Legislation agency, Stephenson Harwood LLP, has suggested Societe Generale on the US$35.9 million financing of a newly-built 12 500 m3 LNG bunker provide vessel that was delivered late July by Hyundai Mipo Dockyard to homeowners, Scale Fuel Med Transport, S.L.
The development, possession, and constitution of the vessel is a three way partnership mission between Peninsula Petroleum and Spanish-based Scale Fuel Options S.L. (a subsidiary of Enagás). The enterprise has benefited from funding beneath the EU’s Connecting Europe Facility which gives assist for top performing, sustainable, and effectively interconnected trans-European networks within the fields of transport and power.
The Maltese flagged vessel is on long run time constitution to Peninsula Petroleum, S.L.U. It can function out of Algeciras alongside the Strait of Gibraltar and Spanish Mediterranean ports, loading LNG at Enagás-operated terminals and re-fuelling massive LNG-fuelled vessels and smaller bunker barges, thereby facilitating larger use of the low carbon transitionary gasoline within the space, offering vital air high quality advantages and contributing to scale back carbon dioxide emissions when in comparison with very low sulfur gasoline oil – a primary step within the delivery sector’s net-zero journey. It additionally has the capabilities to produce bio-LNG and artificial LNG which may supply plug and play answer for exist-ing LNG-fuelled vessels as soon as obtainable at scale, permitting for a clean transition between assembly 2030 and 2050 emission necessities for the trade.
The transaction concerned the negotiation of quiet enjoyment rights between the financier and the three way partnership companions, in addition to ensures in respect of each the mortgage and the constitution.
“It has been thrilling to work with Societe Generale on this transaction, involving complexities because of this mission being a three way partnership and having benefitted from an EU grant,” stated Ian Mace, Associate and Head of the ship finance group at Stephenson Harwood. “This deal additional demonstrates our experience within the asset finance sector notably for the delivery trade – an space of focus for the agency.”
“It was a pleasure working with the Stephenson Harwood workforce and we actually appreciated their recommendation on what was a extremely complicated construction. Societe Generale is joyful to have supported core purchasers of the financial institution, Enagás (through Scale Fuel) and Peninsula Petroleum, of their drive to offer various and extra sustainable bunkering providers within the area,” added Phil Cheesman, Head of UK Desk, Director, Maritime Industries at Societe Generale.
The Stephenson Harwood workforce was led by Associate, Ian Mace. Additional assist was offered by Companions Jon Cripps and John Meehan and Affiliate John Hogg.
Learn the article on-line at: https://www.lngindustry.com/small-scale-lng/17112023/stephenson-harwood-advises-societe-generale-on-financing-of-new-build-lng-bunker-supply-vessel/