The prestigious TXF Perfect 10 Awards, regarded as the gold standard for excellence in export finance, recently recognized a remarkable transaction involving the construction of three next-generation cruise vessels. The legal expertise of Watson Farley & Williams (WFW) played a pivotal role in advising on this landmark deal, which has been dubbed both the Transport Deal of the Year and the Global Deal of the Year.
This ambitious project involves financing the construction of three cruise ships by Carnival Corporation & plc. These vessels, set to be built at the renowned Italian shipyard Fincantieri, are scheduled for delivery in 2029, 2031, and 2033. With over 3,000 guest cabins and a capacity to accommodate 8,000 passengers, these ships will not only be the largest in Carnival’s global fleet but also the largest ever constructed by Fincantieri.
At the heart of this deal is the financing arrangement backed by SACE, the Italian export credit agency. BNP Paribas acted as the agent, with WFW advising a syndicate of ten banks along with SACE S.p.A and SIMEST S.p.A. This collaboration underscores the scale and complexity of the transaction, marking it as the largest ever ECA-backed cruise deal.
The new class of ships will be powered by LNG, showcasing Carnival’s commitment to sustainability with advanced energy efficiency, waste management, and emission reduction technologies. This aligns with the broader industry trend towards greener and more environmentally friendly operations.
A multidisciplinary and cross-border WFW team, led by Finance Partners Alexia Russell in Paris and Mario D’Ovidio in Milan, spearheaded the advisory efforts. The team included Senior Associate Parit Patani in London and Trainee Diana Ciurezu in Paris, focusing on English law, while Associate Giulia Chiarvesio in Milan provided insights on Italian law. In addition, London Partner Christina Howard and Associate Alice Halpin advised on corporate aspects, with Partners Daniel Pilarski in New York and Richard Stephens in London contributing their expertise in sanctions and tax matters.
Legal counsel from Walkers (Bermuda) Limited and Tapia Linares & Alfaro provided additional support as Bermudan and Panamanian advisors, respectively. Norton Rose Fulbright offered guidance to Carnival, ensuring a comprehensive legal framework for the transaction.
Alexia Russell expressed pride in the team’s work, emphasizing the unprecedented nature of the financing and its recognition at the TXF Perfect 10 Export Finance Awards. Her comments highlight the exceptional achievement of the cross-border team and the firm’s leadership in the cruise industry.
The deal represents a significant milestone in export finance, showcasing the intricate coordination required across various jurisdictions and legal systems. It also highlights the evolving landscape of the cruise industry, with a strong focus on sustainable practices and innovative technologies.
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Note: This article is inspired by content from https://www.wfw.com/awards/wfw-deal-wins-transport-export-finance-deal-of-the-year-and-global-deal-of-the-year-at-txf-perfect-10-awards/. It has been rephrased for originality. Images are credited to the original source.