Watson Farley News

Maritime Partners,a Louisiana-based provider of maritime financing solutions primarily focused on Jones Act vessels, announced the addition of Stephen J. Bordes and Greg Chase to its executive leadership team.Bordes joins Maritime Partners as its chief financial officer, and Chase as as the firm’s chief legal officer.Bordes brings to the company more than 20 years of experience in the fields of finance and fund management. Prior to joining Maritime Partners, he served as the CFO for New York-based American Industrial Partners…

U.S. maritime companies Crowley and SEACOR Holdings' Seabulk Tankers have created a new joint venture that combines their liquid energy and chemical transportation vessels, operations and related services into a new, independent U.S. Jones Act service provider.The new company, Fairwater Holdings, will serve the U.S. domestic market with vessels and marine transportation solutions across the petroleum and chemical trades, as well as related third-party ship management services. It will include 20 oceangoing, articulated tug-barges (ATB) and 11 tankers, many under long-term charter.

In Havila Kystruten AS v Abarca Compania de Seguros AS,¹ in which Watson Farley & Williams LLP represented the successful Norwegian shipowner, an English court has provided helpful and very detailed guidance on a number of issues relating to the parties’ rights to terminate shipbuilding contracts as well as the nature and scope of refund guarantees.BackgroundRefund guarantees are the lifeblood of shipbuilding, providing invaluable security to owners/buyers who must usually cash fund a significant proportion of the price of newbuildings during the construction phase (usually at least 40%)…

A ship financier’s primary security is the mortgaged ship. If the ship becomes a total loss, the mortgage will provide no valuable security, leaving the financier to rely on its rights as assignee and loss payee (and occasionally as co-assured) under the shipowner’s marine insurance policies. However, the owner’s insurers may decline a claim, for example on grounds of breach of warranty or material non-disclosure, or because the loss is not covered by the policy, such as where the owner scuttles the mortgaged ship.

On January 14, 2022 the European Parliament’s Rapporteur, MEP Peter Liese, published his draft report on a proposal to revise the Emissions Trading System (ETS) Directive¹ which forms part of the ‘Fit for 55’ package of climate and energy reforms published on July 14, 2021. The draft report includes a number of ambitious amendments to emissions trading for the maritime sector – the Maritime ETS – which, if agreed, will put more pressure on the maritime industry to switch to cleaner fuels sooner than originally planned.

Law firm Watson Farley & Williams (WFW) announce it has named partner George Macheras as its new global maritime sector co-head, replacing Lindsey Keeble as she takes up the role of WFW managing partner as of February 1. Paleokrassas, who takes on the role of WFW senior partner on the same date, will remain in his role as global maritime sector co-head.Macheras, who made partner in 2018, advises on all aspects of ship financing as well as on commercial matters relating to the sale, purchase, employment and operation of all maritime asset classes.

Watson Farley & Williams (WFW) announced that, following the election of George Paleokrassas as the firm’s senior partner, partner Alexia Hatzimichalis will be taking over as Athens office head.Hatzimichalis, who joined the firm in 2001 and made partner in 2014, also heads the assets and structured finance team in Athens. Qualified in England and Wales, originally as a barrister and then as a solicitor, Hatzimichalis advises on a wide range of ship finance matters for clients including Greek and international banks, other financial institutions and ship-owning groups and U.S.-listed companies.

While 2020 proved to be a challenging year for offshore oil and gas markets, the same cannot be said about offshore renewables, which saw substantial growth."It is expected that a number of offshore support vessels (“OSVs”) and crew boats will be redeployed from the offshore oil and gas sector to service the offshore wind industry and that existing offshore wind installation vessels will be upgraded as turbines continue to scale up."Offshore renewable projects achieved an estimated record project sanctioning of US$56bn…

London-based international law firm Watson Farley & Williams has advised TUI Cruises GmbH on its acquisition of Hapag-Lloyd Cruises from TUI AG for US$1.3bn, excluding net debt.According to the the transaction is subject to customary closing conditions and regulatory approvals and is expected to close in summer 2020. The deal includes the acquisition of HL Cruises’ luxury and expedition fleet, consisting of two five-star plus luxury vessels and three expedition cruise ships, by TUI Cruises. This expands TUI Cruises’ existing fleet to twelve cruise ships, which will enable it to participate in the growth of the cruise industry as the…

BPER Banca SpA has completed a naval financing for ME Marittima Emiliana SpA to a second-hand tanker built by the Chinese shipyard in Guangzhou in 2012.The tanker, originally flying under a Bahamian flag, has been renamed “Lady Rina” and is currently flying under an Italian flag. M.E. Marittima Emiliana, part of the Amoretti Armatori Group, provides transportation service of petroleum and chemical products.Watson Farley & Williams and the Mordiglia law firm of Genoa represented BPER Banca and the company respectively in the transaction.The new unit will join Amoretti’s fleet currently comprising 11 tankers all flying under an Italian flag…

With the signing by the France-based international lender to global shipping BNP Paribas and the Swiss multinational investment bank Credit Suisse, Signatories of the Poseidon Principles represent around $140 billion in loans to international shipping – about 30% of the total global ship finance portfolio.Poseidon Principles is a global framework for responsible ship finance which helps incentivize shipping’s decarbonization.They establish a common framework to quantitatively assess and disclose whether financial institutions’ lending portfolios are in line with climate goals set by the International Maritime Organization (IMO), a specialized…

The United States on Friday lifted sanctions on one of two units of the Chinese tanker company COSCO, the U.S. Treasury said, partially reversing its punishment on the company for transporting Iranian oil after China complained about the measure in trade talks with Washington.President Donald Trump's administration on Sept. 25 blacklisted two units of COSCO, named after the northeastern Chinese port of Dalian. The move sent worldwide freight costs to record highs and disrupted the global shipping market.The U.S.

Watson Farley & Williams, international law firm based in London, advised Ridgebury Tankers and Tufton Oceanic on the acquisition of two Suezmax tankers in a 50%-50% joint venture with Euronav NV who also provided secured debt to the joint venture companies for the purposes of the acquisitions.Last month, Belgium's tanker shipping company Euronav has acquired two Suezmax tankers through a joint venture formed with affiliates of Ridgebury Tankers and clients of Tufton Oceanic.The  two Suezmax tankers fetch a combined consideration of US$40.6m. Both vessels have been delivered into the joint ventures.Ridgebury is a US-based shipping company with a fleet of high-quality crude and refined product tankers.

CMB Financial Leasing (CMBFL) sign a $415.6 million sale and lease back transaction of 20 chemical tankers with Stolt Tankers, a UK-based provider of transportation and storage for liquids, notably specialty and bulk liquid chemicals, the proceeds of which were used to refinance certain debt secured on the vessels.Watson Farley & Williams (WFW), the international law firm based in London, has advised on this transaction. The leases were of a hybrid nature combining elements of both financial and operating leases.Founded in 2008, Shanghai-based CMBFL provides financial leasing solutions to large, medium and small businesses across China.

Watson Farley & Williams (WFW), an international law firm based in London, said that it has advised Race Bank Wind Farm Limited on its USD 608 million sale of transmission system assets relating to the 573 MW Race Bank offshore wind farm to Diamond Transmission Partners.Race Bank is a joint venture owned by Ørsted (50%), Macquarie European Infrastructure Fund 5 (25%), a fund established by Sumitomo Corporation, Sumitomo Mitsui Banking Corporation and Development Bank of Japan (12.5%), and Arjun Infrastructure Partners and Gravis Capital Management (12.5%).Diamond Transmission Partners is a 50/50 partnership between Diamond Transmission…

Connecticut-based maritime finance company FDX Offshore has acquired Singapore’s tanker pool operator Womar Logistics. Watson Farley & Williams (WFW) advised FDX Offshore on its acquisition.The partnership intends to expand its chemical tanker pools as well as initiate and grow independent pools in other classes of ships.FDX is led by Managing Partner Jake Scott and Partner Andy Tuchman who will both become Womar board members. Formed in 2013, FDX has been providing financial advice and capital sourcing to maritime and energy projects.Incorporated in early 2009, Womar began as a 50/50 joint venture between Heidmar and other investors. In April 2014, BW Group acquired Heidmar’s 50% stake in Womar.

The maritime and offshore energy institutional investor OMP is acquitting of US$35m of Series G Redeemable Convertible Perpetual Preferred Shares of the Greek shipping company Tsakos Energy Navigation (TEN) in a private placement.Watson Farley & Williams (WFW) is advising OMP in preferred stock transaction.The Series G Preferred Shares will participate on an as-converted basis in any dividends declared and paid on TEN’s common shares and will be convertible at any time on a three and one-third-for-one basis into TEN common shares.Within the first quarter of 2021, any outstanding Series G Preferred Shares will, subject to certain limitations…

Hoegh LNG on its first ever sale and leaseback deal with China Construction Bank Financial Leasing (CCBFL) for its tenth Floating Storage Regasification Unit (FSRU), the Hoegh Galleon, which was delivered yesterday (August 27) and has been taken back on charter by Hoegh LNG for twelve years.Following the completion of the transaction, Hoegh LNG is now fully funded with both equity and debt for its current newbuilding program, which will be completed with the delivery of Hoegh Galleon in August 2019.The Hoegh Galleon has been employed on an 18-months interim LNGC time charter with Cheniere before its intended long-term charter with AIE in Australia…

UK-based investment fund  The Renewables Infrastructure Group (TRIG) has acquired stakes in four French onshore windfarms, with a total capacity of 107.8 MW. InfraRed’s listed renewables vehicle did not disclose financial details of acquisitions. Watson Farley & Williams (WFW) has advised British investment fund.WFW assisted TRIG on the acquisition, from their operations manager Renewable Energy Systems (RES), and financing of the two ready to build “Rosières” and “Montigny” wind farms in the Northern French departments of Meuse and Aisne with a total installed capacity of 31.8 MW.It also assisted the acquisition from the Chinese energy…

Greek-Euro Towage Maritime Company (GMC), a  joint venture company operated by Italian tug owners Rimorchiatori Mediterranei, Fratelli Neri and Rimorchiatori Laziali, is set to acquire 80% of the assets and operational interests in Zouros Group.Zouros retains the remaining 20% stake, with the two companies’ fleet of tugs to be brought together under their joint operational responsibility.Rimorchiatori Riuniti is an operating holding company active in the harbor, offshore and shipping sectors, controlled by private Genoese families long active in the maritime industry.Fratelli Neri, which provides harbor towage and related maritime services…

London-based international law firm Watson Farley & Williams (WFW) has advised Credit Agricole Asia Shipfinance Limited as facility agent on a US$91m term loan facility to a subsidiary of investment firm Sole Shipping Group (advised by Nordisk Legal Services) for the financing of two VLCCs (and scrubbers).According to WFW, the ships will be bareboat chartered to Hong Kong-based Landbridge group, with the leases arranged by Pareto Securities.The lenders were Crédit Agricole Corporate and Investment Bank and BNP Paribas, it said.The WFW Hong Kong Maritime team advising on the transaction was led by Partner and Office Head Madeline Leong…

Watson Farley & Williams (WFW), an international law firm based in London, has advised NASDAQ listed Star Bulk Carriers Corp on the acquisition of 11 dry bulk vessels from Delphin Shipping LLC in a shares and cash transaction.Under the terms of the acquisition, the vessels that were built by Jiangsu Hantong between 2012 and 2014 will be acquired for an aggregate purchase price of US$139.5m, payable in the form of US$80m in cash and 4.503 million common shares of Star Bulk.If concluded, the transaction would increase Star Bulk’s fleet to 120 vessels, a release said."This is the third such deal that WFW have assisted Star Bulk with in the last 18 months, previously advising them in 2018 on the acquisition of multiple vessels from both Augustea and E.R.

London-based international law firm Watson Farley & Williams (WFW) advised Teekay Offshore Partners  on two separate fleet refinancings with a combined value of US$550mln.First was a US$100m revolving credit facility (RCF) for the Piranema Spirit, Voyageur Spirit and Petrojarl Varg FPSO units. The previous credit facility matured at the same time with a balloon payment of US$35m.The new facility was funded by commercial banks and bears interest at LIBOR + 300 basis points with a three-year tenor and a profile of 5.5 years.Second was a US$450m RCF for sixteen shuttle tankers. The facility will be used to refinance the existing revolving credit facility dated 8 September 2017 and for general corporate purposes.