$27 Million facility to Grindrod to finance its New Zealand flagged tanker, m.t. “MATUKU”


Watson Farley & Williams has advised DVB Bank SE Singapore Branch (“DVB”) in relation to a US$27m facility to Grindrod to finance its New Zealand flagged tanker, m.t. “MATUKU”.

The vessel, delivered in 2016 from SPP Sacheon shipyard in South Korea, is operating in New Zealand waters under bareboat charter to a wholly-owned entity within the ASP Ship Management group. The vessel has been built to represent high operational and environmental standards.

The WFW team advising DVB was led by Singapore finance Partner Simon Petch (Picture), assisted by finance Associate Meryl Montefiore. WFW New York provided Marshall Islands assistance. Minter Ellison Rudd Watts acted as New Zealand counsel for DVB, Webber Wentzel as South African counsel and AKD as Dutch counsel.

Involved fees earner: Simon Petch – Watson Farley & Williams; Meryl Montefiore – Watson Farley & Williams;

Law Firms: Watson Farley & Williams;

Clients: DVB Bank;

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Author: Michael Patrini