WFW advises lenders on €29.5 million CEA-guaranteed loan for LNG carrier Fratelli Cosulich
Watson Farley & Williams (“WFW”) advised a consortium of lenders including Crédit Agricole Italia SpA (agent bank), UniCredit SpA, Cassa Depositi e Prestiti (CDP) and Banco BPM SpA on a €29.5 million loan , supported by the Italian ECA SACE, granted to Fratelli Cosulich LNG2 Srl (“Fratelli Cosulich”) to finance 70% of the construction costs of a new environmentally friendly LNG carrier for the supply of LNG bunkering services currently being built by Chinese shipyard Nantong CIMC Sinopacific Offshore & Engineering Co.
The 5,300 ton vessel, with a carrying capacity of more than 8,200 mc of LNG and 500 mc of marine diesel, will be equipped with electric propulsion systems as well as dual technology generators and a cargo management designed and built by Wartsila Gas System. In addition to a conventional boiling gas combustion unit (“GCU”) management system, the vessel will also include an LNG “sub-cooling” plant which will completely eliminate the already limited environmental impact of the GCU.
Being therefore considered a sustainable investment, Fratelli Cousch benefited from an EU grant under the Connecting Europe Facility (CEF) programme, for which CDP acted as the Italian implementing partner.
Founded in 1857, Fratelli Cosulich, based in Genoa, is a family shipowner active in 15 countries and with an annual turnover of more than 1.5 billion US dollars.
The WFW Italy Maritime team advising the lenders was led by partner Furio Samela, assisted by senior partner Antonella Barbarito and partners Sergio Napolitano and Noemi D’Alessio.
Fratelli Cosulich was advised by the Studio Legale Turci team in Genoa, made up of partner Marco Turci and partner Lucia Pedrini.
Source: Watson Farley and Williams