Ship & Aircraft Finance

Ship & Aircraft Finance

Maintaining and renewing a fleet, whether consisting of ships or aircraft, is capital-intensive and requires extensive financing, which can pose a challenge in current market conditions.

As a result of a tier-one Shipping & Logistics practice and leading banking and finance expertise, we offer first-class advice in ship and aircraft finance.

In addition to traditional ship and aircraft financing, our firm’s recognised banking and finance expertise can further expand your options and provide innovative and to the point solutions in all market conditions.

Latest references

Finnlines – Loan from EIB with guarantees from Nordea and Finnvera to finance part of the MEUR 100 Environmental Technology Investment Programme

Castrén & Snellman acted as legal advisor to Finnlines in an arrangement in which Finnlines has signed a EUR 50 million loan agreement with The European Investment Bank (“EIB”). Nordea Bank Finland Plc (“Nordea”) will, in favour of EIB, guarantee the loan facility and the subsequent counter guarantee covering 80 per cent is issued by Finnish Export Credit Agency Finnvera Plc (“Finnvera”) in favour of Nordea. The loan will be used for Finnlines’ EUR 100 million Environmental Technology Investment Programme. The aim of the programme is to improve the ships’ fuel economy and to reduce the emissions by installing exhaust gas scrubbers as well as by reblading and treating the vessels with silicone anti-fouling for reducing hull friction. By these measures Finnlines can meet the new stricter MARPOL sulphur emission regulations that came into force in the beginning of 2015 in a cost efficient way. The environmental programme was initiated in 2014 and by now 18 out of 22 ro-ro and ro-pax vessels are equipped with scrubbers, 7 have been rebladed and 2 repainted. Scrubbers, new propellers and the reduced hull friction will improve the fuel efficiency which in turn will also reduce the overall fuel consumption leading in the reduction of the CO 2 , NOx and SO 2 emissions. In 2015, Finnlines’ overall fleet fuel consumption decreased over 8 per cent compared with 2014. Measured as Finnlines’ environmental footprint, this means a 75,000 tons CO 2 emission reduction, approximately 1,700 tons NOx emission reduction and 5500 tons SO 2 emission reduction (i.e. 91 per cent) on an annual basis. The programme is to be completed by early 2017.

Arctia – Finance arrangements

We advised Arctia Ltd in putting its financing services out to tender and in concluding unsecured bilateral loan agreements with three different financiers. Arctia Ltd is a limited company owned by the Finnish State. Its line of business is the provision of icebreaking services and specialised multipurpose vessel services.

WithSecure – Sale of open source data collection product and business

We advised WithSecure Oyj in the sale of its open source data collection product and business to Patria Oyj. The divested business combining software and services falls outside WithSecure’s current strategy. Through the sale, WithSecure sharpens its focus on the Elements portfolio. WithSecure is a global cyber security company (listed on NASDAQ OMX Helsinki) with more than 35 years of industry experience. WithSecure offers partners flexible commercial models, ensuring mutual success across the dynamic cyber security landscape. Patria is an international company in the defence and security industry offering defence, security and aviation life cycle support services and technology solutions. As a result of the transaction, Patria will open a new office in Oulu and 10 WithSecure experts currently working in the business area will join Patria.

A. Ahlström – ESG advisory and corporate sustainability due diligence process planning

We advised A. Ahlström in establishing a corporate sustainability due diligence process plan which incorporates best practices and tailored solutions based on our expertise within relevant business sectors. Our comprehensive ESG offering also included tailored training for members of the investment team and management team and the board of directors of several portfolio companies. ‘The ESG team at Castrén & Snellman provided us with legal and practical advice around the ESG regulatory tsunami that we need to incorporate in our ESG work,’ comments Camilla Sågbom, Director, Sustainability and Communications, at A. Ahlström Oy. A. Ahlström is a family-owned industrial company, developing leading global specialist positions in Forest & Fiber and Environmental technology sectors.

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