30 September 2013
Watson, Farley & Williams (“WFW”), a leading international law firm, is pleased to announce that it has advised Standard Chartered Bank on a loan facility of up to US$109,350,000 to fund the pre- and post-delivery of four 51,800 DWT MR tankers for Leopard Tankers.
WFW advised Standard Chartered Bank on structuring the transaction, negotiating and documenting the facility and security package and assisting with the delivery of all four vessels, which were constructed by SPP Shipbuilding in South Korea.
Singapore-based Leopard Tankers, an equal joint venture between Vitol Group and Grindrod Group, has now taken delivery of all four vessels, the last one having been delivered on 27 September 2013, all four of which will be commercially operated within the Vitol Group and technically managed by Grindrod Shipping. Asset finance partner Kavita Shah led the WFW team and was assisted by associates Gladys Sexl (WFW London) and Katharine Langabeer (WFW London). Kavita Shah, Asset Finance partner at WFW, said: “We are delighted to have advised Standard Chartered Bank on this successful financing of four 51,800 DWT MR tankers for Leopard Tankers, the Vitol Group and Grindrod joint venture.”