Hogan Lovells has advised the Arab Petroleum Investments Corporation (APICORP) and Tufton Oceanic in relation to the financing for and acquisition of five medium-range petroleum product tankers for the $150m APICORP Petroleum Shipping Fund.
The Shariah-compliant fund, established by APICORP and co-managed by Tufton Oceanic, is the first fund in the Middle East aimed at a specific vessel category. The tankers will be employed in the regional and international tanker market for five years to help meet the projected upsurge in demand for petroleum product carriers.
The financing for the tankers was provided by Standard Chartered Bank, SMBC, Riyad Bank and Natixis.
The Hogan Lovells team comprised lead partner Robin Hallam, Rustum Shah, partner in the Dubai office, and Shalini Bhuchar, of counsel in London.