Law firm Stephenson Harwood (Singapore) Alliance has advised long-standing client, Crédit Agricole Corporate and Investment Bank, in relation to a significant senior secured financing of five very large ore carriers for Polaris Shipping Co., Ltd.
The vessels – which were built, or will be built, by Hyundai Samho Heavy Industries Co., Ltd. – will serve long term employment contracts with Vale, the Brazilian mining entity. The loan facility is provided by a syndicate of four lenders comprising both international and Korean financial institutions.
Korean-based Polaris Shipping is a global dry bulk and energy transportation owner and operator, and controls a fleet of approximately 37 vessels.
The Stephenson Harwood team comprised Singapore partner Gregg Johnston, senior associate Matthew Seah and associate Thomas Böhringer. Hong Kong law support was provided from Hong Kong partner Elton Chan and associate Tinnie Chan.