Keystone Law and Keystone Law Isle of Man have assisted Korean firm Lee & Ko, and a leading South Korean asset manager group, in relation to a $14.5 million term facility provided for the refinancing of two crude oil tankers. The facility is secured by Isle of Man flagged vessels which are bareboat chartered out to a major intra-Asia ship-owner. Meanwhile, the transaction coincided with the exit of a leading Chinese financial institution.

Led by ship finance specialist Anastasia Papadopoulou, the team advised on a range of shipping-related matters and Sally Cranshaw, supported by Geoff Kermeen and John Melia, advised on Manx law including the deregistration and registration of Isle of Man-governed mortgages and the production of governed security documents including, amongst others, a legal opinion in favour of the financial institution.

Recognised by leading legal directory The Legal 500, Keystone’s burgeoning shipping team now comprises 16 partner-level lawyers with expertise spanning the full spectrum of relevant issues. The team also has distinct and unique international capabilities.

Anastasia said of the deal:

“It was a real pleasure to advise on this transaction. Keystone is fast becoming the go-to law firm for shipping transactions which include an Isle of Man element and is one of just a handful of UK firms to offer this combined offering within the shipping sector.”

Sally added:

“The Keystone team worked effectively and collaboratively with Lee & Ko to ensure that the transaction proceeded smoothly and within a challenging time frame. Being both facilitative and professional, the Isle of Man Ship Registry also provided invaluable assistance, proving yet again its status as a market leader.”