Watson Farley & Williams (WFW) News
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...
The overarching purpose of The Fuel EU Maritime Regulation (FEMREG) is to accelerate the use of renewable and low-carbon fuels in shipping. It forms part of the EU’s Fit for 55 Package, aimed at reducing the greenhouse gas (“GHG”) intensity of energy used by ships above 5,000 GT by at least 55% by 2030 (compared to 1990 levels). FEMREG is intended to complement the EU Emissions Trading Scheme for maritime which came into force on 1 January 2024. Fuel EU Maritime monitoring pl...
Watson Farley & Williams (WFW) advised GEFO Shipping Group (GEFO) on its order of two additional climate-friendly chemical tankers from the Chinese shipyard Nantong Xiangyu (Xiangyu). Delivery is scheduled for late 2026 or early 2027 with options for two further vessels also agreed. Fuel-saving design The current order complements a previous one for ten stainless steel tankers with a fuel-saving design placed in January 2024 on which WFW also advised GEFO. Both transactions are part of a...
Watson Farley & Williams ('WFW') is strengthening its Middle East ship finance practice with the relocation of Assets & Structured Finance Partner, Emily Widdrington from London to Dubai as of 1 August 2024. Emily has over 12 years of experience advising and acting for banks and ship owners on loan and security documentation. Her experience ranges from advising on high-value ECA-backed financings to loan agreements involving sustainability-linked margin adjustments. New LNG-powered cru...
Watson Farley & Williams advised ABN AMRO BANK N.V. and ING BANK N.V. on a US$245m term loan facility granted to Tsakos Energy Navigation Limited for the financing of a fleet of tanker vessels. WFW acted as lead counsel on the transaction and assisted ABN and ING throughout the life cycle of the transaction, from the negotiation and execution of the facility to the delivery of each vessel. Transportation services TEN is a world-pioneering tanker operator, listed on the New York...
Watson Farley & Williams (WFW) advised Attica Holdings S.A. (Attica) on the negotiation of bareboat charter documentation with Stena International S.A. (Stena) for two E-Flexer vessels being built by Stena at the China Merchants Jinling Shipyard (Weihai) Co., Ltd with a purchase option. Delivery is scheduled for April 2027 and August 2027. RoPax vessels The two new vessels with an overall length of 240m, are the largest RoPax vessels ever ordered by a Greek shipping company. With a passe...
Watson Farley & Williams (“WFW”) advised Hamburg Commercial Bank AG (“HCOB”) on its acquisition of NIBC Bank N.V.’s (“NIBC”) entire shipping portfolio comprising €992m of performing shipping loans. NIBC’s shipping experts will join HCOB to form its first representative office in the Netherlands. The portfolio was acquired through a multi-stage competitive bidding process and is the first major acquisition of its kind for HCOB. Banking pr...
Watson Farley & Williams advised long-standing client TUI Cruises GmbH on the delivery of Mein Schiff 7, its seventh ship in the Mein Schiff series built at Meyer Turku’s shipyard in Finland. At ca. 112,000 GT, the 315 metres long, MEIN SCHIFF 7 is a showcase for modern, sustainable shipping. It has been fitted with cutting-edge technology to reduce nitrogen oxide emissions and is also equipped with methanol capability and a shore power connection. Representation of TUI Cruises...
Watson Farley & Williams advised Crédit Mutuel Impact and Atlante Gestion on their equity investment in SO TOWT to finance the construction of six new sailing cargo ships for TOWT TransOceanic Wind Transport (“TOWT”), the pioneering French low-carbon shipping company. The six new vessels are being built in Brittany’s Piriou shipyards for delivery in 2027. Once operational they will join the first two vessels of TOWT’s fleet, which are expected to enter commerc...
Watson Farley & Williams (WFW) advised Navigazione Montanari S.p.A. (Navigazione Montanari) on the sale of the Valle di Nervion tanker to Middle Eastern buyers. The Valle di Nervion, which was previously used to transport oil products, was built in South Korea in 2004 at the Hyundai Mipo Dockyard Co. Ltd. Navigazione Montanari Founded in 1889 and headquartered in Fano, Italy, Navigazione Montanari specialises in shipping products for the oil and petrochemical sectors and counts among its...
Watson Farley & Williams advised EDT Shipmanagement Ltd. on a US$24m sale and leaseback financing transaction in connection with a 91-loa multipurpose platform supply vessel Peridot (built 2005). The vessel, initially purchased by EDT from the Israeli government, was sold to the financing lessor and then subsequently leased back from them under a five-year fixed rate bareboat charter with purchase options exercisable at certain points during the lease period. WFW Athens Maritime team The...
Watson Farley & Williams (WFW) is pleased to announce that it has promoted eight lawyers to counsel. They are: Nerina Erasmus – Corporate Nerina’s practice focuses on domestic and cross-border M&A, joint ventures, and private equity transactions, with particular expertise in the energy and infrastructure sectors. She is dual-qualified in England & Wales and South Africa. Valentina Keys - Environment, Health & Safety She also specialises in providing stand-alone...
The Fuel EU Maritime Regulation (FEMREG) looms large as shipping companies must decide their fuel compliance strategy and submit their monitoring plans before September. Slow steaming will not be enough to make ‘shipping companies’ compliant and WFW explains why. WFW discusses the basics and offers our expert steer on how best to prepare rather than react. Background FEMREG’s overarching purpose is to accelerate the use of renewable and low-carbon fuels in shipping. It...
Watson Farley & Williams (WFW) has advised the Blue Ocean maritime strategy managed by EnTrust Global (EnTrust) on its acquisition of Norwegian alternative investment fund manager - Offshore Merchant Partners (OMP) from HitecVision. EnTrust EnTrust is a major global alternative asset management firm. Co-founded in 1997 by Chairman and CEO - Gregg S. Hymowitz, EnTrust offers a diverse range of alternative investment opportunities across strategies, including private debt and real asset...
Watson Farley & Williams (WFW) has advised Jiangsu Financial Leasing Co., Ltd. (JSFL) on the US$75 million financing for 10 chemical/oil products tankers and four general cargo vessels owned by the Yildirim Group (Yildirim). The transaction was not a pure sale and leaseback as the closing mechanism was complex as it involved the prepayment of outstanding exposure from a previous transaction, discharging securities promptly, and multiple transfers on the closing date. Structured loan-to-val...