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 and marks MET’s inaugural maritime asset investment. Swiss-headquartered MET Group is an integrated European energy company with assets in ...

Two corporations that operated the motor tanker P/S Dream — Prive Overseas Marine LLC and Prive Shipping Denizcilik Ticaret — were sentenced yesterday in federal court in New Orleans to pay a $2 million criminal penalty and complete four years of probation. The companies pleaded guilty in May to charges of conspiracy, obstruction of justice and violating the Act to Prevent Pollution from Ships (APPS). The court sentenced the P/S Dream’s Captain, Abdurrahman Korkmaz, on Sept. 10 to eight months in prison for an APPS offense and obstructing the U.S. ...

The maritime industry’s ports, terminals, and ships play a vital role in global trade. However, the sector faces real challenges from aging infrastructure and its ability to accommodate climate change. These challenges have been recognised in the latest revision of the relevant ISO standard on asset management. The revised ISO standard puts a specific emphasis on climate change considerations in an organisation’s asset management objectives, ensuring that strategies are sustainable and resilient. Port asset management is emerging as a key area of focus, which directly impacts the long-term viability of ...

The allision in March 2024 between the containership Dali and the Francis Scott Key Bridge in Baltimore resulted in the tragic deaths of six individuals, the destruction of the bridge, and the temporary closure of a significant port. Historically, such high-profile, one-off losses have not been primary drivers of P&I premiums; a strength of the mutual P&I system is the International Group’s robust reinsurance arrangements. The relationship between retained premium income on the one hand and retained claims on the other is typically a far more significant factor. However, with ...

Starting a cargo shipping business is no small feat; the financial barriers alone can be overwhelming. But for entrepreneurs willing to take on the challenge, the maritime industry has a high potential for reward. For entrepreneurs considering launching a maritime ship operation, this step-by-step guide will help you navigate the process. Step 1: Buying the Right Ship The type of ship you purchase will depend on the kind of maritime operations you plan to engage in. • Tanker Vessel: For liquids like oil or chemicals • Bulk Carrier: For solid, ...

Watson Farley & Williams (“WFW”) advised BPER Banca S.p.A. (“BPER”) on a medium to long-term financing of up to approximately US$7.7m 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’ register as a result of Red Coral’s permanent establishment in Italy. Built in ...

Global shipping contributes 2-3% of carbon emissions, with ports playing a significant role. Leveraging big data can optimize vehicle operations, manage machinery maintenance, and improve energy efficiency in port facilities, accelerating decarbonization efforts in the maritime industry. Global shipping makes up about 2-3% of global carbon emissions. Although that might not sound like a lot, it is unfortunately 2-3% of quite an alarmingly high number. As I mentioned in my previous article (which you can read here), big data can and should be used to help propel the decarbonisation process ...

Global law firm Reed Smith advised CIMC Financial Leasing Shenzhen Qianhai in a landmark lease financing arrangement for six new container vessels in partnership with Arkas Group, Turkey’s largest container ship owner. This significant financing package includes six eco-design panamax container ships, each with a capacity of 4,300 TEU (twenty-foot equivalent unit) constructed by CSSC Group’s Huangpu Wenchong Shipyard. With a valuation of $60 million per vessel, this transaction totals $360 million. Most of the funding will be bankrolled by CIMC Financial Leasing Shenzhen Qianhai through a carefully structured long-term financing ...

There is a certain mystique concerning ‘force majeure’ and similar clauses that seek to set out the circumstances under which a party to a contract may cease to perform its obligations. A recent English Supreme Court decision considered reliance on such a clause, adopting a literal interpretation of the words agreed between the parties. The Facts A shipowner and a charterer entered a contract for carriage of bauxite from Guinea to Ukraine on a monthly basis. The contract provided for payment of freight in US dollars. The contract defined force ...

Global law firm Norton Rose Fulbright has advised Société Générale as Mandated Lead Arranger and Agent, along with a syndicate of banks, in relation to two Green Loan Facilities for Cadeler A/S (Cadeler) totalling approximately €520 million for the financing of two state-of-the-art newbuild Wind Turbine Installation Vessels under construction in the Republic of Korea. The syndicate of banks also included Crédit Agricole CIB, CIC New York and Korea Development Bank. Cadeler is a global offshore wind farm construction, maintenance, and installation company, based in Denmark and listed on the ...

Incident: A Turkish-owned, Cameroon-flagged Ro-Ro vessel laden with Russian military KamAZ 6350 6×6 trucks departed from Novorossiysk, Russia, and sailed to Tobruk, Libya, via the port of Gemlik, Turkey. Still images of the vessel taken at Gemlik showed over 30 KamAZ trucks visible on its deck. The vessel passed through the Bosporus, Turkey, and sailed to Libya using a coastal route, remaining strictly in Turkish territorial waters. The vessel arrived in Tobruk on the 3rd of August. Russian military deliveries to eastern Libya have been increasing in recent months. In ...

Introduction The drafters of the international maritime law recognised early on that a conflict of interest can arise when a ship operating under a foreign flag sails in the waters of a coastal and port state, but the safety of the ship is to be ensured by the flag state (cf Article 94 United Nations Convention on the Law of the Sea (UNLCOS)). This is because, due to the international nature of shipping, the danger of a ship is often realised less in the flag state (eg, Panama) and more ...

Global law firm Norton Rose Fulbright has advised longstanding client Citi, as mandated lead arranger, co-ordinator and bookrunner, agent and security trustee, on a strategically important $500 million term and revolving credit facility for luxury travel and leisure company Abercrombie & Kent (A&K). The facility was put in place to assist A&K with the ongoing expansion of its established and market leading luxury travel business, as well as its newer luxury cruise business “Crystal”, with the existing Crystal vessels serving as collateral for the facilities. The Crystal brand is set ...

International commercial law firm Hill Dickinson has announced the appointment of Mark Johnson, joining the firm’s London office as a corporate commercial partner, bringing with him over 30 years of experience in the maritime and legal fields. The former naval officer and ship’s captain joins the firm’s commercial shipping team, further consolidating the relationship between Hill Dickinson’s Business Services and Marine groups. Johnson brings extensive experience advising on the construction, conversion, sale and purchase, recycling, financing, management, operation and ownership of all types of vessels, including FSRUs, drilling rigs, wind ...

In a landmark move on 27 December 2023 the Bermuda Government took a significant step by adopting the Corporate Income Tax Act 2023 (the “CIT Act”), a pivotal piece of legislation that promises to reshape the island’s financial landscape. The new legislation applies to Bermuda tax resident entities and Bermuda permanent establishments that are part of Multinational Enterprise Groups (“MNEs”). These groups are defined as those operating in multiple jurisdictions with consolidated revenues of at least €750 million in two out of the previous four fiscal years. The CIT Act ...