Shipping: foreign firms in South Korea

Stephenson Harwood

Maritime law is a core focus at Stephenson Harwood, with expert Michael Kim heading up the marine and international trade team in Seoul. The group works closely with its colleagues in Singapore, who are especially active on shipping-related restructuring and financing mandates. Contractual assistance is another key area of work. On the contentious side, the firm covers the full range of onshore and offshore disputes including shipping-related international arbitration, litigation and issues arising from shipbuilding. Kim is noted for his stellar reputation across the board and often works with associate Hannah Lee, who specialises in international arbitration and litigation arising from shipbuilding, offshore construction and shipping law.

Practice head(s):

Michael Kim

Other key lawyers:

Hannah Lee

Key clients

Hyundai Engineering and Construction

Hyundai Heavy Industries Co., Ltd

Daewoo Shipbuilding & Marine Engineering

Korea Line Corporation

Hanwha General Insurance Co Ltd

The Korea Development Bank

The Import-Export Bank of Korea

KB Insurance Co., Ltd

Chevron International Pte Ltd

The Standard Club

Hanjin Heavy Industries

Hyundai Merchant Marine

Pan Ocean Co., Ltd

Sungdong Shipbuilding

Daehan Shipbuilding Co., Ltd

Sinokor Merchant Marine Co.,Ltd

Japan P&I Club

SPP Shipbuilding Co., Ltd

Eukor Car Carriers. Inc

Macon Charter B.V.

SK Shipping Co., Ltd.

H-Line Shipping Co.,Ltd.

DB Insurance Co., Ltd

Feen Marine Scrubbers Inc.

HHIC-PHIL KOREA

Hyundai Marine & Fire Insurance Co., Ltd

KfW IPEX-Bank GmbH

Samsung Heavy Industries Co., Ltd.

SC Engineering Co., Ltd.

Seil Textile Co., Ltd.

You Chang Trading Corp

Work highlights

  • Represented a major South Korean Shipbuilder in its $300m claim against a drilling company.
  • Representing a joint venture between two of Korea’s biggest chaebols in relation to the construction of APR-1400 reactor units in the UAE and pursuing claims for substantial variations under the construction sub-contract on a $450m LCIA dispute.
  • Represents a major Shipbuilder in defending a claim by the Buyers in the monetary region of $18m.
  • Advising in relation to Permissible Delay claims under a contract for one 300,000 DWT Class Crude Oil Carrier arising out of events relating to the failure of stern tube bush and related issues.
  • Representing a major Korean shipping company in relation to its dispute against the Shipbuilder involving two LNG new buildings that have been found to have serious defects in their cargo containment systems.

Norton Rose Fulbright

Ben Rose chairs the Asia-wide Norton Rose Fulbright shipping and offshore practice from Singapore. Focusing primarily on asset finance, Rose advises financial institutions, lessors and shipping  companies in connection with all types of secured lending, capital raising, leasing, multi-jurisdictional sale and purchase transactions.

Practice head(s):

Ben Rose

Watson Farley & Williams LLP

Operating out of the Singapore office, Watson Farley & Williams LLP primary partner Mei Lin Goh has extensive experience working with South Korea’s largest banks, shipping companies and corporations such as Hanjin, HMM, SK Shipping and Korea Gas Corporation on on shipping finance, project finance and restructuring transactions.

Practice head(s):

Mei Lin Goh

Key clients

Bank of America, N.A.

Standard Chartered Bank

Woori Bank

Bank of Nova Scotia

Norddeutsche Landesbank Girozentrale, Singapore Branch

Work highlights

  • Advised Bank of America as facility agent and security agent on behalf of a syndicate of lenders on a loan facility of up to $141m to refinance the existing loan facility in respect of one Panamanian flagged LNG carrier known as m.v. “K.Mugungwha”.
  • Acting for Bank of America as facility agent in relation to a $140m refinancing of an LNG carrier known as m.v. “K. Jasmine”, operated by Korea LNG Trading Co., Ltd., a joint venture between, amongst others, Korea Gas Corporation and Korea Line Corporation.
  • Advised Sumitomo Mitsui Trust Bank (Singapore Branch) as facility agent and security agent on behalf of a syndicate of lenders on two loan facilities aggregating $40 million to finance the purchase of two MR Product Tankers under construction with Korean shipyard, STX Offshore & Shipbuilding.