Watson Farley & Williams (“WFW”) advised BPER Banca S.p.A. (“BPER”) on a medium to long-term financing of up to approximately US$7.7m to Maltese company Red Coral Bulkers Ltd. (“Red Coral”) for the purchase of the bulk carrier “Archagelos Michael”.
Archagelos Michael, originally under the Liberian Registry and currently registered by Red Coral in the Maltese Register of Shipping under the new name “Peppino” is one of the first ships to also be listed in the EU/EEA states’ register as a result of Red Coral’s permanent establishment in Italy. Built in 2010 at Chinese shipyard Yangzhou Dayang Shipbuilding Co. Ltd. the vessel will continue to be used for the transportation of dry cargoes under the Maltese flag.
Red Coral is a NewCo formed by Dry Investment Limited, Perseveranza Shipping S.r.l. and VSL Bulkers S.r.l., specialising in shipping and freight transport.
The WFW Italy Maritime team that advised BPER on the drafting and negotiation of all financial documentation was led by Partner Furio Samela, assisted by Associate Sergio Napolitano.
