Watson Farley & Williams (WFW) News
Watson Farley & Williams (“WFW”) is advising InfraVia Capital Partners (“InfraVia”), through its InfraVia European Fund VI, on its acquisition of a majority stake in Louis Dreyfus Armateurs (“LDA”), the French family-owned group specialising in high value-added industrial marine services. Expected to be completed in H1 2025, the transaction is subject to prior consultation with employee representative bodies and the usual regulatory approvals. New modes...
The TMS Ship Finance and Trade Conference 2025 brought together global industry pioneers, financial experts, and policymakers for transformative discussions on the future of maritime trade, finance, and sustainability. The conference served as a vital platform for addressing key challenges, exploring financial innovations, and advancing sustainability-driven solutions for the maritime sector. Challenges for maritime decarbonisation Al-Maghafi cautioned that these changes might slow sustainab...
Watson Farley & Williams (‘WFW’) advised Eurazeo, acting as lead investor via its Eurazeo Transition Infrastructure Fund, on a €70 million investment in new offshore service vessel platform MPC OSE Offshore. The platform, a joint venture between MPC Capital and O.S. Energy, helps develop, build and manage service support vessels for offshore wind farms. The consortium of investors comprised European family office and others in addition to Eurazeo. Watson Farley & Willi...
Watson Farley & Williams (‘WFW’) advised BNP Paribas and Standard Chartered Bank as co-documentation banks and DNB Bank ASA, New York, as agent, on a US$500 million revolving credit facility to Scorpio Tankers Inc. (‘Scorpio Tankers’). The oversubscribed credit facility was provided by a group of eight banks. The facility is a revolving credit facility with a seven year maturity date and provides Scorpio Tankers the flexibility to draw down or repay the loan during t...
A host of expert speakers have been confirmed for the TMS Ship Finance and Trade Conference, which takes place on Tuesday, 18th February, at the Taj Exotica Resort, the Palm Dubai. The Conference, which has the theme of Financing Green Shipping Solutions, is the seventh conference in this series and looks set to be the best one yet. Development of shipping Nawal Al-Maghafi, an award-winning journalist and documentary maker, will moderate this session Keynote addresses will be made by Dr Ibr...
Watson Farley & Williams advised long-standing client TUI Cruises GmbH on the delivery of the Mein Schiff Relax, the eighth ship in the Mein Schiff series and TUI Cruises’ first to be built at Italy’s Fincantieri shipyard. The Mein Schiff Relax is the first of two InTUItion-class ships being built at Fincantieri for TUI Cruises. The vessel marks a new era for the Mein Schiff experience, setting new standards in terms of comfort, exclusivity and feel-good atmospher...
Watson Farley & Williams (WFW) and Hogan Lovells jointly advised on three separate greenship financing transactions with an aggregate value of US$1.5bn+. All three transactions, one of which was secured by Chinese ECA Sinosure, were carried out by the Green Loan Principles of the Loan Market Association. WFW advised arrangers, financing banks, and green loan arrangers, with Hogan Lovells acting for Hapag-Lloyd. Capacity expansions In October 2024, Hapag-Lloyd signed two orders for a total...
The expansion of offshore wind energy is one of the central projects of the energy transition at both German and European levels. In Germany alone, the installed capacity of offshore wind turbines is set to grow to at least 30 GW by 2030 and 70 GW by 2045. In the EU, the target is even greater at 111 GW by 2030 and 317 GW by 2050. These targets make close cooperation between the energy, infrastructure, and transport sectors indispensable. Sustainable value creation In particular, the close li...
Global law firm Norton Rose Fulbright, working in conjunction with pioneering Spanish law firm Uría Menéndez, has advised Bibby Marine on a financing package with HSBC UK to support the development of its previously announced zero-emission electric Commissioning Service Operation Vessel for servicing offshore wind farms. The multi-million euro financing made available by HSBC UK is backed by Cesce, the Spanish Export Credit Agency. HSBC acted as sole ECA coordinator, mandated lead...
Watson Farley & Williams (WFW) advised HSBC UK on the financing of Bibby Marine’s previously announced zero-emission electric commissioning service operation vessel. HSBC UK’s pre- and post-delivery facility was supported by Cesce, the Spanish Export Credit Agency, with HSBC acting as sole ECA coordinator, facility agent, and mandated lead arranger. Battery technology The vessel, to be built at Astilleros Armon in Vigo, Spain, incorporates pioneering battery techno...
Watson Farley & Williams ('WFW') advised Euromont Shipping Company S.p.A. ('Euromont'), as seller, and Navigazione Montanari S.p.A. ('Navigazione Montanari'), as bareboat charterer, on the sale and leaseback of oil chemical tankers - 'Valleblu' and 'Valturchese' to two Japanese leasing companies. The Valleblu, originally under the International Ship Registry held with the Port Authority of Trieste, is currently registered by new owner - Kimura Shoji/Kt Neo Marine under the Panama Ship Regis...
Watson Farley & Williams (WFW) advised the Eurazeo Sustainable Maritime Infrastructure ('ESMI') fund on a sale and lease back transaction to be entered into with Mainport Shipping Ltd ('Mainport') for the pre- and post-delivery lease financing of the hybrid survey and ROV support vessel - 'Geo Master'. The vessel is currently under construction at Neptune Construction B.V., a shipyard in the Netherlands. Supporting the growing European offshore wind market, the vessel is scheduled for deliv...
Watson Farley & Williams (“WFW”) advised Viking Ocean Cruises (“Viking”) on the delivery of the ocean ship - 'Viking Vela' from Fincantieri's Ancona shipyard, Italy. The 'Viking Vela', the 11th ship delivered to Viking by the Fincantieri Group, is built according to the latest navigation and safety regulations. It is also equipped with high-efficiency engines and systems that minimise the pollution of exhaust gases and that meet the strictest environmental requiremen...
Watson Farley & Williams (WFW) advised Höegh Evi Ltd. (Höegh Evi) on the acquisition of a 50% stake in its shareholder Larus Holding (Larus) by funds managed by Igneo Infrastructure Partners (Igneo). Transaction details Larus, which is the 100% owner of Höegh Evi, is currently jointly 50/50 owned by Aequitas Limited (a holding company of the Høegh Family who will retain their existing stake) and funds managed by Morgan Stanley Infrastructure Partners. The trans...
Watson Farley & Williams (“WFW”) has advised Genesis Energias, S.A (“Genesis”) on the chartering of the ‘BILBAO KNUTSEN’, which shall be used as an LNG floating storage unit (“FSU”) for the loading, storage and discharging of LNG, as part of an LNG-to-power project in Honduras. The ‘BILBAO KNUTSEN’ is an LNG carrier built in 2004 and owned by Norway’s Knutsen Group. The vessel is to be converted into an FSU for the project by...
Watson Farley & Williams (WFW) advised Globus Maritime Limited on their US$ 28 million sale and leaseback of newbuild bulk carrier m.v GLBS MIGHT with a Japanese leasing house. This is Globus' first sale and leaseback transaction, with the US$ 28 million being made available under a ten-year capital sale & leaseback arrangement. Athens-based Globus is an integrated dry bulk shipping company that provides marine transportation services worldwide with a current fleet of eight dry bulk ves...
Watson Farley & Williams (“WFW”) advised Industrial Bank Financial Leasing Co., Ltd. (“CIBFL”) on a leasing transaction for two liquified natural gas carriers. Upon delivery, the vessels will be bareboat chartered to a disponent-owner and sub-chartered to a Middle East charterer on a long-term basis. Delivery of the vessels Unlike conventional sale and leaseback transactions where the lessors enter into Memorandum of Agreements (“MOAs”) with the lessees...
Watson Farley & Williams (“WFW”) advised Bank of Communications Financial Leasing Co., Ltd. (“BOCOM Leasing”) on a leasing transaction for three liquified natural gas carriers. Upon delivery, the vessels will be bareboat chartered to a disponent-owner and sub-chartered to a Middle East charterer on a long-term basis. Korean and Chinese shipyards Unlike conventional sale and leaseback transactions where the lessors enter into Memorandum of Agreements (“MOAs&rd...
The decision in Verein KlimaSeniorinnen Schweiz and Others v. Switzerland has set a precedent requiring state parties to the European Convention on Human Rights to assess the effectiveness of their legislative regimes to protect individuals who are most vulnerable to the effects of climate change. While this is a finding against states, they are likely to seek to comply with their own obligations under international law by introducing new domestic laws and regulations affecting busine...
Watson Farley & Williams (WFW) advised Navigazione Montanari S.p.A. (Navigazione Montanari) on acquiring the chemical product tanker, Astella, renamed Valderice. WFW also acted for Intesa Sanpaolo S.p.A. (Intesa Sanpaolo) as a lender on loan, backed by Italy’s ECA SACE's Garanzia Futuro, granted to Navigazione Montanari to recapitalise the funds used for the purchase partially. Valderice The Valderice, built in South Korea in 2011 at the Hyundai Mipo Dockyard Co. Ltd., is currently...
Watson Farley & Williams is pleased to announce the publication of the third edition of The Law of Ship Mortgages, written by Partner Charles Buss, recently retired Partner - David Osborne and Knowledge Counsel - Joanne Champkins. Described as the definitive text on English ship finance law, the first edition was published in 2001 and has been well-received ever since. Impact on shipping This third edition was written with the ever-increasing sanctions and their impact on shipping and shi...
Watson Farley & Williams (WFW) advised Crédit Mutuel Impact and Bpifrance on an equity investment into French cargo sailing ship developer and operator VELA Sail For Goods (VELA). Other investors also took part including US-based 11th Hour. The investment will help finance the construction of a trimaran cargo vessel to be built by shipyard Austal Philippines for lease to VELA. Crédit Mutuel Impact and Bpifrance The multi-disciplinary WFW Paris team that advised Cr&eacu...
Watson Farley & Williams (“WFW”) advised MET Group (“MET”) on its investment, by way of a partnership agreement with Celsius Group (“Celsius”), in one modern LNG carrier to be constructed by China Merchants Heavy Industry (Jiangsu). The LNG carrier is scheduled to be delivered in 2027 and will support MET’s growing LNG activities. The purchase supports MET’s strategy to enhance its ability to supply its customers with LNG from various sources...
Watson Farley & Williams (WFW) advised BPER Banca S.p.A. (BPER) on a medium to long-term financing of up to approximately US$7.7 million to Maltese company - Red Coral Bulkers Ltd. (Red Coral) for the purchase of the bulk carrier - 'Archagelos Michael'. Archagelos Michael, originally under the Liberian Registry and currently registered by Red Coral in the Maltese Register of Shipping under the new name - 'Peppino' is one of the first ships to also be listed in the EU/EEA states’...
Watson Farley & Williams (“WFW”) advised BPER Banca S.p.A. (“BPER”) on a medium to long-term financing of up to approximately US dollar 7.7m to Maltese company Red Coral Bulkers Ltd. (“Red Coral”) for the purchase of the bulk carrier “Archagelos Michael”. EU/EEA states’ register Archagelos Michael, originally under the Liberian Registry and currently registered by Red Coral in the Maltese Register of Shipping under the new name “P...
Watson Farley & Williams (WFW) advised the owners of Astro Offshore (Astro Offshore) on the sale of an 80% stake in the business for US$185 million to Adani Ports and Special Economic Zone Ltd (APSEZ), India’s largest ports and logistics company and part of the Adani Group. Core transaction The existing shareholders retain 20%. With the core transaction documents successfully signed, the deal is expected to close shortly. This all-cash deal gives Astro Offshore an enterprise val...
Watson Farley & Williams (WFW) advised an Asian financial institution as arranger, agent, security agent, and lender on a US$201.85 million sustainability-linked Japanese Operating Lease with Call Option (JOLCO) with Ocean Network Express Pte. Ltd. (ONE) as lessee and Financial Partners Group Co., Ltd. (FPG) as equity provider for two portfolios of container boxes comprising dry container boxes and reefer container boxes. Global container shipping company Singapore headquartered ONE is a g...
Since 1 January 2024, shipping companies have been subject to the expanded European Emissions Trading Scheme (EU ETS), have had to monitor their emissions, open trading accounts, and have been tasked with formulating more efficient fuel and route compliance strategies in preparation for the submission of their first reports in March 2025. This briefing and the bespoke compliance and exemptions checklists we have prepared will help guide you through the complexities of the EU ETS and FuelE...
Watson Farley & Williams (WFW) is pleased to announce that maritime disputes expert - Natalie Jackson has joined the firm as a partner in Athens, Greece. She has over 18 years of contentious experience working at UK shipping law firms based in Piraeus, having trained as a solicitor in London. Natalie Jackson Natalie specialises in maritime law and has an emphasis on dispute resolution arising from charter parties, bills of lading, MoA and shipbuilding disputes, salvage, collisions, ground...
Watson Farley & Williams (WFW) is delighted to announce that it has joined the Smart Maritime Network (SMN), an initiative dedicated to supporting and further promoting digital transformation across the shipping and transport sectors. Smart Maritime Network (SMN) SMN’s goal is to provide a platform to promote the benefits of enhanced integration and data sharing among stakeholders within the maritime and transport logistics sectors, informing and educating the industry on technologic...