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Solicitors' practice areas

Shipping & trade

Katie Shiels

Watson Farley & Williams LLP

University: Durham University
Degree: Geography
Pronouns: She/her

Shipping law tends to fall into two areas: contentious and non-contentious. On the contentious side, ‘dry’ shipping involves contractual issues such as bill of lading and charterparty disputes, whereas ‘wet’ shipping tends to involve issues of international law, tort and jurisdiction (eg, collisions). Non-contentious work includes ship finance (eg, lending and security) and the drafting of commercial agreements (eg, charters and shipbuilding contracts). Whereas the shipping industry is by its nature international, London remains the pre-eminent venue for dispute resolution and marine insurance, and English law is the legal system of choice.


Looking back on her career so far, Katie Shiels recalls a standout moment that brought her work to life: the first time she visited a ship she had helped to finance. From the formal closing ceremony – featuring a bottle of wine ceremoniously smashed against the hull to wish the vessel safe passage – to being “hoisted onto the ship’s deck in a little container box,” and then the lively celebration that followed, the experience left a lasting impression. “It makes you really see that what you're doing is not just being sat in an office tucked away; there are real people on that ship, it’s going to be sailing around the world with crew on board. It makes it all feel more real.” For Katie, moments like these underscore the tangible impact of her work and the global journeys it helps to set in motion.

The sense of real-world connection is something Watson Farley & Williams LLP supports. The firm provides trainees with the opportunity to complete six four-months seats, with at least one based in an overseas office. Katie was initially set on becoming a litigator, but her perspective shifted when she discovered ship finance – a field she explored in depth across three different teams. With this in mind, she advises all aspiring lawyers to “stay really open to what might happen during your training contract, whether it’s a chance to complete a client secondment or to spend time in an overseas office”.   

Getting your foot on deck

Katie had the chance to work abroad in Singapore and Greece during her training, both experiences that she credits with shaping her career.  One of Watson Farley & Williams' core practice areas is asset finance and a lot of the international seats focus on this area. Singapore marked not only Katie’s first time in Asia, but also her introduction to asset finance. “I knew during those four months that this was the area of law that I was really interested in and I could see myself practising for the rest of my career.”

She was also at the perfect firm to establish herself in this sector. “I'm quite lucky because Watson Farley & Williams is very well regarded for asset finance, and we've got more than 200 asset finance lawyers in our offices across the globe. We operate in our firm's core market sectors of aviation, maritime and rail so I feel privileged and proud to be working among people at the top of their game in the transport sector.”

Her second international seat in Piraeus, Greece helped to set the foundations for life as a newly qualified (NQ) lawyer and cemented her desire to qualify abroad. She eventually did so in Singapore, where she spent six years working as an NQ. In both locations, Katie could see ships from her office window, making “the job feel much more real”. Even now Katie finds it exciting to see ships that she’s worked on. “Last year I was in Corfu for my wedding and we saw a big cruise ship pull into port that I’d just done the financing for. I got far too excited!”

Navigating the world of ship finance

While Katie now works in London, she continues to love the international nature of her work. “On a day-to-day basis, I'm speaking with people all over the world, whether they're clients or other lawyers. I love being exposed to different cultures and people. It reminds you that you're just a tiny part of a really big world.”

Her role has evolved significantly over the years. As a trainee in ship finance, she handled a variety of tasks, such as managing conditions precedent, drafting security documents, liaising with ship registries and helping with the mechanics of a signing process. As Katie has progressed, she’s taken on more of an oversight role, shifting her focus from the finer details to the transaction as a whole.

So, what does a ship finance deal actually look like? Katie explains that it varies depending on the nature of the transaction: “I work on a range of different maritime assets, from big ticket assets, like ships, to lower value assets, like shipping containers and barges. Financing can be used to finance the building of a new ship, purchase an existing ship or refinance earlier indebtedness already incurred with building or buying a ship.” Katie’s focus is primarily on debt financing, leasing products and transfers of loan portfolios. “On a typical day, there's a large element of transaction management involved, and I'll be pushing the transaction towards a successful close for our client.  For example, if I'm negotiating a loan agreement, I might receive comments on that from the other side that I need to review for the client and advise them on. If we've had new instructions, I'll start by working through a term sheet and updating precedents to tailor it for the specifics of the deal. I also tend to manage more junior members of staff on our teams, so I’ll have time in the diary to catch up with them so we can chat about any tricky situations or issues.”

When trade winds shift

It’s a busy and varied role, but one that Katie finds deeply rewarding. “I love that I work with real physical assets that are crucial to the global economy. This means there’s a tangible connection to the real world and I find that very rewarding.” This connection also means that Katie’s work is closely tied to the geopolitical climate. “Around 80 or 90% of goods around the world are transported on ships,” she notes. At the moment, several issues are impacting the sector: “We're seeing attacks in the Red Sea, which is causing major shipping lines to reroute. This is increasing transit times and fuel costs. The Russian-Ukraine conflict is also continuing to disrupt shipments within the sector, and US trade tariffs and trade tensions are impacting cargo flows, which means that shipping companies are rerouting around the US.” As a ship finance lawyer, these challenges influence how Katie approaches her day-to-day work. For example, “these developments introduce regulatory financial and operating risks that are directly affecting vessel valuations, financing structures and investment decisions. It’s quite an unsettling time for our industry.”

Decarbonisation is another hot topic for the industry, as evolving regulations and new targets “aim to limit greenhouse gas emissions  and sulphur content in marine fuels”. Katie explains: “I think costs, lack of infrastructure and safety are the main barriers to working out which alternative fuel or fuels will be introduced to help the decarbonisation process. This directly impacts the risk profile, regulatory compliance and investment attractiveness of maritime assets.” She also notes: “Some people think that environmental regulations don't really affect financing. However, if vessels don't meet the EU or International Maritime Organisation standards, they'll struggle to get financing.” While this is a challenge, Katie adds that it’s an interesting time for ship finance lawyers to try and “pre-empt changes, follow the industry and clients, and then adapt accordingly”.

Keeping pace with developments like decarbonisation is essential for providing commercially viable legal advice. So, if you’re an aspiring shipping lawyer, this is definitely an area to watch! To succeed in this area, you must have a good understanding of “how clients' businesses operate and how legal advice being given to them fits into their strategic goals. This allows you to "anticipate risks and advise your client on commercially viable solutions”. Katie highlights the importance of strong critical thinking, problem solving and communication skills, alongside excellent attention to detail. As transaction management is such a key component of the area, “you've got to have strong organisational and project management skills”. Katie says: “You'll often be managing multiple transactions and deadlines at the same time, as well as coordinating with external and internal teams, clients, and counterparties across different jurisdictions.” Therefore, ship finance lawyers must be calm under pressure. Katie emphasises that it’s a fast-paced area, “which comes with any transactional work”. The unpredictable time pressure can be a challenge but “as a service-driven business, it’s important to be flexible and adaptable so we can complete work if a client needs something quickly”.

With this unpredictability also comes an exciting range of challenging deals. “It’s a common misconception that ship finance deals can be a bit cookie cutter when compared with other assets.” In reality, ship finance is “so much broader than just a simple loan to a ship owner as it encompasses leasing, refinancing and sustainability-linked financing, and as I’ve progressed through my career the work has only become more interesting and large-scale”.