Shipping finance in France

Norton Rose Fulbright

The powerhouse Paris team of global firm Norton Rose Fulbright remains a leader in the shipping finance space, advising major financial institutions (such as insurers and expire credit agencies), as well as shipowners on high-value, cross-border transactions. Headed by structured finance expert Christine Ezcutari, the group assists with tax structures, debt holiday and report programs and export credit financing covering cruise ships, container vessels, LNG vessels and VLCCs (very large crude carriers). The team is supported by counsel and transaction negotiation specialist Paolo Pinna and senior associate Ayaka Millet, who brings expertise to asset finance by way of tax lease transactions.


Practice head(s):

Christine Ezcutari


Other key lawyers:

Paolo Pinna; Ayaka Millet


Testimonials

‘Norton Rose Fulbright has always been available and collaborative.’

‘Paolo Pinna is an efficient and proactive lawyer who always finds legal solutions based on sound commercial reasoning.’

‘We worked closely with Paolo Pinna, under the supervision of Christine Ezcutari. The main qualities that we appreciated are: the efficiency, the pragmatism and the reliability of the teams.’

Key clients

BNP Paribas


Bourbon


CitiBank N.A


Crédit Agricole Corporate and Investment Bank


HSBC France


Société Générale


UniCrédit Bank AG


UniCrédit S.p.A


ABN AMRO


Mauritius Commercial Bank


Work highlights


  • Advised Crédit Agricole Corporate and Investment Bank on three separate financings by way of a French tax lease of three 174,000 m3 liquefied natural gas carrier ships being built at Hyundai Samho Heavy Industries Co. in Geoje, Korea.
  • Advised Société Générale and SMBC Bank EU AG on a transition facility agreement for Emerald Blue Maritime S.A.S. (wholly owned subsidiary of Mitsui O.S.K. Lines Ltd.) to finance the acquisition of one of a LNG bunkering vessel named m.v. ‘Gas Vitality’Assurance Japan.

Stephenson Harwood

Global firm Stephenson Harwood leverages the experience of its Paris team to remain a force in shipping finance, advising financial institutions, leasing companies, ship owners, cruise lines and corporates in energy and navigation, on a diverse range of matters. Led by Alain Gautron, an expert in tax-lease financing, export credits and multi-lateral facilities, the group assists with high-value, cross-border leasing transactions for LNG carriers (on behalf of such clients as BNP Paribas), the building of oil tankers, boat purchase and salvage/rescue finance. Other key figures include super yacht sector specialist Ezio Dal Maso (promoted to of counsel in February 2022) and senior associate Hortense Atthenont-Duret.

Practice head(s):

Alain Gautron


Other key lawyers:

Ezio Dal Maso; Hortense Atthenont-Duret


Key clients

BNP Paribas


Compagnie du Ponant


Celr


Rubis Energie


Fimar


Corsica Ferries


CIC


Ingépar


Cepac


Caisse d’Epargne Île-de-France


Socatra


Work highlights


  • Advised Crédit Industriel et Commercial (CIC), as arrangers and lenders, on leasing for companies jointly controlled by Knutsen in connection with the construction and exploitation of three LNG carriers to be operated for French energy providers.
  • Advised BNPP, the arranger  – the ECA (KSURE) – and the lessor, in connection with lease financings of two LNG gas carriers for Knutsen.
  • Advised BPCE Group, the arranger and the lessor in connection with the lease financing of a product tanker for Sogestran.

Watson Farley & Williams LLP

Watson Farley & Williams LLP, a global firm which counts transport as one of its key pillars, continues to be a leader in the practice area, advising owners, operators and major financial institutions (such as Crédit Agricole Corporate and Investment Bank, Société Générale and BNP Paribas), on high-value, cross-border transactions. The team is led by Alexia Russell, who brings expertise to structuring, documenting and negotiating acquisitions, and Laurence Martinez-Bellet , an experienced advisor on debt restructuring for the financing of ships. Newly promoted partner (May 2022) Philippe Monfort focuses on transport asset finance and the group’s work also extends to assistance with complex multi-tranche term loan syndicated facilities and the leasing of LNGs.

Other key lawyers:

Philippe Monfort


Testimonials

‘WFW has provided us with very strong and precious support. They were very professional, patient and accommodating.’

‘Understanding of commercial and legal issues, speed and precision of execution.’

‘Alexia Russell: strong involvement in cases, reliability and precision in analysis, a very good negotiator.’

Key clients

BNP Paribas


Crédit Agricole Corporate and Investment Bank


Société Générale


Work highlights


  • Advising Société Générale and other financial institutions on the financing under a lease of two 174,000 cbm Class LNG Carriers for the Knutsen Group.
  • Advising Crédit Agricole Corporate and Investment Bank (‘CACIB’) acting as facility agent, security agent and mandated lead arranger for a $65m multi-tranche term loan syndicated facility made available to the FINA Holding Group (‘Finav’).

HFW

Backed by a worldwide network spanning Asia, Australia, the Middle East, Europe and the Americas, the shipping finance team at HFW brings strength to advising major financial institutions (including Société Générale and Credit Agricole Corporate and Investment Bank), shipowners and maritime service providers, on a wide range of high-value, cross-border matters. The group is led by Jean-Marc Zampa, a practice area expert who assists with complex financings under tax lease structures for cruise vessels and container ships. The team’s comprehensive services also extend to syndicated, club and bilateral debt financings, export credit financings and bond issues.

Practice head(s):

Jean-Marc Zampa


Testimonials

‘Knowledge of the sector in most of its compartments over an exceptional period, stakeholders, in particular, the largest, legal frameworks, practices. Added to this is a very good knowledge of banks and their constraints, which provides an intimacy and unity of view. HFW is at the forefront of our partners in its maritime transport sector.’

Key clients

CMA CGM


Ingepar (BPCE Group)


Credit Agricole Corporate and Investment Bank (CACIB)


CIC


Société Générale


Hogan Lovells (Paris) LLP

Hogan Lovells (Paris) LLP combines the bench strength of its global network with the experience of its local team to advise major financial institutions (BNP Paribas, Société Générale), private equity sponsors, shipping operators (DP World) and energy companies (Exxonmobil), on a comprehensive range of vessel financings covering bulk carriers, cruises, ferries, containers, super yachts, in addition to offshore oil and gas transactions (tankers, rigs, LNGs). Led by Alexander Premont, a specialist in acquisition and leveraged financings, the group’s services extend to debt, tax structured and capital market financing. Associate Tam Tran brings expertise to complex, cross-border asset financings.

Practice head(s):

Alexander Premont


Other key lawyers:

Tam Tran


Testimonials

‘They are highly-skilled, trustworthy and committed to deliver.’

‘Alexander Premont has good leadership and negotiation skills, and impresses with his ability to manage multiple parties across several time zones/jurisdictions.’

Key clients

Société Générale


DP World


Exxonmobil


Cathay Capital


BNP Paribas (Suisse) SA


BRED Banque Populaire


NEoT Capital


Work highlights


  • Advised Société Générale in relation to a French tax lease financing by way of credit-bail of a roll-on/roll-off passenger ship flying the Italian flag.
  • Advised Swissterminal, a subsidiary of DP World, on the tender procedure for the award of the 30-year terminal handling concession of the ports of Mulhouse on the Rhine, and secured the European Commission merger control clearance.
  • Advised Exxonmobil regarding the financing, structuring and discharge of security interest in respect of a production storage and offloading vessel (FPSO), with SBM offshore as owner.

Willkie Farr & Gallagher LLP

Willkie Farr & Gallagher LLP is a New York-based international firm which advises major shipping companies (CMA CGM), shipyards (Chantiers de l’Atlantique) and asset managers (Cheyne Capital) on a comprehensive range of matters. Headed by corporate finance expert Brice Pommiès, the team assists clients with sales and leasebacks, high yield financings, restructurings, tax lease financing, lease terminations, bank debt and the financing aspects of shipbuilding agreements.

Practice head(s):

Brice Pommiès


Testimonials

‘Great qualities of analysis, expression, pedagogy and negotiation from Brice Pommiès.’

Key clients

CMA CGM


Chantiers de l’Atlantique (f/k/a STX France)


Cheyne Capital


Work highlights


  • Advised Cheyne Capital in its equity and debt investment in a new player in the cruise industry.
  • Advising CMA CGM in relation to the tax lease financing supported by Sinosure for twelve new LNG vessels.
  • Advising Chantiers de l’Atlantique on all financing aspects of the shipbuilding agreements entered into with The Ritz-Carlton Yacht Collection (backed by Oaktree Capital) for the construction of new luxury cruise vessels.

Reed Smith

Reed Smith is able to leverage a global network spanning United States, Europe, the Middle East and Asia; its Paris shipping finance group delivers expertise to corporates, investors and financiers, on a wide range of matters across the practice area. These include acquisitions, restructurings, traditional bank loans, private equity investments and joint venture arrangement.

Stream – Avocats et Solicitors

Backed by the bench strength of offices in Paris, Le Havre, Marseille and Bordeaux, the transport specialists at Stream – Avocats et Solicitors advise shipping companies (Hapag-Lloyd, Corsica Linea), financial institutions (Crédit Agricole Corporate and Investment Bank, Societe Generale), shipowners and energy providers (EDF), on a wide array of shipping finance matters. Structured finance expert Aymeric De Tapol leads the team, which provides services ranging from project and tax financings and customs issues to the drafting and negotiation of construction and purchase contracts for yachts and ships. Added value arrived with counsel Olivier Challine, who joined from HFW in September 2022.

Practice head(s):

Aymeric De Tapol


Other key lawyers:

Olivier Challine


Testimonials

‘Top team, available, attentive, reactive, creative and force of proposals.’

Key clients

Louis Dreyfus Armateurs


Hapag-Lloyd


CA-CIB


Societe Generale Private Banking (Monaco)


ABN AMRO


CGG


Sogestran Group


EDF


Corsica Linea


Les Abeilles


Work highlights


  • Assisting Les Abeilles in connection with the acquisition, the financing and the refit of two intervention and assistance vessels: Abeille Normandie and Abeille Méditerranée.
  • Assisted a private owner in the frame of the purchase of a 50m luxury yacht.
  • Provided assistance to a French bank relating to taxes/VAT and customs issues relating to the finance of vessels and yachts.