refinancing together with the amendment to the deed of mortgage and to the contractual obligation.
In 1999 we advised Bibop Carire S.p.A. for the loan regarding the purchase of a bulk carrier. In 2004 the loan has been transferred to Royal Bank of Scotland. We have conducted all the activities for Bibop Carire S.p.A. and the subsequent operations concerning the loan under the English law. We have drafted the contracts and the requested documents working with the English solicitors acting for RBS.
In 1998 we have been involved by a shipping company on a loan for the building of a platform to link an oceanic vessel and a harbor dock in the harbor of Costanza (Romania). We have drafted the demanded documents in English, as the companies involved in the operation were foreigners and the operation is regulated under the English law.
In 1997 we advised a ship-owner for a pool loan concerning a fleet for USD 110.000.000,00
We have checked the loan agreement and the deeds of collateral security and the naval mortgages (under English law). We have drafted all the demanded documents for this operation regulated by the English law and we have dealt with banks which granted the loan and with their lawyers.