Stephenson Harwood (Singapore) Alliance has advised KfW-IPEX Bank on a US$72 million loan agreement to Quantum Pacific Shipping (QPS) for the purchase and installation of scrubbers.

Backed by the Norwegian export credit guarantee agency GIEK, the facility will be used to acquire and install exhaust gas cleaning scrubbers from Clean Marine. It is the first scrubber financing that has been backed by a GIEK guarantee.

"This deal demonstrates our ability to support clients with their most innovative transactions and sets a useful precedent for future ECA backed scrubber financings," said Gregg Johnson, Stephenson Harwood partner and head of the shipping and offshore finance team in Singapore.

The transaction was led by Gregg Johnston, who was assisted by associate Jeffrey Tanner.