Myton Law has advised work boat operator East Coast Charters Ltd on a £1.6 million vessel acquisition.
The Hull-based specialist shipping, transport and logistics law firm was instructed by East Coast Charters to act in the purchase and financing of the newly-built ECC Challenger, which adds to the company’s fleet of multipurpose workboats providing marine survey, crew and stores transport and windfarm support.
“Though the values involved with workboats are not as great as for mainstream shipping, following the downturn lenders remain perhaps over cautious and their conditions are no less stringent,” explains Myton Law’s John Habergham.
“We were delighted to support ECC in formulating a strong business case to lenders, which proved successful in securing the investment funds towards the purchase, which ECC wanted.”
Myton Law, located at The Deep Business Centre on the banks of the Humber in Hull, is able to advise on ship’s finance, ship build, sale and purchase, as well as on wet shipping, dry shipping, technical shipping, engineering, insurance, international trade and renewable energy matters.
The ECC Challenger was built by Lowestoft-based East Coast Charters’ sister company East Coast Workcats.
[mappress]
Press release, April 26, 2013; Image: Habergham Williamson PR