The transaction formed part of a broader US$331.6 million financing and supported the construction of six LR1 tanker new buildings at K Shipbuilding Co., Ltd. in South Korea, achieving the lowest ECA margin in the market in 2025.
The financing was arranged by DNB Markets, Inc., with DNB Bank ASA, New York Branch acting as facility agent, K-SURE agent, security agent and hedge counterparty, and DNB Capital LLC acting as lender. K-SURE acted as guarantor. Watson Farley & Williams, Lee & Ko, and another offshore law firm acted as legal counsel to DNB, while Holland & Knight LLP and Clyde & Co advised International Seaways alongside Carey Olsen.
The Carey Olsen team advising International Seaways comprised partners Alexander Collis and Matthew Grigg.
Matthew Grigg said: "We are incredibly proud to have been recognised by Marine Money for our role in advising International Seaways on this award-winning transaction. The deal highlights the continued importance of Bermuda structures in international shipping and also reflects strong collaboration across all parties in delivering a complex, cross-border financing."
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