Australia: Colin Biggers & Paisley Recent Deal

Substantial ship purchase and financing transaction

Stuart Hetherington, Alex Rhydderch, Matt Bode and Samara Goode of Colin Biggers & Paisley have acted for INCO Ships on the purchase and financing of two Bahamas flagged 87m bunker vessels, the ICS Reliance (pictured, presently operating in Sydney Harbour) and the ICS Allegiance (presently operating in the Port of Melbourne). These vessels are used to bunker visiting cruise liners amongst vessels. The purchase of the vessels was complicated in that the ship purchases closed in Singapore with a requirement that registration of Bahamian ships mortgages had to occur simultaneously on a Bahamian ship registry maintained in Hong Kong. The financing deal with the a major Bank was put together in under 13 days and nights from first presentation of the draft facility agreement by the Bank's solicitors to closing of the ship purchases on 15 February 2016.