Carey Olsen advises on $240M award-winning shipping finance deal

What's the deal? Carey Olsen Bermuda has advised International Seaways, Inc. on a $240M financing backed by Korea Trade Insurance Corporation (K-SURE). The deal won Marine Money's Export Credit Deal of the Year 2025.

The financing was part of a broader $331.6M package supporting the construction of six LR1 tanker newbuildings at K Shipbuilding Co., Ltd. in South Korea. It achieved the lowest export credit agency margin in the market in 2025.

DNB Markets arranged the financing, with DNB Bank ASA's New York branch acting as facility agent, K-SURE agent, security agent, and hedge counterparty. Multiple law firms across jurisdictions advised on the transaction.

Why now? The deal reflects continued demand for new tanker tonnage and the role Bermuda-domiciled structures play in international shipping finance. Partner Matthew Grigg said: "The deal highlights the continued importance of Bermuda structures in international shipping and also reflects strong collaboration across all parties in delivering a complex, cross-border financing."

The signal: Export credit-backed financing remains a critical tool for shipowners seeking competitive terms on newbuild orders. The record-low ECA margin suggests lenders are competing aggressively for high-quality shipping credits — a sign of confidence in the tanker market's outlook.

Read more: bernews.com