Norton Rose Fulbright has advised Crédit Agricole Corporate and Investment Bank (CA-CIB) on the establishment of Sea Bridge Finance, a joint venture with Sumitomo Mitsui Trust Bank (SMTB).

Sea Bridge Finance is a 50-50 joint venture between CA-CIB and SMTB and has been formed to invest up to US$1 billion in senior secured ship mortgage loans over the next three years. Norton Rose Fulbright will continue to represent Sea Bridge Finance in relation to its future investment activities.

Simon Hartley, partner and co-head of shipping, commented:

“This reflects an exciting new development in the shipping finance market and demonstrates how participants in that market are capable of developing innovative and flexible structures to provide solutions to the capital needs of the industry.”

Corporate partner Jill Gauntlett, ship finance partner Simon Hartley and tax partner Matthew Hodkin led the team advising CA-CIB, supported by associates Charles Bremner and Juliet Huang. Paris banking and finance partner Martin Gdanski and Paris tax partner Laurence Toxé also advised, together with London senior associate Caroline Thomas and associate Shaha El-Sheemy who provided anti-trust and competition and regulatory advice.

The transaction completed on December 5 2014. Allen & Overy LLP advised SMTB. Dougherty Quinn provided Isle of Man legal advice.

Norton Rose Fulbright was recently named Shipping Law Firm of the Year by Global Transport Finance. This joint venture is one of a number of transactions Norton Rose Fulbright has advised on aimed at making additional capital available to the shipping sector, including advising Alpha Bank on the securitisation of a portfolio of shipping loans to raise in excess of US$500 million, and acting for Costamare on a joint venture with York Capital Management Advisors LLC to invest US$500 million in equity for the acquisition of container vessels.