Norton Rose advised Export-Import Bank of China and Bank of China on US$1.2 billion shipping loan
28 September 2010
Norton Rose Group advised Export-Import Bank of China and Bank of China on a US$1.2 billion shipping loan to Vale, the world’s largest producer of iron ore. Vale intends to borrow US$1.2 billion from the two Chinese lenders to finance the construction of 12 vessels. The loan agreement was signed 9 September 2010 by all parties in Norton Rose's Singapore office.
The ships will be used to transport iron ore to China from Brazil. Each ship will be able to carry 400,000 deadweight tonnes of ore. Deliveries are expected between the start of 2011 and the end of 2012. The vessels will be owned by Vale Shipping Singapore Pte Ltd and flagged in Singapore.
Nigel Ward banking partner, Beijing commented;
“Shipping is an important focus of our business. We are delighted to have been instructed on this matter. We are currently seeing increased activity in the shipping sector and this loan agreement is an indication of the potential in the market. Across Asia our shipping teams are currently advising clients on finance, joint ventures, M&A and disputes.”
The Norton Rose Group team was led by banking partner Nigel Ward in Beijing with assistance from senior associate Jonathan Silver (Hong Kong) and associates Sharon Ho, Jonathan Keats, Cui Duan and paralegal Zhen Jin in Beijing.
Machado Meyer Sendacz Opice acted as Brazilian counsel for the banks.
The Beijing office of King & Wood advised on aspects of PRC law.
For further information please contact:
Sean Twomey, Head of Business Development, Asia
+65 6309 5451 email@example.com
Lorraine Lee, Regional business development manager
+ 852 3405 2324 firstname.lastname@example.org
Michael Chambers, Business development manager
+65 6309 5453 email@example.com
Norton Rose Group is a leading international legal practice. We offer a full business law service from our offices across Europe, the Middle East and Asia Pacific.
Knowing how our clients’ businesses work and understanding what drives their industries is fundamental to us. Our lawyers share industry knowledge and sector expertise across borders, enabling us to support our clients anywhere in the world. We are strong in financial institutions; energy; infrastructure and commodities; transport; and technology.
We have over 1800 lawyers operating from 30 offices in Abu Dhabi, Amsterdam, Athens, Bahrain, Bangkok, Beijing, Brisbane, Brussels, Canberra, Dubai, Frankfurt, Hong Kong, London, Melbourne, Milan, Moscow, Munich, Paris, Perth, Piraeus, Prague, Rome, Shanghai, Singapore, Sydney, Tokyo and Warsaw and from associate offices in Ho Chi Minh City, Jakarta and Riyadh.
Norton Rose Group comprises Norton Rose LLP, Norton Rose Australia and their respective affiliates.