SHIPPING & SHIP FINANCE

We work closely with the Deputy Ministry of Shipping of Cyprus and other selected flag administrations, delivering prompt service when completing registry transactions.
The department’s services consist of negotiating, reviewing, drafting and conclusion of all kinds of shipping-related contracts and transactions, including, among others, the following:

• Sale and Purchase agreements of and memoranda of agreement;
• Ship Registration, including transfers, deletions etc., under the Cyprus flag, Marshall Islands, Liberia, etc.;
• Chartering, including bareboat, time and voyage charter parties;
• Lease finance transactions;
• Shipbuilding Contracts;
• Dispute Resolution;
• Crew and related ITF matters;
• Handling of technical enquiries and exemptions of ships with flag administrations;
• Structuring and tax planning of ship-owning groups (Cyprus tonnage tax entry and qualification for shipowners/ship managers/charterers);
• Drafting and negotiating shipping-related contracts;
• Ship management agreements and related matters;
• Construction, sale and purchase of Mega Yachts and advising on VAT related issues and schemes such as the Cyprus Yacht VAT Scheme;
• Contracts of affreightment, pool agreements and joint ventures

The Ship Finance department, comprising dedicated finance lawyers and experienced paralegal staff, has developed unique expertise in all aspects of ship finance, both in Cyprus and abroad, over the past 50 years.

The department offers comprehensive advice to banks and financing institutions, as well as to ship owners and other parties involved in ship financing transactions. It is regularly instructed by semi-governmental, public and private banks, other providers or arrangers of finance, and international law firms to advise and issue legal opinions on Cyprus law, concerning a wide variety of ship financing and security arrangements involving single or multiship finance transactions. Drafting and negotiating loans and other facility agreements relating to the financing of new building vessels are also regularly requested, both at the pre-delivery and post-delivery stages. The unit is also highly specialized in drafting all relevant loans and supporting security documentation, such as ship mortgages, assignment of insurance and earnings, pledge of shares agreements and pledge of accounts

Our legal services include:

• Drafting and negotiation of loan and other facility agreements;
• Drafting and negotiation of all relevant security documentation required in a ship financing transaction;
• Attendance of and participation in closings of refinancing and sale and purchase ship transactions;
• Registration of ship mortgages and other security documents.

We undertake the registration and deletion of ship mortgages in the Cyprus Ships Registry and in various other selected registries, including the Marshall Islands, as well as the registration of ship mortgages and other related registrable charges with the Registrar of Companies in Cyprus.

The team has also developed extensive expertise in refinancing, loan restructuring and mortgage security amendments, where (inter alia) the securities involved include Cyprus ship mortgages or Cyprus entities. It is highly regarded for its work on large syndicated loans involving Cyprus companies or Cyprus ships. It regularly acts as counsel for syndicates of international financiers in the financing of the construction and acquisition of vessels.

We advise on the sale and purchase transactions of yachts and registration and crewing matters relating to yacht ownership and operation. We also advise private Marinas and have been involved with the Marina industry since the establishment of the first Marina in Cyprus.

The Firm is also the official representative of the Marshall Islands corporate and maritime program in Cyprus. We can undertake and complete all kinds of registry transactions involving Marshall Islands ships and issuance of the relevant registry transaction certificates.