Norton Rose advises on three Chinese shipping loans to Greece totalling US$275 million

13 October 2010

Contacts

Norton Rose Group has advised China EXIM Bank and the China Development Bank (CDB) on three shipping loans totaling on a US$275 million to three Greek shipping companies Diana Shipping Inc., Angelicoussis Shipping Group and Cardiff Marine. The loans all signed this week.

China EXIM and DnB NOR Bank were advised as arrangers of loan facilities for US$200m to Diana Shipping and Angelicoussis Shipping Group, two leading Greek operators, for the financing of five capsize and VLOC newbuildings. The facilities were signed in a formal ceremony before the Greek and Chinese Prime Ministers and in the context of Greek-China summit that took place earlier in the week in Athens.

The Athens and Beijing offices also advised China Development Bank on the US$75m Sinosure-backed financing of a VLCC newbuilding for Cardiff Marine, a member of the George Economou group. The facility was also formally signed before the Greek and Chinese Prime Ministers during Greek and Chinese summit.

Yianni Cheilas, Athens banking partner, commented;

“These shipping loans demonstrate a significant strengthening of the relationship between the Chinese banks and the Greek shipping companies. We are currently seeing increased activity in the shipping sector between China and Greece and these significant loan agreements are just an indication of the potential.”

Nigel Ward, Beijing banking partner, commented;

“We are one of the few legal practices with sufficient expertise and capability to advise on such loan agreements. Working between our offices we have the relationships and shipping expertise both in China and Greece to be able to undertake these types of loans”

Norton Rose Group advised China EXIM Bank, China Development Bank and DnB NOR Bank from the Athens and Beijing offices. The Athens team was led by Athens banking partner Yianni Cheilas and senior associates Irini Proukaki and Kyriakos Spoullos together with associates Eliana Miliou and Liana Miliotis. The Beijing team was led by banking partner Nigel Ward with assistance from banking associate Cui Duan and paralegal Jin Zhen.

George Xiridakis of XRTC Ltd acted as a transaction consultant on the CDB financing.

For further information please contact:

Sean Twomey, Head of Business Development, Asia

+ 65 6309 5451 sean.twomey@nortonrose.com

Lorraine Lee, Regional business development manager

+ 852 3405 2324 lorraine.lee@nortonrose.com

Michael Chambers, Business development manager

+65 6309 5453 michael.chambers@nortonrose.com