Ganado Advocates assists Navigazione Montanari SPA in the sale-and-leaseback of 11 tankers Author: Jotham Scerri-Diacono Published on April 8, 2019 Navigazione Montanari SPA, a major player in the Italian shipping scene with an active fleet in the crude oil, chemical and product carrier sectors, has recently concluded a sale-and-leaseback deal with the Norwegian fund “Sole Shipping”. The deal involved a complex refinancing transaction consisting of the sale-and-leaseback of 11 vessels forming part of Montanari’s fleet, facilitating the company’s plan to renew its fleet and further its investment in more technologically-advanced vessels. The longer-term strategic goal behind such a deal is for Montanari to increase the size of its fleet, that currently stands at 21, with the aim of becoming a third-party vessel management company, whilst continue leveraging upon its current expertise and commercial network. Indeed, these structured “sale-and-leaseback projects on a bareboat charter basis” have, in recent years, become an attractive way the shipping industry raises funds. Jotham Scerri-Diacono (Partner), Jan Rossi (Associate), Marcus Rizzo Naudi (Advocate) and Stephanie Decelis (Shipping Administrator) from GANADO Advocates’ shipping team acted for Navigazione Montanari SPA in this transaction, with all vessels being registered under the Malta flag. Go back