Finance - News

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...

HarborLab, the Athens-based maritime technology company, has launched a new AI-powered feature designed to optimise Disbursement Account (DA) analysis and streamline port expense management. This latest innovation, known as HL AI, is part of the company’s drive to fully integrating artificial intelligence (AI) into its entire platform ecosystem helping shipowners and operators unlock efficiency and major cost savings in daily vessel operations. Advanced digitalisation systems HarborLab,...

In recent months, several oil majors have begun to turn away from renewables to refocus on fossil fuels. This will likely lead them to increase their capital budgets for developing deep-sea oil and gas reserves, requiring a balance of new (large-scale) floating production units and commercial vessels to transport products. In this article, they look at the differences between the terms on which commercial vessels are designed, constructed and delivered and those for projects for offshore floati...

MacGregor, part of Cargotec, has won the GREEN4SEA Sustainability Award 2025, in recognition of the contribution its digital Carbon Calculator tool makes to maritime decarbonisation. Available free of charge on the MacGregor website, Carbon Calculator allows container shipping companies to estimate the carbon dioxide emissions. They can eliminate from their operations by upgrading their onboard container cargo system. Sustainable cargo operations Maximising cargo-carrying capacity increases r...

Nexans is a pioneer in the design and manufacturing of cables systems and services, specialising in the offshore wind market and subsea interconnectors. To secure Nexans’ cable deliveries to transmission system operator TenneT's North Sea projects, Eksfin in collaboration with Societe Generale provides a EUR 290 million performance guarantee. Nexans’ legal entity in Norway To support the delivery of subsea power cables for Germany’s renewable energy expansion, Export Finance...

Intellian Technologies Inc., a global technology solutions provider of resilient multi-constellation, feature-rich satellite user terminals and Eutelsat Group. The only GEO-LEO operator in satellite communications, announced today that the new Enterprise Flat Panels are now available exclusively on Eutelsat’s OneWeb LEO network. Next-Gen Connectivity Solutions The new series uses Intellian’s innovative antenna technology to deliver enterprise-grade connectivityFeaturing the OW11FM...

Pioneering maritime law firms Hill Dickinson and Alley Maass, both longstanding pioneers in superyacht legal services, have announced a formal alliance to significantly enhance their global capabilities and client services. With headquarters in the UK, Hill Dickinson has a globally renowned maritime law practice, with over 120 specialists across major shipping hubs. Alley Maass, based in Florida, US, has more than 30 years of maritime law experience, advising clients on complex issues related t...

Nor-Shipping 2025, taking place 2-6 June in Oslo and Lillestrøm, has announced a major partnership with Emirates.  The pioneer airline has signed as Lounge Partner, taking charge of the luxurious Emirates Lounge at the exhibition centre, while also offering Nor-Shipping participants and visitors exclusive fares. Exclusive benefits for attendees A first-class meeting place with exclusive benefits, and premium hospitality elevating the Nor-Shipping experience"Emirates is a global br...

Scheduled for February 18-19, 2025, at the AC Bella Sky Convention Centre in Copenhagen, the World Maritime Forum 2025 will gather industry pioneers, policymakers, and innovators to explore the future of global shipping.  Recognised as a premier event in the maritime sector, the forum is dedicated to tackling critical challenges, while fostering collaboration and industry growth. Maritime trends and long-term prospects The conference will focus on essential topics like decarbonisation an...

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...

With NMDC Group (NMDC), one of the largest dredging and marine contractors in the Middle East. The agreement represents a significant step forward in strengthening the partnership between Wärtsilä and NMDC.  It will focus on optimising the availability and operational efficiency of NMDC’s dredging fleet.  The order was booked by Wärtsilä in Q1 2025.  Optimizing NMDC’s Fleet for Efficiency This partnership will focus on optimising the availability...

ClassNK has issued an Approval in Principle (AiP) for an ammonia-fuelled ammonia bunkering vessel. This vessel is jointly developed by Nippon Yusen Kabushiki Kaisha (NYK Line) and LMG Marin AS (a member of the Seatrium Group). As ammonia fuel utilization is expected in shipping for decarbonization, bunkering vessels that supply fuel to ships and related equipment will play an essential role in the supply chain. Fuel engines from IHI Power Systems Additionally, a safety verification was conduc...

Under Zero-Emission Accelerating Ship Finance (the Program), which is jointly operated by Development Bank of Japan Inc. (DBJ) and ClassNK, ClassNK evaluated the LNG-fueled car carrier ‘OCEANUS HIGHWAY’ (IMO No. 1046049), owned by Kawasaki Kisen Kaisha, Ltd. ("K" LINE). DBJ provided financing to "K" LINE. In the shipping industry, where environmental regulations are becoming stricter as the industry moves towards decarbonisation, ClassNK evaluates ships based on a comprehensive scor...

Baltic Exchange, the world's only independent source of maritime market information for the trading and settlement of physical and derivative contracts, and Veson Nautical, a global pioneer in maritime data and freight management solutions, have joined forces to launch the latest version of the official Baltic99 Questionnaire for the dry bulk sector. The questionnaire, which remains the industry standard for collecting and collating detailed information about the global dry bulk fleet, is desig...

Artificial Intelligence (AI) is already driving huge changes across the world and is starting to have an impact on the maritime industry, but its transformative potential depends on addressing fundamental challenges first.  While AI promises increased efficiency, intelligent automation, and decision support, its adoption in shipping software requires a strong foundation of well-structured and engineered data, a shift in digital mentality, and a realistic approach to evaluating solutions....

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 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...

Ocean Network Express and Yusen Logistics Co., Ltd are pleased to announce a new agreement for sustainable shipping solutions through ONE's green shipping service, ONE LEAF+.  This collaboration demonstrates how the industry can advance sustainable supply chain practices and marine transportation to deliver environmental benefits. Scope 3 GHG emissions As a freight forwarder, Yusen Logistics will offer this green shipping option to customers Under this agreement, ONE will use susta...

Smaller shipowners seeking expansion, as well as multinational corporations entering the maritime industry for the first time, often encounter a shared challenge: the complexities of the market frequently exceed their own expertise and that of the advisors they typically consult. However, what may be a perceived obstacle to maritime business development has become a catalyst for growth within Wallem Group, manifested in the success of Wallem Commercial Services. Range of capabilities Wallem...