WFW advises lenders on Sovcomflot LNG-powered tankers financing

The London-based law firm, Watson Farley & Williams (WFW) advised ING Bank and the syndicate of lenders on the $252 million financing of the LNG-powered Aframax tankers for the Russian shipowner Sovcomflot.

The six 114,000 dwt, ice-class vessels are being built by Hyundai Samho, with two of the vessels to operate under time charter to Shell for up to ten years.

The vessels are scheduled for delivery from the third quarter of 2018 through to the second quarter of 2019.

Each tanker will have an ice class 1A hull, enabling safe year-round export operations from regions with challenging ice conditions, such as the Baltic.

Shell will also provide LNG fuel for all six tankers across north-west Europe and the Baltic, WFW said in a statement.

In addition to ING, international lenders ABN Amro, BNP Paribas, Citibank, KfW IPEX-Bank and Société Générale were part of the financing syndicate for the facility.

The WFW team was led by London finance partner Gary Walsh, the law firm’s statement reads.