Our practice is actively focused on serving the maritime sector. We advise the players of the maritime industry in all their capacities as shipowners, traditional lenders, private investors, operators, agents and charterers (bareboat or time charters).
Maritime Law Services
The allocation of burden in contracts transferring operating and management duties must be scrutinised depending on the fleet in question, as that not only impacts the commercial viability of the transaction but also insurance feasibility. Our experience comprises of advising on the operations and management agreements for:
- Inspection, Repair & Maintenance Vessel is specifically designed for rapid response to and effective management of IRM situations.
- Offshore Supply Vessels (OSV) for the logistical servicing of offshore platforms and subsea installations.
- Platform supply vessel (PSV) specially designed to supply offshore oil and gas platforms.
- Anchor Handling Tug Supply (AHTS) vessels are mainly built to handle anchors for oil rigs, tow them to location, and use them to secure the rigs in place.
- Spud barge – a specialized type of barge commonly used for marine construction operations.
- dry bulk cargo barge is a barge designed to carry freight such as coal, finished steel or its ingredients.
- tugboats that manoeuvre other vessels by pushing or pulling them; and
- crew boats specialized in the transport of offshore support personnel, deck cargo, and below-deck cargo such as fuel and potable water
The shipping industry is capital intensive. It is highly regulated. It requires significant sector experience.
A lease arrangement is one means of financing the acquisition of a vessel. The financier can utilise a bareboat charter party as the vehicle for the loan repayment agreement.
We are one of the very few firms who have structured leveraged finance lease which allows them to finance the acquisition partly by traditional bank loans, and remaining sum through long-term finance lease initial deposit.
Our client entered into a shipbuilding contract to cater to a secure charter party. In anticipation of delivery, we structured a bareboat charter arrangement with the private equity financier. Once delivered, the vessels immediately commence 7 years bareboat charter to the investor with purchase options during the charter period.