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Key highlights in Singapore and Asia Pacific Kate Sherrard (Partner)Norton Rose Fulbright (Asia) LLPMay 19, 2015
Norton Rose Fulbright in Singapore
At a glance Singapore is a core part of our Asia Pacific
platform. One of a few global legal practices
awarded a Qualifying Foreign Law Practice Certificate in Singapore since 2008.
Our team in Singapore offers clients a “one-stop-shop” business legal service.
“Hard working, a lean firm, does not operation or have an attitude of ‘excess’… there is no entourage or feeling that a team member has not got a distinct role.”
General Counsel, a major construction client
Key practice areas Asset finance Aviation Corporate, M&A and securities Banking and finance Dispute Resolution Insurance International arbitration Islamic finance Projects and project finance Real Estate Business ethics & anti-corruption Shipping Telecommunications
24Partners
70+Lawyers
33Years in Singapore
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Why Singapore for shipping?
Convenience of Singapore flag Adoption of global
standards on safety and pollution
Choice of classification societies
Flag of choice for many international ship owners
Increasing prominence as an arbitration hub Pro-arbitration judiciary SIAC is the fastest
growing arbitration institution in Asia
Specialist maritime arbitration centres
Tax Income tax
exemption Maritime sector
incentive in the Singapore Budget 2015
Efficient legal system Based on common
law Reputable admiralty
courts
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Strong shipping practice in SingaporeBanking and finance
• Advised on US$310m financing to PT Hoegh LNG Lampung on FSRU construction in Korea
• Advised on a US$220.5m term loan and performance bond facility in respect of the FPSO“Ratu Nusantara”
Key contacts: Gervais Green, Ben Rose and Kate Sherrard
Restructuring
• Advised on US$700m Arpeni debt restructuringIFLR Deal of the Year 2013IFLR Restructuring Team of the Year 2013
• Advised on US$420m restructuring of loan facility to OSX 1 Leasing
Key contacts: Robert Driver, Kate Sherrard and Guy Spooner
Dispute resolution
• Advised on 2011’s “RENA” grounding and total loss in New Zealand
• Advised on 2013’s “ELENI” collision with “HEUNG-A-DRAGON” in Vietnam
• Advised on B.Oceania’s sinking in the Malacca Straits in 2011
Key contacts: Ian Teare and Guy Spooner
Corporate
• Advised Samco Shipholding on US$317m sale of interest to DHT Holdings, NYSE-listed company
• Advised COSCO Pacific on US$1.2b sale of stake in China Internatonal Marine Containers
• Advised Integra Global on its joint acquisition of Brostrom Tankers Singapore from Maersk Tankers
Key contact: Stephen Woods
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Global reach
T
Tokyo
Hong Kong, BeijingShanghai
Singapore, Bangkok
and Jakarta
Non-exhaustive list of our reach from the Asia Pacific region:
2nd consecutive year –Shipping Law Firm of the YearGlobal Transport Finance Awards, 2013-2014
Tier 1 – Asset finance (Singapore)Legal 500 Asia Pacific, 2008-2015
Tier 1 – Shipping: Finance (Asia Pacific and Singapore wide)Chambers Asia Pacific, 2009- 2015
“Leading shipping finance practice, with expertise in covering structured transactions and insolvency and restructuring.” Chambers Asia Pacific, 2015
Accolades
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Brisbane, Melbourne, Perth and Sydney
Hong Kong
Hong Kong
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Maritime practice• Expertise in ship leasing, lending and
sale and purchase transactions• Shipping-related disputes• Fleet management: extensive
experience in dealing with title registrations on the Hong Kong flag
“A well-established practice with noteworthy international capability.”
Chambers Asia Pacific, 2015
Acting for:
• Chinese shipowners and shipyards • Chinese and foreign banks and
financial institutions • Shipbuilders
Key contacts• Jonathan Silver (Partner)• Jim James (Partner)
Asia Pacific key shipping contacts and expertise
Hong Kong – market trends
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Asia Pacific key shipping contacts and expertise
Overall • Increasing move away from straight debt finance to lease finance
Key actors • PRC Financial Leasing Companies (FLCs) have stepped in to bridge the gap (where traditional ship finance banks are more conservative)
• ICBC Financial Leasing, Min Sheng Financial Leasing, Bank of Communications Financial Leasing, CSSC (Hong Kong) Shipping Co., Ltd., CDB Leasing are all very active in the market now.
Activity • FLCs are now building dedicated teams (Offshore, Shipping, Aviation, Logistics)
• FLCs are keen to talk to Western banks, brokers, capital providers, particularly for their senior debt requirements. They often plug the junior debt gap with own funds.
Tokyo
Tokyo
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Maritime practice• Ship finance and offshore project
finance• Corporate joint ventures, M&A and
commercial contracts• Dispute resolution and litigation• Regulation and investigations
Tier 1 – Shipping: International Firms (Japan)
Legal 500 Asia Pacific, 2015
“Market leaders for Shipping finance”Chambers Asia Pacific, 2015
Acting for:• Japanese and foreign banks and
financial institutions, including JBIC• Japanese and foreign shipowners• Japanese trading houses
Key contacts• Jeremy Gibb (Partner)• Adrian Joyce (Partner)• Paul Coggins (Senior Associate)
Asia Pacific key shipping contacts and expertise
Tokyo – market trends
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Asia Pacific key shipping contacts and expertise
Overall • Shift to LNG and LNG shipping due to continuing impact of 2011 Fukushima Daiichi nuclear disaster
Effect of falling oil prices
• Delay in some North American and African LNG projects and LNG shipping tenders
Offshore oil & gas
• Significant momentum behind large scale offshore projects (in places like Brazil and West Africa) despite oil price drop
• Evidence of some impact of corruption scandals in oil & gas sector (e.g. “Operation Car Wash” Petrobras)
Commercial shipping
• Continuing support from JBIC and Nippon Export and Investment Insurance (NEXI)
• Increasing market share for new orders of Japanese vessels, matching currency adjustment taking place since 2013
Jakarta
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Maritime practice• Expertise in ship finance and shipping
services industry• Overseas fleet management value add-on • Works closely with Singapore office in a
number of shipping deals
“They offer good solutions to tough situations.”
Chambers Asia Pacific, 2015
“A very deep understanding of the Indonesian and South-East Asian markets.“
Chambers Asia Pacific, 2013
Acting for:
• Foreign banks, including Sumitomo Mitsui Banking Corporation, ING Bank N.V, Bank of Tokyo – Mitsubishi UFJ, Ltd
• Indonesia Port Corporations• Indonesian and foreign shipping companies
Key contacts• Tasdikiah Siregar (Partner)
Asia Pacific key shipping contacts and expertise
Jakarta
Jakarta – market trends
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Asia Pacific key shipping contacts and expertise
Overall • Steady increase of domestic shipping fleet: 6,041 (2005) to 13,224 Indonesian flagged vessels (2014)
Sea transportinfrastructure
• Area of increasing focus this year• Indonesia has more than 100
commercial ports, but they mainly cater to small vessels for domestic transport
• Very few commercial ports have container facilities.
• With a shortage of large ports, most are overburdened
Government policy
• Remains pro-nationalist, despite interest of foreign investors
• Includes the cabotage rules and the requirement of the use of Rupiah currency, which will affect certain shipping transactions (including charters)
Perth
Melbourne
Canberra
Sydney
Brisbane
Australia
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Maritime practice• Wide breadth of practice, with
expertise especially in marine casualty response
• Ports and commodities• Modes of transport: liner shipping
and cruise shipping• Distinguishing feature: serving
resources and offshore sectors
Tier 1 – Transport (Australia)Legal 500 Asia Pacific, 2015
Tier 1 – Shipping (Australia) Chambers Asia Pacific, 2015
Acting for:
• Australian oil companies, including AWE Limited
• Foreign shipping companies, such as Premuda
• Foreign banks
Key contacts• Ernest van Buuren (Partner)• Hazel Brasington (Partner)
Asia Pacific key shipping contacts and expertise
Australia – market trends
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Asia Pacific key shipping contacts and expertise
Overall • LNG as Australia’s fast-growing industry• Significant year-on-year revenue growth
for cruise industry
LNG production surge
• Australia could become world’s largest LNG producer, possibly surpassing current market leader, Qatar
• Expansion in LNG production capacity supported by onshore projects
Cruiseindustry
• Renewed interest from ship finance banks• Strength of cruise industry
Infrastructureinvestment
• Investment such as upscaling of container size to result in cost-savings
• Increasing foreign investment interest due to rail investment and port privatisation etc
Long-term opportunities
• Much discussion of start-up mining ventures, hubbing of offshore services in Darwin
• Continued positive demand for commodities
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Asia Pacific key shipping contacts
SingaporeGervais Green (Partner)
Tel: +65 6309 [email protected]
Ben Rose (Partner)Tel: +65 6309 [email protected]
Kate Sherrard (Partner)Tel: +65 6309 [email protected]
Robert Driver (Partner)Tel: +65 6309 [email protected]
Ian Teare (Partner)Tel: +65 6309 [email protected]
Stephen Woods (Partner)Tel: +65 6309 [email protected]
Guy Spooner (Partner)Tel: +65 6309 [email protected]
Hong KongJim James (Partner)
Tel: +852 3405 [email protected]
Jonathan Silver (Partner)Tel: +852 3405 [email protected]
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TokyoJeremy Gibb (Partner)
Tel: +813 5218 [email protected]
Adrian Joyce (Partner)Tel: +813 5218 [email protected]
Paul Coggins (Senior Associate)Tel: +813 5218 [email protected]
JakartaTasdikiah Siregar (Partner)
Tel: +62 21 2924 [email protected]
AustraliaErnest van Buuren (Partner)
Tel: +61 7 3414 [email protected]
Hazel Brasington (Partner)Tel: + 61 3 8686 [email protected]
Asia Pacific key shipping contacts
DisclaimerNorton Rose Fulbright US LLP, Norton Rose Fulbright LLP, Norton Rose Fulbright Australia, Norton Rose Fulbright Canada LLP and Norton Rose Fulbright South Africa Inc are separate legal entities and all of them are members of Norton Rose Fulbright Verein, a Swiss verein. Norton Rose Fulbright Verein helps coordinate the activities of the members but does not itself provide legal services to clients.References to ‘Norton Rose Fulbright’, ‘the law firm’ and ‘legal practice’ are to one or more of the Norton Rose Fulbright members or to one of their respective affiliates (together ‘Norton Rose Fulbright entity/entities’). No individual who is a member, partner, shareholder, director, employee or consultant of, in or to any Norton Rose Fulbright entity (whether or not such individual is described as a ‘partner’) accepts or assumes responsibility, or has any liability, to any person in respect of this communication. Any reference to a partner or director is to a member, employee or consultant with equivalent standing and qualifications of the relevant Norton Rose Fulbright entity.The purpose of this communication is to provide general information of a legal nature. It does not contain a full analysis of the law nor does it constitute an opinion of any Norton Rose Fulbright entity on the points of law discussed. You must take specific legal advice on any particular matter which concerns you. If you require any advice or further information, please speak to your usual contact at Norton Rose Fulbright.
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