Jurisdiction(s):
United Kingdom

Key definition

Agency definition

What does Agency mean? Agency describes the legal relationship by which one person (the agent) is authorised to affect a principal’s legal relations with third parties, typically by entering contracts or performing other legal acts on the principal’s behalf. It is a common law concept developed mainly through case law across England & Wales, Scotland, Northern Ireland and Ireland, with sectoral statutes in specific contexts (for example the Commercial Agents Regulations, the Partnership Act 1890 and companies legislation). Key features include authority (actual—express or implied—and apparent/ostensible), the principal’s ability to be bound or acquire rights through the agent (including by ratification),...

Export Credit Agency-backed shipping finance: structures, documentation, security packages, OECD Arrangement, and lender and owner considerations

Published by a LexisNexis Banking & Finance expert

Practice notes

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Export credit agency (ECA) backed financing has long served as a dependable funding route for the shipping and offshore sectors, yet the financial crisis expanded the influence of ECAs across all areas, from cruise vessels to drilling units and liquefied natural gas (lng) carriers. Banks commonly welcome ECA participation as it enables them to manage capital pressures in a capital‑intensive industry and to address risks tied to exporting to overseas purchasers. ECAs provide, among other measures, direct lending, insurance and guarantees to facilitate ship finance transactions and to safeguard the interests of domestic shipyards selling worldwide. The financing structure and documentation will differ depending on the particular form of support delivered by the ECA.

What are Export Credit Agencies?

An ECA is typically a governmental body or a quasi‑governmental agency, but it can also be a publicly or privately owned company (acting on behalf of the relevant government) which, in shipping finance transactions, either furnishes

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Gudmund Bernitz

HFW

Gudmund is a member of HFW's finance group acting for a wide range of finance providers and borrowers on asset and export financings as well as general bank lending. He also advises a variety of corporates, particularly in the shipping and offshore sectors, on sale and purchase, charters, building contracts and other commercial matters.He has spent time on secondment to HSBC's Project and Export Finance Department, the Shipping Finance Department of DVB Bank and WesternGeco's Marine Legal Team.Gudmund is qualified as a Solicitor in England & Wales and as an Advokat in Sweden....

Zoe Triantafyllou

HFW

Zoe is a senior associate in HFW's finance team in Singapore. She acts for finance providers and borrowers on a wide range of transactions including structured debt finance, export finance, leasing structures, loan portfolio transfers, restructuring and refinancing in the commercial shipping, cruise/travel, petrochemical and jet/yacht industries. She has also spent time working at HFW’s London and Piraeus offices. She is named in the Legal 500 as a key lawyer for transport finance and leasing....

Amalia Tzima

HFW

Amalia is a transactional lawyer based in the London office of HFW specialising in shipping and export finance as well as yachts and superyachts. Amalia acts for a range of finance providers including many of the industry's leading banks as well as borrowers/sponsors and operators on a variety of matters including debt finance and refinancing in the commercial shipping sector. She also advises owners, shipyards, brokerage houses, financial institutions and designers in the yachting sector, with a particular focus on financing, construction, refit and design, sale and purchase, chartering, management and registration. She is currently on client secondment to the infrastructure and export finance team of a major international bank gaining experience in a wide range of export finance transactions involving, amongst others, MIGA, KEXIM, K-Sure and SACE as well as complex domestic and international infrastructure and project financings. She has...

Web page updated on 21/05/2026

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