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WFW advises GEFO Shipping Group on strategic order for ten chemical tankers

Watson Farley & Williams (“WFW”) has advised GEFO Shipping Group on its triple-digit million order for ten seagoing chemical tankers from China’s Xiangyu Shipyard based in Nantong. The state-of-the-art vessels, which are scheduled for delivery between 2026 and 2028, have been designed to be adaptable to the use of alternative fuels and new propulsion systems in support of GEFO’s goal of having a carbon-neutral fleet by 2045. Founded in 1961, Hamburg-based GEFO Shipping Group is a medium-sized shipping company with a fleet of 150 maritime and inland tankers, operating primarily ...

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Your Name’s Not Down, You’re Not Coming In? Publication Of Shipping Company List Kicks Off ETS Registration Process

In June 2023, rules for bringing the maritime sector into the EU’s Emissions Trading Scheme (the “EU ETS”) came into force. All Member States (except one) have failed to transpose this legislation by the December 2023 deadline, but the obligations on the maritime sector continue, nonetheless. The EU Emissions Trading Directive 2003/87/EC (amended by Directive (EU) 2023/958) (the “ETS Directive”) aims to strengthen the existing EU ETS rules and extend the ETS to the maritime sector.¹ Please refer to our previous article for our analysis of the implications of the ...

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HFW Continues To Expand Greek Ship Finance Offering With Leading Piraeus Team Hire

Global, sector-focused law firm HFW has continued to expand its Greek ship finance offering with the hire of a leading team in Piraeus, led by partners Robin Parry and Ronan Le Du. Robin and Ronan each have decades of experience on ship finance matters and join HFW alongside a team of six lawyers and three business services professionals from Ince, where Robin was head of the finance practice in Greece. This follows HFW’s recent recruitment in Piraeus of legal director and ship finance expert Antonella Karalis from Australian bank ANZ. ...

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WFW Athens adds three partners to maritime dispute resolution team

Watson Farley & Williams (“WFW”) is delighted to announce the expansion of its maritime dispute resolution practice in Athens with the arrival of three new partners, Jamila Khan, Aris Moschopoulos, Dimitris Giomelakis. All join the firm from the former Piraeus office of Ince, along with a team comprising four senior associates, three associates, a trainee, a paralegal and a marine manager. Jamila has over 20 years’ experience practicing shipping law in both London and Athens. Her clients include leading ship owners, charterers, insurers and oil and gas traders. Her primary ...

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WFW advises GPH on €35.9m Banco Santander financing

Watson Farley & Williams (“WFW”) has advised Global Ports Holding (“GPH”) on a €35.9m loan granted to it by Banco Santander, via its affiliate Global Ports Canary Islands owned by Global Ports Destination Services LTD and Servicios Portuarios Canarios, S.L. (“Sepcan”), to finance the construction and operation of the public cruise passenger terminals at the ports of Las Palmas de Gran Canaria, Arrecife and Puerto del Rosario in the Canary Islands. GPH is the world’s largest cruise port operator with an established presence in the Caribbean, Mediterranean and Asia-Pacific. Established ...

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OFAC Sanctions UAE-Based Shipping Company and Eighteen of its Vessels in Connection with Violations of the Russian Price Cap Policy

On January 18, 2024, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced the imposition of sanctions against a United Arab Emirates-based shipping company, Hennesea Holdings Limited (“Hennesea”) and eighteen vessels ultimately owned by Hennesea for violations of the Russian Price Cap Policy. OFAC determined that shortly before the price cap went into effect, Hennesea acquired older tankers that ship Russian crude oil and petroleum products. These tankers have repeatedly conducted port calls in Russian Federation ports. Hennesea was designated as a Specially Designated National (“SDN”) pursuant ...

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WFW advises HCOB on US$100m revolving credit facility for MPCC

Watson Farley & Williams (“WFW”) has advised Hamburg Commercial Bank (“HCOB”) on a US$100m revolving credit facility provided to an intermediate holding company of MPC Container Ships ASA (“MPCC”) secured by 14 vessels and replacing former revolving credit facilities from multiple banks. HCOB is a private commercial bank headquartered in Hamburg, Germany, with a strong market position in international shipping. Besides shipping, HCOB offers high level structuring expertise in real estate financing and is one of the pioneers in the pan-European project financing of renewable energy and digital infrastructure. Founded ...

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Hill Dickinson establishes international network in Cyprus

International commercial law firm Hill Dickinson has announced the latest move in its international growth strategy with the opening of a new office in Limassol, Cyprus. The firm has joined forces with shipping partners George Zambartas and Ester Toumpouris to establish a new base on the island that will operate as Hill Dickinson in association with G Zambartas LLC. The new association takes effect from Monday 15 January 2024. The addition of an operation in Cyprus comes at a time of sustained growth across the firm, particularly within its Marine ...

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WFW advises BPER on Coscos financing

Watson Farley & Williams (“WFW”) has advised BPER Banca (“BPER”) on a financing granted to Coscos S.r.l. (“Coscos”) for the acquisition of the entire share capital of Trasgo S.r.l. (“Trasgo”). Coscos, a joint venture established by the Fratelli Cosulich Group and Cosco Shipping and Trasgo, is a leading Italian integrated logistics company that is active nationally and internationally in the provision of transport services, warehousing, customs operations, goods handling, trade fair logistics and the direct management of warehouses at customer facilities. Founded in in 1857, Genoa-based Fratelli Cosulich is a ...

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The Application of Force Majeure Provisions to Shipping Disputes

Beginning in mid-November 2023, container ships transiting the Red Sea/Gulf of Aden region have been the target of attacks or have been involved in near-miss incidents. On January 2, 2024, A.P. Moller – Maersk announced that it intends to “pause all vessels bound for the Red Sea/Gulf of Aden” and that all Maersk vessels bound for the region “will be diverted south around the Cape of Good Hope for the foreseeable future.” German carrier Hapag-Lloyd has gone a step further, declaring that the ongoing hostilities and threats to the safety ...

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Spinnaker Behind Hong Kong Team Move

Maritime people experts Spinnaker represented law firm Hill Dickinson in their recent recruitment of a specialist Ship Finance team of 10 from Ince & Co. The project was handled personally by Spinnaker Chairman Phil Parry, himself an ex-Ince & Co maritime lawyer. The new hires all moved from Ince & Co Hong Kong and the move strengthens Hill Dickinson’s marine and shipping practice across the region. This move comes as the 157-year-old law firm Ince & Co fell into administration in 2023. It’s been reported that the demise of the company ...

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CJC announces two new partners in continuing strategy for growth

International maritime law firm Campbell Johnston Clark (CJC) has announced that Helen McCormick and Andrew Shannon have become partners, promoting talent from within. The promotions see McCormick, based in London, and Singapore-based Shannon expand the number of partners in CJC to 20. With offices in London, Newcastle, Singapore and Miami, CJC advises on all aspects of the shipping sector, from ship finance to dry shipping, marine insurance and comprehensive casualty handling. The firm is now regarded as one of the leading international maritime law practises. McCormick, an experienced disputes lawyer ...

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CJC supports Cadeler in consummation of Eneti merger plan

Expertise from Campbell Johnston Clark (CJC) in transactions governed by Marshall Islands law has been pivotal in completing Cadeler’s acquisition of fellow offshore wind turbine installation company Eneti. A vote held at a special meeting of Eneti stockholders on December 29, 2023 completed the merger of Eneti and Cadeler subsidiary Wind MI Limited. The vote followed a December 15 share swap offer by Cadeler on the Oslo Stock Exchange which secured acceptance by 86.39% of Eneti shareholders. The merger allows Cadeler to acquire all remaining Eneti common stock. CJC advised ...

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WFW advises Pacific Basin on US$150m sustainability-linked revolving credit facility

Watson Farley & Williams (“WFW”) advised Hong Kong listed dry bulk shipping company Pacific Basin Shipping Limited’s (“Pacific Basin”) wholly owned subsidiary, PB Vessels Holding Ltd a on a US$150m three-year unsecured revolving credit facility extended by a syndicate of international banks led by BNP Paribas and Citigroup Global Markets Asia Limited as joint coordinating mandated lead arrangers and bookrunners. The deal is significant as it is Pacific Basin’s first sustainability-linked financing, affirming the group’s commitment to sustainability and social concerns. The chosen key performance indicators focus on carbon intensity ...

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HFW Continues To Support Shipping Industry Decarbonisation With Latest BIMCO Emission Scheme Clauses

Global, sector-focused law firm HFW has continued to support BIMCO in helping the shipping industry work towards decarbonisation by drafting a suite of three new voyage charterparty clauses for parties to allocate costs and responsibilities relating to ships operating under an emission scheme. Emission schemes are ‘cap and trade’ markets that permit the emission of greenhouse gases in exchange for allowances. Over time, the quantity of allowances available to industry are reduced as an incentive to reduce emissions through increased efficiency and the use of alternative fuels. BIMCO has published ...

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