Shipping finance—Export Credit Agency financing
Produced in partnership with Gudmund Bernitz, Aysha El-Kaddah and Tony Rice of Holman Fenwick Willan LLP
Shipping finance—Export Credit Agency financing

The following Banking & Finance guidance note Produced in partnership with Gudmund Bernitz, Aysha El-Kaddah and Tony Rice of Holman Fenwick Willan LLP provides comprehensive and up to date legal information covering:

  • Shipping finance—Export Credit Agency financing
  • What are Export Credit Agencies?
  • Which ECAs are active in shipping finance?
  • Types of ECA support
  • Typical ECA financing structures in shipping finance
  • Typical documentation package for an ECA-supported shipping finance transaction
  • Typical ECA security package in ECA-supported shipping financings
  • Other key documentation issues
  • Organisation for Economic Co-operation and Development (OECD)
  • Benefits of ECA financing

BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be treated by the EU as a Member State for many purposes. As a third country, the UK can no longer participate in the EU’s political institutions, agencies, offices, bodies and governance structures (except to the limited extent agreed), but the UK must continue to adhere to its obligations under EU law (including EU treaties, legislation, principles and international agreements) and submit to the continuing jurisdiction of the Court of Justice of the European Union in accordance with the transitional arrangements in Part 4 of the Withdrawal Agreement. For further reading, see: Brexit—introduction to the Withdrawal Agreement. This may have an impact on the information in this Practice Note about:

  1. capital adequacy—for detailed information on the on-shoring of the Capital Requirements Regulation (Regulation (EU) 575/2013), see Practice Note: Preparing for Brexit: CRR and prudential regulation—quick guide, and

  2. the Organisation for Economic Co-operation and Development (OECD) Arrangement on Officially Supported Export Credits—for more information, see Practice Note: Brexit—impact on finance transactions—Key issues for trade finance

Export credit agency (ECA) supported financing has been a stable source of funding for the shipping and offshore industry for many years but the financial crisis triggered an increased role for