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Norton Rose Fulbright advises lenders on ECA-backed financing of Royal Caribbean’s latest “Oasis Class” vessel “Utopia of the Seas”

Global law firm Norton Rose Fulbright has advised the lenders, led by Citi, on the financing and subsequent delivery of Royal Caribbean’s latest flagship vessel, “Utopia of the Seas”. The Norton Rose Fulbright team advised on all aspects of the transaction, including the original financing arrangements and, most recently, the delivery of the vessel. The vessel is the latest Royal Caribbean vessel financed under a French ECA-supported receivable purchase financing and post-delivery financing in a total aggregate amount of approximately $1.3 billion. At 236,000 gross tons, “Utopia of the Seas” ...

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FuelEU maritime regulation – Achieving compliance: banking, borrowing, pooling and paying

While the shipping industry is still coming to terms with the EU Emissions Trading Scheme (“EU ETS”) the next decarbonisation initiative, FuelEU Maritime (“FuelEU”), is rapidly sailing into view. FuelEU is part of the EU’s Fit for 55 Package and aims to support decarbonisation in the shipping industry by setting and gradually reducing, emission targets from journeys to/from EEA ports. The scheme targets the greenhouse gas intensity of energy used on a vessel. This is largely determined by the fuel used, with the Regulation rewarding cleaner fuels. FuelEU enters into ...

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Norton Rose Fulbright advises Yinson Production on US$1 billion project bond to refinance FPSO Anna Nery

Global law firm Norton Rose Fulbright has advised Yinson Production in connection with its issue of US$1.035 billion in senior secured bond due 2042 to refinance FPSO Anna Nery. Yinson Production holds 75 percent and Sumitomo Corporation holds 25 percent of the shares in the issuer, Yinson Boronia Production B.V., which owns the floating production, storage and offloading vessel FPSO Anna Nery operating for Petrobras under a 25-year contract in the Marlim field, located off the coast of Brazil. The proceeds of the bonds are being used to refinance the ...

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New age of ship management

In April, BIMCO published a revised ship management agreement, SHIPMAN 2024, following a two-year review process involving input from shipowners, managers, P&I clubs and insurance and legal experts. BIMCO has included a number of clauses in SHIPMAN 2024 relating to emission trading schemes, sanctions, cyber security and anti-corruption. The aim is to reflect current market ship management practices in order to reduce the need for parties to heavily amend standard form agreements and include rider clauses. This article focusses on the main differences between SHIPMAN 2024 and its predecessor SHIPMAN ...

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The 25 universal principles of maritime law defined for the first time in the Draft CMI Lex Maritima

The 25 major global principles of maritime law have been put on paper for the very first time. This ‘Draft CMI Lex Maritima’ was presented at a successful colloquium of the Comité Maritime International (CMI) in Gothenburg from 22 to 24 May, attended by 280 participants from all continents. The ‘CMI Lex Maritima – The Gothenburg Draft’ formulates the universally shared basic principles of maritime law. The document can also be considered a ‘Lex Mercatoria’ for maritime affairs. That maritime law rests on a common foundation is confirmed in the ...

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The revised EU Environmental Crime Directive – what’s new?

On 20 May, the revised EU Directive on the protection of the environment through criminal law entered into force. The purpose of the revision was to contribute to more efficient protection of the environment, as the previous EU directive was thought to not be dissuasive enough. Prior legislation By way of a brief background, Directive 2008/99/EC was adopted by the European Parliament and the Council and in 2008. It outlined the general purpose of protecting the environment and decreasing the environmental crime levels in the EU. Twelve years later, in ...

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Confirmation on use of standard terms

The decision handed down in Maersk Guinea-Bissau, SARL & Anor -v- Almar-Hum Bubacar Balde SARL (Raquel S) [2024] EWHC 993 (Comm) provides useful guidance on incorporation of standard form contractual terms, in this case a Himalaya clause and exclusive jurisdiction agreement into a contract of carriage. It confirms that these typical terms found on the reverse of a bill of lading are neither onerous nor unusual and that there is no obligation on the carrier to draw the shipper’s attention specifically to such terms prior to the carriage. The dispute ...

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The Swedish Club to host events and provide expert speakers for the prestigious Comité Maritime International Colloquium 2024

This week the prestigious Comité Maritime International (CMI) Colloquium is taking place in Gothenburg, the first time it will have been held in Sweden in over 100 years. As part of this important three-day maritime legal event, The Swedish Club, will provide expert legal insight into topical subjects, such as War Insurance, as well as hosting two International Working Groups. The Colloquium is an important event in the shipping calendar, which plays a vital role in helping to guide maritime law. Following the event, the CMI will present its findings ...

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FMC Launches Investigation of the Impact of Canadian Regulations on U.S.-Flag Carriers

The Federal Maritime Commission launched an investigation to determine if pending Canadian regulations governing ballast water management systems of ships in the U.S.-Canada Great Lakes trade have a disparate effect on U.S. flagged vessels and constitute a Foreign Shipping Practices violation under 46 U.S.C. Chapter 423. U.S.-based companies operating ships in the U.S.-Canada Great Lakes trade maintain that Canadian regulations taking effect as to some vessels in September 2024 impose a severe burden on their operations and put American companies and vessels at a disadvantage relative to their Canadian competitors. ...

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Ann Waite, chosen as 2024-25 chair of the Association of Average Adjusters, speaks out for better communication within the maritime ‘family’

Ann Waite, a top marine claims expert, has been elected to chair the Association of Average Adjusters for the year 2024-25. Ms Waite was at the same time, at the annual general meeting of Fellows on May 8, 2024, elected an Honorary Fellow of the Association, which she has served to acclaim as secretary for 11 years, a post from which she has now stepped down. She is the first woman to hold the office of chair in the history of the Association, which was founded in 1869. She succeeds ...

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International Court: States have legal duty to prevent greenhouse gas pollution of the Ocean and to restore and protect marine habitats

In a landmark and historic ruling, the International Tribunal for the Law of the Sea (ITLOS) has issued a long-awaited advisory opinion on the responsibility of states to tackle climate change. The judges of the Hamburg-based court ruled unequivocally that under international law, carbon – and other greenhouse gas – emissions absorbed by the Ocean must be considered marine pollution, and that nations have an obligation to protect and preserve the marine environment. The ruling was sought by a group of small island nations whose very existence is threatened by ...

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CJC appoints transactional Director in Singapore

International maritime law firm Campbell Johnston Clark (CJC) has added a senior member to its team in Singapore, following the appointment of Chua Aik Hui as Director. Joining the maritime law firm’s transactional team at partner level, Aik Hui specialises in advising multinational financial institutions, sponsors, owners and lessors on asset financing in the maritime and offshore oil and gas sectors. Key areas of experience include financing structures such as secured, unsecured, ECA-backed and sustainability-linked financings, pre-delivery financings, re-financings, sale and leasebacks and JOLCOs. Aik Hui also has significant experience ...

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Norton Rose Fulbright advises Bibby Marine on shipbuilding contract to deliver first zero-emission offshore wind farm vessel

Global law firm Norton Rose Fulbright has advised Bibby Marine on a shipbuilding contract to deliver the world’s first truly zero-emission, electric Commissioning Service Operation Vessel (eCSOV). The eCSOV, which will be built at Astilleros Gondán’s shipyard in Asturias, Spain, is expected to be delivered in 2026. Designed in collaboration with UK-based ship designers Longitude, it will feature a powerful battery system, complemented by dual-fuel methanol engines for emissions-free operations. The vessel will also feature high-voltage offshore charging facilities for rapid recharging and will have the capability to operate solely ...

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HFW Continues Global Shipping Finance Growth With Paris Team Hire

Global, sector-focused law firm HFW has continued to expand its global shipping and export finance practices with the hire of Partner Paolo Pinna and Associate Constance Ollat. Paolo and Constance join HFW on 2 May from Norton Rose Fulbright. This follows HFW’s recent recruitment of a leading ship finance team in Piraeus led by Partners Robin Parry and Ronan Le Du, and its recruitment in Paris of an international arbitration team led by Partners Julien Fouret and Gaëlle Le Quillec, of M&A and private equity Partner Thomas Forin, and of ...

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Norton Rose Fulbright advises DNB Bank and ABN AMRO on $200m acquisition facilities to Star Bulk Carriers Corp

Global law firm Norton Rose Fulbright has advised DNB Bank ASA and ABN AMRO Bank N.V. on the provision of circa $200m loan facilities to Star Bulk Carriers Corp. (Star Bulk Carriers), in order to assist it with its acquisition of Eagle Bulk Shipping Inc (Eagle Bulk Shipping) earlier this month. The merger of Nasdaq-listed Star Bulk Carriers with Eagle Bulk Shipping, by way of a share exchange, completed on April 9, 2024 and has led to Star Bulk Carriers becoming the largest dry bulk shipping company in the world. ...

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