Firms To Watch: Shipping finance

MANOLIS EGLEZOS AND ASSOCIATES LAW FIRM has handled a number of standout shipping matters of late, including vessel transactions, disputes and an array of financings.

Shipping finance in Greece

Norton Rose Fulbright

Norton Rose Fulbright advises on the full range of shipping transactions, financings and disputes at a local and international level for notable clients such as HSBC. Its areas of work include marine casualties, dispute resolution and ship building, among others. The team is led by the recently appointed Yianni Cheilas, who has considerable expertise in a broad range of finance transactions, including international transactions, alongside further matters such as bond issues.

Practice head(s):

Yianni Cheilas


Other key lawyers:

Dimitris Sofianopolous; Evi Platsidaki


Key clients

Alpha Bank A.E.


ABN AMRO Bank N.V.


Piraeus Bank A.E.


ING Bank N.V.


HSBC Bank plc


DVB Bank SE


Nordea Bank Finland plc


National Bank of Greece S.A.


Eurobank Ergasias S.A.


Credit Suisse AG


Citigroup


Bank of America Merill Lynch


Amsterdam Trade Bank N.V.


National Australia Bank


Korean Development Bank


Work highlights


Watson Farley & Williams – Greek Branch

Watson Farley & Williams – Greek Branch‘s shipping finance team specialises in non-contentious shipping and ship finance matters. Alexia Hatzimichalis, who leads the team, possesses significant expertise in numerous shipping and ship finance matters, such as the drafting and negotiation of loan facilities. Notably, George Paleokrassas handles a broad range of work in the maritime sector, including the sale and transfer of shipping loan portfolios, among other matters.

Practice head(s):

Alexia Hatzimichalis


Other key lawyers:

George Paleokrassas


Testimonials

‘Professional, responsive, hands-on, knowledgeable.’

‘Professional, devoted to clients.’

‘Excellent teamwork when handling complex transactions. Ability to handle issues around the clock.’

‘Brings to the table considerable experience on similar deal clauses, realistic claim handling.’

‘Ability to interact with other legal firms and solve issues/disputes, able to stick to budgets, objective assessment and advice.’

Key clients

Danaos Corporation


EnTrust


Australis Maritime Limited


ING Bank N.V.


BNP Paribas


Piraeus Bank


Alpha Bank


National Bank of Greece


CACIB


HCOB


Dorian LPG Ltd


United Overseas Group (UOG)


HSBC


DNB Bank


Starbulk Carriers Corp


Work highlights


  • Advised Danaos Corporation on the refinancing of $1.25bn of its outstanding senior secured debt.
  • Acted as English law counsel to CPLP Shipping Holdings PLC on the issuance and public offering of a $150m corporate bond on the Athens Stock Exchange, guaranteed by Capital Product Partners L.P.
  • Advised Alpha Bank S.A. and Export Finance Norway on an export credit bond loan facility for the financing of three newbuilding AERO type high-speed catamaran passenger vessels built by Norway-based Brødrene Aa for Attica Next Generation Highspeed a subsidiary of Attica Holdings SA..

Constant & Constant (the Maritime Division of TLT in Greece)

Constant & Constant (the Maritime Division of TLT in Greece) cover numerous areas, including, but not limited to, acquisition finance for new-buildings and second-hand ships and advice on shipbuilding contracts. The team works with specialists in numerous sectors, notably on participations and debt sales, as well as the acquisition and disposal of loan portfolios. Jeremy Watson is an asset finance lawyer, acting for both major banks and borrowers seeking to obtain finance. Stelios Andreiotis assists banks active in the shipping sector with abroad range of mandates.

Practice head(s):

Jeremy Watson


Other key lawyers:

Stelios Andreiotis


Testimonials

Non-verbalistic, concise documentation to the point, excluding unnecessary jargon.’

‘Reasonable pricing.’

‘Not over-usage of mechanical communications’

‘Practical. Not pompous as competitors in bigger firms.’

‘Assisting clients with issues outside the strict frame of the particular engagement. Non inhibitive in enlarging the scope of their advice.’

‘Head Partner is very experienced, helpful and well connected in the market.’

‘Organised, fast and appreciative of the time constraints. Competitive on pricing.’

Work highlights


Hill Dickinson LLP

The ‘dynamic’ Hill Dickinson LLP practice has a particular focus on offshore capability within the financial, mercantile marine and yachting sectors, alongside a range of corporate and commercial services. The team acts for both ship owners/borrowers and a variety of lenders, including international banks, financial institutions, leasing houses and private equity funds. The team is led by Jasel Chauhan, who handles cross-border corporate projects and commercial shipping transactions.

Practice head(s):

Jasel Chauhan


Other key lawyers:

Anthony Paizes


Testimonials

‘The team led by Jasel Chauhan is dynamic, diverse and responsive. They are the leading team for owner/borrower work and head and shoulders above their competitors.’

‘Jasel is a standout lawyer in every respect. He has a wealth of knowledge with in-depth technical legal and commercial sector awareness. He is always available to guide and provide advice on the most complex matters just as much on the most basic queries.’

‘Exceptional prompt responses which can be relied on.’

Key clients

Celestyal Cruises Limited


UK SPAC plc


Eurobank S.A, Alpha Bank S.A., National Bank of Greece S.A. and Piraeus Bank SA


Piraeus Bank S.A. and Euroxx Securities S.A.


Citibank N.A.


Hamburg Commercial Bank (HCOB)


Work highlights


Stephenson Harwood

Stephenson Harwood, a firm that ‘goes the extra mile’, has expertise in relation to restructuring, having recently been involved with some complex cross-border asset-based transactions, requiring multi-jurisdictional support with regard to asset re-acquisition and enforcement. The firm has a broad practice reach, handling transactions for clients based in Europe, Asia and the Americas. Nigel Bowen-Morris specialises in shipping finance, cross-border transactions, and workouts, whilst Chris Vartzis’s strength lies in asset finance, with particular regard to the financing of commercial vessels and aircraft.

Practice head(s):

Nigel Bowen-Morris; Chris Vartzis


Other key lawyers:

George Kalpakidis


Testimonials

‘The team’s responsiveness, proactivity, professionalism, price competitiveness with expertise in specialised transactions is recommended.’

‘The team is extremely commercial and responsive to clients’ needs. It is a relatively large and experienced team so there is always back-up.’

‘Nigel Bowen-Morris and Chris Vartzis are very reliable, professional with good commercial knowledge of the shipping sector, and a pleasure to work with.’

Key clients

ABN AMRO Bank N.V.


National Bank of Greece


Work highlights


  • Advised ABN Amro Bank N.V. in connection with a sustainability linked loan facility to six SPCs of Diana Shipping Inc. group for the purpose of refinancing certain existing indebtedness over 6 vessels.
  • Advised National Bank of Greece in connection with a $125m secured term loan facility deal with Star Bulk Carriers Corp. for the purpose of refinancing existing indebtedness over 17 vessels and providing Star Bulk with liquidity to redeem an existing bond.

PPT Legal

PPT Legal is home to a comprehensive array of shipping finance-related services, including cross-border financings, secured and unsecured lending, leasing, sale and leasebacks, fleet acquisitions and new buildings. John Papapetros leads the practice, bringing over 25 years of experience to the table.

Practice head(s):

John Papapetros


Other key lawyers:

Aleka Tatagia; Vicky Katsouli


Testimonials

‘We work with the team closely for several years now. Headed by John Papapetros, a team of senior and junior lawyers stands out from the crowd, working consistently with great results and meeting deadlines. The team’s ability to understand what really matters to us and to be able to thing out of the box provide us the assurance and comfort we need. Clearly, they stand out for their easy going approach, in-depth knowledge and solution finding ability.’

‘John Papapetros, the firm’s managing partner and a renowned figure in shipping has been our main contact for decades now. He stands out from his peers and his deal-making ability is unique. Certainly a brilliant but still down to earth lawyer.’

Key clients

Navios Maritime Holdings Inc


Navios Maritime Acquisition Corporation


Aegean Baltic Bank S.A.


Canfornav Inc. Group of Companies


Harbor Shipping and Trading S.A.


Agathonissos Finance Llc


Work highlights


  • Represented Navios Acquisition in the merger of Navios Maritime Partners L.P. (“Navios Partners” – an international owner and operator of dry cargo vessels) with Navios Acquisition Corporation – an international owner and operator of tanker vessels), in a combination in which shareholders of Navios Acquisition received 0.1275 of a common unit of Navios Partners for each outstanding common share of Navios Acquisition.
  • Represented Navios Maritime Holdings Inc in the repayment of USD 614.3 millions of Ship Mortgage Notes and closing of USD 550 million of Debt Financing.
  • Represented certain ship owning companies bellowing to Canfornav Group in the amendment and restatement agreement of a term loan facility agreement in respect of a loan of USD 134,367,610.32 made available to them by Credit Suisse AG.

Sarantitis

Sarantitis’s focuses on a broad range of shipping issues. The team, with a ‘powerful commercial acumen’, has experience in the necessary securities to elaborate the agreements of clients, as well as preparing security documents for the preservation of the clients’ rights, for clients such as Chronos Shipping Co. Ltd. Eleni Papakosta leads the team, with expertise in advising on issues, including refinancing.

Practice head(s):

Eleni Papakosta


Other key lawyers:

George Dedes; Angeliki Agrimaki


Testimonials

‘Many years of experience have resulted in the firm’s expertise in matters related to shipping: sale and purchase, charter party agreements, flag state regulations and processes, registration of corporations in several different countries.’

‘When the firm itself has questions, the firm has working relationships with other specialized attorneys and can consult to obtain information and/or find solutions.’

‘They are responsive, friendly, knowledgeable, thorough, responsible, good listeners, and always ask if they have satisfied our needs and expectations and whether they may further assist me.’

‘Sarantitis Law firm has exhibited over the years to have a very powerful commercial acumen, to be flexible, quick in responding and willing to bridge differences between the parties involved.’

‘Eleni Papakosta and her team are very competent, reliable, with a deep and thorough understanding of shipping law and very accommodating in bridging differences among the parties involved. Highly recommended.’

Key clients

Chronos Shipping Co. Ltd.


Zim Integrated Shipping Services Hellas S.A.


Cuma Shipmanagement Ltd.


Piraeus Bank S.A.


Niovis Shipping Company S.A.


Neptune Dry Holding Company


Union of Shipping Agents of Regular International Lines


Tri Bulk Shipping Ltd.


Work highlights


  • Advised CHRONOS SHIPPING CO . LTD. Group on legal issues relating to purchases of second-hand vessels and their registration under various flags and sales of a number of Group’s vessels to various international shipping companies.
  • Advised PIRAEUS BANK S.A. in the financing of several shipping groups for the acquisition of vessels and in refinancing of such acquisitions.
  • Advised NIOVIS SHIPPING CO. LTD. Group on legal issues relating to purchases of new building vessels and partially financing their acquisitions.

Timagenis Law Firm

Timagenis Law Firm handles shipping finance transactions, including new loans and addenda-supplemental agreements. The team also specialises in shipping finance litigation, the enforcement of shipping loans and the recovery of maritime debts. Lily Timagenis has acted as counsel either for lenders or borrowers in a significant number of shipping transactions from inception to maturity. Yiannis Timagenis also has a broad shipping practice.

Practice head(s):

Lily Timagenis; Yiannis Timagenis


Other key lawyers:

Christos Timagenis; Gregory Timagenis


Testimonials

‘Flexible and cordial approach to getting the best result.’

‘Christos Timagenis has an acute understanding of the commercial realities for his clients and provides thorough and well-reasoned advice.’

‘What makes the Team of Timagenis Law Firm unique is the excellent knowledge of Shipping Finance in combination with their inexhaustible experience in the real world of the shipping industry.’

‘The accuracy of providing the legal information required in the speed set by the in-house lawyer makes us choose them again and again; they are people we can count on.’

‘One word can perfectly describe the partners of TLF: reliability.’

Key clients

Eurobank S.A.


Diana Shipping Inc. (NYSE Listed: DSX)


Performance Shipping Inc. (NASDAQ Listed: PSHG)


Dorian LPG Ltd (NYSE Listed: LPG)


Magna Marine Inc.


Efnav Company Ltd.


Technomar Shipping Inc./ Global Ship Lease Inc. (NYSE Listed: GSL)


Globus Maritime Ltd. (NASDAQ Listed: GLBS)


Metrostar Management Corp.


Pavimar S.A.


Queensway Navigation Co. Ltd.


Dorian LPG Management Corp./Dorian Hellas S.A.


Castor Maritime Inc. (NASDAQ Listed: CTRM)


Allseas Marine S.A.


Work highlights