Johnson Stokes & Master has advised a consortium of shipping operators including Mitsui OSK Lines and Nippon Yusen Kabushiki Kaisha on the largest ever limited recourse loan facility in the shipping market.

The US$1.6bn loan will go towards eight Q-Flex LNG carriers that are under construction in Korea.

The banks were led by the Bank of Tokyo-Mitsubishi UFJ, DnB NOR Bank ASA and Societe Generale and advised by Allen & Overy.

Holman Fenwick & Willan also advised consortium member Qatar Gas Transport Company Ltd