Posted on: 31 May 2023
Watson Farley & Williams (WFW) has advised NYK Nippon Yusen Kabushiki Kaisha (NYK) on the execution of long-term charter contracts with major German energy company EnBW Energie Baden-Wűrttemberg AG for four LNG carriers.
The four vessels will be constructed at HD Hyundai Heavy Industries Co. Ltd. in South Korea and will be completed in sequence during 2027. The vessels will be constructed with 174,000 cubic metre capacity membrane-type tanks that will be made from advanced insulating materials to reduce the vaporisation rate. The vessels themselves will be propelled by fuel-efficient dual-fuel, slow-speed two-stroke marine engines, and will also feature shaft generators and air lubrication systems rendering the ships more environmentally friendly than conventional LNG carriers.
The cross-border WFW Maritime team that advised NYK was led by London Partner Joe McGladdery who primarily advised on chartering matters. He worked closely with Partner Robert Platt who handled shipbuilding matters, and Partners Patrick Kirkby and Richard Stephens who advised on the financial and tax aspects of the deal respectively. Paris Corporate Partner Pascal Roux and Senior Associate Anne-Kelly d’Amécourt advised on French corporate structuring issues and Hamburg Managing Associate Peter Graß advised on German law matters.
Joe commented: “We are delighted to have once again advised NYK on such an important project the success of which highlights the strength and depth of our maritime expertise across multiple key service lines in London, Paris and Hamburg”.
Robert added: “We highly value the ability to support our clients through key projects of this nature and we wish NYK every success with these additions to their fleet”.