The Singapore office of Watson, Farley & Williams LLP advised Dubai based UACC on the acquisition, financing and chartering (with purchase option) of two 73,000 dwt vessels. The acquisition of the long‐range (LR) products tankers, doubled its fleet size in that segment.
The 73,000‐dwt mv “Summit Australia”, now renamed mv “UACC Falcon”, and mv “Summit Asia”, now mv “UACC Eagle” (both built in 2009), were bought for US$43.4m each. They are directly owned by two KS (limited partnership) companies in Norway set up by Ness, Risan & Partners and chartered back to UACC on seven‐year bareboat charters at $13,000, which have purchase options at the end of the charters.
The WFW team consisted of partner Chris Lowe and associate Daniel Saunders.
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