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WFW advises Okeanis on NYSE Dual Listing

Watson Farley & Williams (“WFW”) advised Okeanis Eco Tankers Corp. (“Okeanis”), as U.S. securities and Marshall Islands legal counsel, on its listing of common shares on the New York Stock Exchange (“NYSE”), including filing and having declared effective a registration statement with the U.S. Securities and Exchange Commission. In conjunction with its NYSE listing, Okeanis changed its listing status in Oslo from a primary listing to a secondary listing on the Oslo Stock Exchange, where its common shares will remain listed. Okeanis is a leading international tanker company providing seaborne ...

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WFW advises Snam on acquisition of BW Singapore FSRU

Watson Farley & Williams (“WFW”) has advised Snam Group (“Snam”) on the finalisation of its circa US$400m acquisition from BW LNG of the FSRU I Limited, owner of the BW Singapore Floating, Storage and Regasification Unit (FSRU). Built in 2015, the BW Singapore can operate both as an LNG carrier and as an FSRU. To be located off the coast of Ravenna in the northern Adriatic, the vessel has a storage capacity of 170,000 cubic metres of liquefied natural gas and a regasification capacity of 5bn cubic metres per year. ...

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Norton Rose Fulbright advises on post-delivery US$436m green financing of 2 new build wind turbine installation vessels

Global law firm Norton Rose Fulbright has advised Société Générale, Credit Agricole Corporate and Investment Bank (CA-CIB) and a pool international banks and export credit agencies on a $436m post-delivery green senior secured export credit facility to subsidiaries of Eneti Inc for the purchase of two newbuild wind turbine installation vessels. The vessels are currently under construction at Hanwha Ocean Co., Ltd., previously known as Daewoo Shipbuilding & Marine Engineering Co., Ltd., in South Korea. The owners of the vessels will be two special purpose vehicles incorporated in the United ...

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WFW advises ENI on purchase of Scarabeo 5 from Saipem

Watson Farley & Williams (“WFW”) has advised Eni Group (“Eni”) on the contract documents for the purchase of the Scarabeo 5 drilling floater which is currently being converted into a FPU (Floating Production Unit) by Saipem S.p.A. (“Saipem”). It will be installed off the coast of the Republic of Congo. Eni is an Italian energy company operating in 64 countries worldwide. It is active at every stage of the value chain, from natural gas and oil to co-generated electricity and renewables, including both traditional and bio refining and chemicals. Saipem ...

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Tightening York-Antwerp Rules application

The Court has recently decided “an old chestnut”, namely which version of the York-Antwerp Rules (YAR) applies pursuant to clause (3) of the standard Congenbill 1994 form. This has been debated for years. The Court held that the general average (GA) adjustment in this case should be conducted under YAR 2016, not YAR 1994. In Star Axe I LLC -v- Royal and Sun Alliance Luxembourg S.A. & Others (Star Antares) [2023] EWHC 2784, between September 30, 2021 and October 4, 2021, the Claimant carrier issued seven bills of lading on ...

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ITIC reveals pitfalls in maritime dealings: Neglecting information transfer leads to US$ 60,000 AWRP dispute

In its latest Claims Review, International Transport Intermediaries Club (ITIC) shed light on a case where a failure in information transfer sparked a dispute over the payment of an Additional War Risk Premium (AWRP). The situation unfolded as a tanker was contracted for a voyage featuring an option to call at an AWRP area. Per the terms of the charterparty (CP), the charterer was liable to pay the AWRP if the vessel ventured into the specified area. Crucially, the shipowner was obligated to obtain an AWRP quotation and transmit it ...

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WFW enhances US maritime offering with key corporate partner hire

Watson Farley & Williams (“WFW”) is pleased to announce that maritime and corporate lawyer Robert Kritzman has joined the firm as a Partner in New York. He joins from Clyde and Co where he was a partner in their corporate practice in Miami. Robert has 18 years’ experience in private practice advising on corporate and transactional matters, primarily in the maritime sector and a 17-year proven track record managing the legal affairs of one of the world’s largest cruise lines and was managing director of a division of the cruise ...

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CJC strengthens its team with new Head of Marketing

Leading international law firm CJC has appointed Charlotte Ward to the role of Head of Marketing. Based in London, Charlotte will lead the firm’s marketing, communications, and events function. She joins the company with more than 13 years’ marketing experience in the maritime and shipping industry, having held senior marketing roles with the Bahamas Maritime Authority, Braemar Shipping Services plc, and the BMT Group. Charlotte will be responsible for elevating the firm’s brand positioning by strengthening relations with clients and key partners, developing impactful marketing campaigns, and focusing on awareness-driving ...

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Norton Rose Fulbright advises on shipping’s largest-ever commercial debt $2.8bn financing

Global law firm Norton Rose Fulbright has advised Citibank N.A and BNP Paribas as global co-ordinators, initial mandated lead arrangers and bookrunners on a $2.8bn sustainability- and gender diversity-linked facility to GasLog Ltd. The revolving facility is secured on GasLog’s fleet of LNG carriers and incorporates KPIs linked to both carbon emissions and female representation in the company’s cadetship program. The Norton Rose Fulbright team was led by Co-Head of EMEA Asset Finance and Head of Greece, Yianni Cheilas, with support from Counsel Niki Alexandrou, and Associates Katerina Karagouni, Jenny ...

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WFW advises UniCredit on Rimorchiatori Augusta financing

Watson Farley & Williams advised UniCredit S.p.A. on a loan granted to Rimorchiatori Augusta S.r.l. (“Rimorchiatori Augusta”), which is owned by world’s leading port towage operators Rimorchiatori Mediterranei S.p.A. (“Rimorchiatori Mediterranei”). The loan recapitalises Rimorchiatori Augusta’s following its purchase of Italian-flagged tugboat “CITTÀ DI SIRACUSA”. Built at the Turkish shipyard Sanmar Denizcilik Ve Makina Ticaret AS and currently registered at the Catania Maritime Compartment, the tugboat has a top speed of 12 knots and a towing capacity of more than 60 tonnes, allowing maximum efficiency in handling offshore vessels. Moreover, ...

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Pitfalls in Relying on Bills of Lading

Reliance on bills of lading in trade finance is often pivotal, but just how good security are bills of lading and in what circumstances will a bank’s ability to exercise its security rights be compromised or even lost? A bank will most commonly find its security rights tested when a customer fails to pay or otherwise defaults and the bank demands delivery of cargo. It may find that the cargo has already been discharged without production of the bills and therefore seek to exercise its remedies against the carrier. “Reliance ...

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Cyprus Flag: A Passport To Maritime Prosperity

Over the past few decades, Cyprus’ shipping sector has evolved into one of the most successful industries of the island, steadily rendering Cyprus into a major international maritime centre, comprising both ship-owning and ship-management companies. The legislation of the State of registry of the foreign ship must permit its bareboat charter registration which is usually for 2 years but it can be renewed. The maritime industry represents one of the cornerstones of the Cypriot economy, both in terms of financial strength and overall significance. With a maritime history and expertise ...

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Korean shipyards to beat Chinese rivals with green tankers

South Korean dockyards aim to expand their presence in the global tanker market dominated by Chinese players with vessels designed to transport or store liquids such as oil and chemicals powered by eco-friendly fuels amid the expected downturn in the world’s shipbuilding industry. Hyundai Samho Heavy Industries Co., an affiliate of HD Korea Shipbuilding & Offshore Engineering Co., was expected to win an order to build two Suezmax tankers with a capacity of some 150,000 deadweight tonnages (DWT) each from a European customer, according to a global shipping market news ...

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HFW Advises On Launch Of Shipping Industry’s First Sustainable Fund

Global, sector-focused law firm HFW advised on the launch of the shipping industry’s first sustainable fund. The fund, named Low Emission Methanol Shipping Company (LEMSCO), was launched by maritime investment advisor ProMarine AG with an initial portfolio of four methanol-fuelled MR tankers, which were acquired from Proman and Stena Bulk. It is backed by equity investors and is also financed by a green loan from ABN AMRO. As part of the deal, LEMSCO will benefit from a dedicated supply contract from Proman – one of the world’s largest methanol producers ...

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Long-serving Hill Dickinson CEO, Peter Jackson, to step down in 2024 and be succeeded by Business Services Group Head, Craig Scott

International law firm Hill Dickinson has outlined its succession plans alongside the proposed retirement of CEO, Peter Jackson, who will step down from the CEO role at the end of the current financial year (30 April 2024). A marine and transport specialist, he has been with the firm since 1983, where he was made managing partner in 2005 and became CEO in 2016. Jackson will be staying with the Firm in an advisory capacity and will become a member of the Firm’s Board. Partner and head of the firm’s Business ...

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