Bermuda office wins Marine Money Export Credit Deal of the Year 2025

Our Bermuda Finance team has been awarded the Export Credit Deal of the Year 2025 award at the prestigious Marine Money Ship Finance Awards, underscoring the team’s strength in complex, cross-border shipping finance transactions.

The Marine Money Deal of the Year Awards celebrate excellence in maritime finance, recognising the most innovative and impactful transactions across the global shipping industry.

We acted as counsel to the New York branch of DNB Bank ASA in connection with a US$239.7m term loan facility provided to International Seaways, Inc. The facility supports the financing of six newly constructed vessels and includes credit enhancement from Korea Trade Insurance Corporation (K-SURE), the Korean export credit agency.

The financing is secured by six LR1 product tankers that were, at the time of closing, under construction at K Shipbuilding Co., Ltd. in South Korea. The facility was successfully executed in August 2025, with vessel deliveries beginning in September 2025, followed by additional deliveries in March and April 2026, and the remaining vessels scheduled for delivery throughout the remainder of the year.

The award-winning transaction was led by Bermuda partner Adam Bathgate and senior associate Malacia Madden.

Adam commented: 'This award is a testament to the strength of our Bermuda shipping practice and our ability to deliver innovative financing solutions on complex, multi-jurisdictional transactions. We are proud to have supported DNB on this significant deal and to see the transaction recognised by Marine Money.'