ABN Amro has loaned US$53mn to a Panamanian company for the acquisition of a Korean shipping vessel.
The Panamanian company, which was established under the Korea Development Bank shipping fund programme, purchased the capesize-class dry bulk carrier from Korean shipping firm STX Pan Ocean Co, before sub-chartering the vessel out to a Hong Kong leasing company.
Capesize-class vessels are typically above 150,000 tonnes dead weight.
The deal was advised by Watson, Farley and Williams’s (WFW) Singapore office, led by partner Madeline Leong and assisted by Lee Chien Herr.
Speaking to GTR, Leong remarks: “WFW and ABN Amro have a strong reputation in the Korean market and a strong relationship with the Korea Development Bank, who is key in arranging these Korean shipping fund deals.”
“Korean structures have been evolving over time but it is certainly a method of providing finance which is proving to be successful and we believe would continue to be replicated,” Leong adds.
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