Finance - News

Watson Farley & Williams (“WFW”) is pleased to announce that maritime disputes expert - Andrew Rigden Green has joined the firm as a partner in Hong Kong. He was previously at Stephenson Harwood in the same city. Andrew has over 20 years’ disputes experience having begun his career focussing on arbitration and London High Court litigation. In 2012, he relocated to Hong Kong to grow Stephenson Harwood’s maritime disputes practice and establish its international arbitr...

Marine Specialised Technology (MST Group), a globally renowned designer and manufacturer of high-speed and rigid inflatable boats (RIBs) primarily for military, coast guard and law enforcement sectors is expanding to meet record demand after securing a £6 million funding package from NatWest. Founded in 2002 and headquartered in Bromborough, between Ellesmere Port and Birkenhead, the company has grown to become a major employer in the Wirral area, with approximately 135 staff. MST Group&...

Gastech 2025, the world’s largest conference and exhibition for natural gas, LNG, hydrogen, climate technologies, and AI-powered solutions, will take place in Milan from 9th to 12th September. As the industry navigates an evolving geopolitical and economic landscape, this agenda-setting event will gather and empower over 50,000 energy pioneers - including C-suite executives, policymakers, pioneering innovators, and strategic investors - to build powerful alliances and accelerate a resilie...

Wattlab, the Netherlands-based maritime solar specialist, is proud to introduce its SolarDeck to the seagoing shipping industry. SolarDeck is a modular and scalable system of deck-mounted solar panels that yield significant reductions in fuel consumption and CO2 emissions. Moreover, based on installation on a seagoing general cargo vessel, SolarDeck combines substantial savings via Fuel EU Maritime and EU ETS regulations and an expected return on investment of 3-5 years. Reduce fuel costs for...

Xeneta has launched an index-linked contract (ILC) simulator to help shippers navigate ocean freight container market volatility and end procurement inefficiency. The new ILC Simulator – now available in the Xeneta platform – allows shippers to compare traditional fixed-rate contracts with index-linked contracts using sample corridor data or their own historical ocean container freight rates. Shippers and logistics services The simulator is an important first step towards index-li...

VIKING uses a test tower facility to perform onshore full-scale testing of free-fall lifeboats, as required by DNVGL-ST-E406. This avoids the complexity and risk of testing from offshore installations. And the approach is recognised by classification societies and national authorities. Onshore testing to offshore activities The onshore tower facility is increasingly engaged by construction yards that wish to receive fully tested equipment that is ready to be installed on the platform or vess...

VIKING Norsafe rescue boats are used every day by thousands of operators in the oil and gas industry as well as the renewable energy sector. The design and construction of these boats showcase all of VIKING Norsafe's ability and experience. Our rescue boats and fast rescue boats provide great maneuverability with low maintenance standby and operation providing the means for effective search and recovery for people at sea. MERLIN-615 R and MAKO-655 MERLIN-615 R and MAKO-655 are available as bo...

In a major push toward decarbonising maritime logistics, President Jae-young Byeon of the Ulsan Port Authority (UPA) and Chief Executive Sun-bae Hong of the Korea Maritime Cooperation Centre (KMC) jointly announced the successful conclusion of the “2nd Forum on the Commercialisation of Biofuels for Maritime Vessels,” held on 23 April at the Caradium Hall of the PJ Hotel in Seoul. The forum, hosted by the Ministry of Oceans and Fisheries and co-organised by UPA and KMC, drew around 3...

Marinetrans, a global pioneer in logistics solutions for the maritime and offshore industries, has been awarded the project logistics contract for two Floating Liquefied Natural Gas (FLNG) vessel construction projects. The contracts, spanning from 2025 to 2027, have been awarded by  Black & Veatch, a Kansas (USA)-based renowned engineering and construction company specialising in energy infrastructure.  Under the agreement, Marinetrans will provide comprehensive project logistics servi...

On April 17, 2025, the Office of the US Trade Representative (“USTR”) published a notice of action (the “USTR Notice”) implementing its port fee proposal, first announced on February 21, 2025. The rules differ substantially from the February proposal. The calculation of the fees has changed to a net tonnage-based fee (or for certain vessels, based on containers discharged or Car Equivalent Units). LNG transportation and vehicle carriers Specialised rules apply to LNG t...

The English Commercial Court (the “Court”) has provided helpful clarity on the extent of damages available to a claimant shipowner for the late redelivery of a vessel under a time charter where there is evidence that the owner of the vessel would have been unable to enter into a subsequent charter for the vessel. In such circumstances, only nominal damages will be recoverable, as no actual loss has been suffered. Background Hapag-Lloyd AG (the “Charterers”) entered i...

Collaboration between countries and sectors needs to strengthen as the North Sea undergoes a period of diversification, according to a new report from DNV.  North Sea Forecast: Ocean’s Future to 2050 estimates that offshore wind will claim 9% of the North Sea space by 2050, and policies to promote cross-industry collaboration are required to ease spatial planning pressure. The North Sea hosts Europe’s busiest ports, produces most of Europe’s offshore energy, and is the ar...

Technology group - Wärtsilä is set to expand its state-of-the-art technology centre - Sustainable Technology Hub in Vaasa, Finland, with a €50 million total investment.  Expanding the R&D testing capabilities and facilities will enhance Wärtsilä’s ability to meet the growing demand for developing and delivering sustainable technologies in marine and energy and to support fuel applications needed in the future. Smarter engine development Wärtsil&aum...

Fincantieri and Viking announced the first cruise ship in the world to be powered by hydrogen stored onboard for both propulsion and onboard electricity generation, the “Viking Libra”. The vessel is currently under construction at the Fincantieri Ancona shipyard, with delivery scheduled for late 2026. Operating with zero emissions Designed with sustainability in mind, the ship will be capable of navigating and using with zero emissions With a gross tonnage of approximately 5...

Brunvoll expands its product range of tunnel thrusters with its largest thruster to date. This is a response based on trends seen in the cruise industry, where they build larger and larger vessels.  The first delivery of this new size is for three cruise vessels, where each vessel will feature four tunnel thrusters. The contract is with an undisclosed shipyard and shipowner. Powerful propulsion Brunvoll’s delivery for the vessels consists of a total 12 tunnel thrusters of the new F...

CIBC Innovation Banking announced that it has provided $10 million in debt financing to Sedna Communications Ltd, an Insight Partners-backed AI-powered workflow automation platform, which specialises in the global trade and supply chain market. The funding will drive AI innovation, expand platform integrations, and support sustainable growth to better serve Sedna’s customers. Maritime and supply chain Founded in 2017, Sedna helps maritime and supply chain businesses extract important da...

The University of Osaka (President: Atsushi Kumanogoh), in collaboration with Imabari Shipbuilding Co., Ltd. (President: Yukito Higaki, 'Imabari Shipbuilding'), Japan Marine United Corporation (President: Takashi Hirose, 'JMU'), Nippon Kaiji Kyokai (President & CEO: Hayato Suga, 'ClassNK'), and MTI Co., Ltd. (President: Hideki Suzuki, 'MTI') will establish the Open Collaboration Laboratory for Enabling Advanced Marine Systems (OCEANS) at the Techno Alliance Building within the Graduate Schoo...

Eni, an energy company, Fincantieri, a world pioneer in complex shipbuilding, and RINA, a multinational group specialising in engineering consultancy, certification, and inspection, presented the “Sustainable Maritime Transport Outlook” in Rome — in the presence of the Minister for the Environment and Energy Security, Gilberto Pichetto Fratin. The study, focused on the maritime sector, was developed with the technical support of Bain & Company Italy. Net Zero target for 2...

Zero USV, the company behind the Oceanus12 fleet, providing the first global network of over-the-horizon, high-endurance uncrewed fully autonomous surface vessels (USVs) for charter, has officially welcomed Leeway Marine onboard as its first global operations partner. This partnership represents a landmark step in expanding Zero USV’s worldwide presence, with Leeway Marine now set to offer the company’s Oceanus12 USV for charter throughout Canada and the wider North American region....

Achilles, a pioneer in supply chain risk management solutions, and Procureship, the world’s pioneering e-procurement platform, have agreed on a long-term partnership to enhance the ESG capabilities of the shipping industry’s procurement processes.  The latest agreement will bring efficiencies to the supply chain assessment and purchasing process for Procureship members. Procureship provides streamlined purchasing for more than 100 fleet owners and operators, including BW LNG, A...

The keel laying ceremony for "Seven Seas Prestige", the ultra-luxury cruise ship which Fincantieri is building for Regent Seven Seas Cruises, took place at Fincantieri's shipyard in Marghera (Venice). The vessel is scheduled for delivery in 2026. Cruise industry milestone The ceremony was attended, among others, by Harry Sommer, President & Chief Executive Officer of Norwegian Cruise Line Holdings Ltd, Jason Montague, Chief Luxury Officer of Regent Seven Seas Cruises, Patrik Dahlgren, Exec...

Knutsen NYK Carbon Carriers AS, a subsidiary of Nippon Yusen Kabushiki Kaisha and Knutsen Group, has obtained Approval in Principle from ClassNK for the design of liquified CO2 carriers that use the elevated pressure method to store and transport liquefied carbon dioxide at ambient temperature. ClassNK has carried out a design review of this ship in accordance with the Rules for the Survey and Construction of Steel Ships, 'Part N', and has issued an Approval in Principle after confirming that t...

Procureship, the pioneer e-procurement platform for the global maritime industry, has signed an agreement with Shipnet. The Norwegian vessel management software provider, to bring its award-winning e-procurement service to its online maritime operation app. Shipnet and procureship unite The deal will enable all Shipnet users to access Procureship’s e-procurement platformThe deal, which was signed during Sea Asia in Singapore on 25 March, will enable all Shipnet users to access Procuresh...

Following an application for summary judgment, the Commercial Court has provided useful guidance on the interaction between the Hague Rules time bar and contractual time bars where the Hague Rules were incorporated by a clause paramount, rather than applying by force of law. Emirates Shipping Line FZE ('The Defendant') sought to argue that the claim by cargo interests became time-barred as a result of contractual provisions providing for a 20 day time bar and a clause that required the claim fo...

Fuels of the future and shipping charge points in harbours are at the centre of a major new strategy to make Britain’s shipping fleet net zero by 2050 and drive growth in coastal communities. The Maritime Minister has revealed the Government’s new goals for all vessels that operate in UK waters and dock at UK ports to be carbon-free and help vessel owners, operators and scientists make emission-free voyages a reality. Maritime Decarbonisation Strategy Maritime Decarbonisation Stra...

Fincantieri, one of the world's pioneer groups in high-complexity shipbuilding, and the Guardia di Finanza signed a Memorandum of Understanding aimed at strengthening cooperation to prevent and fight criminal infiltrations and irregularities in the economic and production sectors. The agreement establishes a joint effort to protect legality, with a focus on preventing and combating economic and financial crimes, fraud, corruption, and illegal labor practices. Enhancing transparency and securit...

IRClass Academy has successfully concluded an intensive Marine Casualty Investigation Training program aimed to enhance the investigative capabilities of maritime professionals, equipping them with the knowledge and skills required to conduct thorough and compliant marine casualty investigations. The program provided an in-depth understanding of the purpose, scope, and principal definitions of marine casualty investigations, along with the mandatory responsibilities of safety investigation auth...

Watson Farley & Williams (“WFW”) advised BPER Banca S.p.A. (“BPER”), as agent and financing bank, and Banca Popolare di Sondrio S.p.A. (“BPOS”), as financing bank, on an up to US$50m financing granted to Ignazio Messina & C. S.p.A. (“Ignazio Messina”). This allows Ignazio Messina to finance the renewal of its fleet as part of an investment plan to build full container vessels of greater capacity and size than those it previously deployed....

Global law firm Norton Rose Fulbright has advised BNP Paribas, a syndicate of lenders, SACE and SIMEST on the financing of four new cruise vessels for Viking Ocean Cruises. The financing consists of four export credit loan facilities, which are together worth around $2 billion. The facilities are backed by the Italian export credit agency SACE and contain a fixed-rate subsidy offered by SIMEST. Viking Ocean Cruise’s growing fleet The ocean-going passenger cruise vessels are being constr...

Watson Farley & Williams (“WFW”) advised a syndicate of lenders led by BNP Paribas (“BNPP”), SACE SpA and SIMEST SpA on the financing and delivery of the cruise vessel Norwegian Aqua, owned by Norwegian Cruise Line Holdings Ltd. group (“NCLH”) and built at Fincantieri’s Marghera shipyard in Italy. Norwegian Aqua is the third of NCLH’s Prima-class vessels and, at approximately 156,000 gt, is the largest vessel to be built at the Marghera shipya...