Watson Farley & Williams (WFW) News

WFW advises Pacific Basin on sustainable financing

Watson Farley & Williams ("WFW") advised Pacific Basin Shipping ("Pacific Basin") on a US$250m sustainability-linked seven-year senior secured committed revolving credit facility. The facility will be used for general corporate purposes, supporting Pacific Basin’s growth strategy and sustainability ambitions. This sustainability-linked facility incorporates a tiered pricing mechanism, where the interest margin adjusts based on Pacific Basin’s performance against predetermin...

WFW advises ING on TCIF loan for tank containers

Watson Farley & Williams advised ING Bank N.V., Singapore Branch—acting as arranger, lender and facility and security agent — on a term loan facility provided to Tank Container Investment Fund Pte. Ltd. (“TCIF”), a subsidiary of a sub-fund managed by FPG AIM Capital Pte. Ltd. (“FAC”), for the acquisition of stainless-steel tank containers. The facility — FAC’s first fund financing — includes an accordion option for potential upsizing and...

WFW advises on MPCC's strategic fleet expansion & vessel sales insights

Watson Farley & Williams (WFW) advised shipping company - MPC Container Ships ASA (MPCC) on two transactions, as part of the implementation of its fleet strategy. The first transaction was the order of four new 4,500 TEU container vessels from Chinese shipyard Taizhou Sanfu Ship Engineering for a total investment of US$228 million. The ships are scheduled for completion and delivery to MPCC in the second half of 2027. Decarbonisation of maritime transport MPC has already signed three-year...

WFW's Damian Adams honoured with MBE for service

Watson Farley & Williams (“WFW”) is delighted to announce that London Corporate Partner Damian Adams has been appointed as a Member of the Most Excellent Order of the British Empire (“MBE”) in HM The King’s Birthday 2025 Honours List. This prestigious recognition is in honour of his significant contributions to the British Chamber of Commerce in Singapore. Damian has dedicated over 20 years to the British Chamber of Commerce in Singapore, serving as a Boar...

WFW advises MPCC on $94M container ship sale

Watson Farley & Williams (“WFW”) advised shipping company MPC Container Ships ASA (“MPCC”) on its strategic sale of seven container ships for a transaction value of US$94m. The disposal is part of MPCC's strategic development and the targeted restructuring of its fleet. MPCC has agreed to sell five ships en bloc to Contships Group, comprising three 1,300 TEU ships and two 2,000 TEU ships. In addition, two further ships have been sold to Seacon Group. Portf...

WFW strengthens maritime sector with new partner

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...

WFW: LNG and vehicle carrier port fee rules

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...

WFW guides NAI on M/v Aethalia sale

Watson Farley & Williams (“WFW”) advised NAI Int Malta Ltd. (“NAI”) on the bareboat charterparty and subsequent sale of the M/v Aethalia to TSL Panama SA, a company owned by Peru’s Transgas Shipping Lines SAC (“Transgas Shipping”). The M/v Aethalia, a motor tanker built at Soli Deniz Cilik Ltd. shipyard in Istanbul in 2008, is currently registered with the Malta Ships Registry. Its sale and charter align with both NAI and Transgas Shipping’s s...

UK Court rules on ship charter market damages

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...

WFW guides BPER on Ignazio Messina fleet financing

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....

WFW advises on Norwegian Aqua financing

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...

WFW: Understanding FPSO and FLNG construction contracts

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...

InfraVia's acquisition boosts LDA's maritime innovation

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...

Advancing sustainable shipping at TMS Conference 2025

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...

WFW advises Eurazeo on investment in offshore service vessel platform

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...

WFW advises banks on US$500 million revolving credit facility for Scorpio Tankers

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...

Sustainable growth at TMS Ship Finance Conference 2025

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...

TUI Cruises expands fleet with Mein Schiff Relax

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...

Green loan financing for Hapag-Lloyd's fleet upgrade

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...

Investment opportunities in offshore wind market

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...

Zero-emission offshore vessel: Bibby Marine and HSBC UK

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...

Bibby Marine's zero emission vessel backed by HSBC

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...

WFW advises Euromont on tankers sale to Japan

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 advises Eurazeo Sustainable Maritime Infrastructure (ESMI) on vessel lease

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...

WFW advises Viking Ocean Cruises on delivery of 'Viking Vela' vessel

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...

Höegh Evi's strategic 50% stake acquisition insight

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...

WFW advises Genesis on LNG FSU chartering

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...

WFW advises on Globus' first sale and leaseback deal

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...

WFW advises CIBFL on LNG leasing transaction

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...

WFW advises on BOCOM Leasing on LNG carrier deal

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...

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