WFW advises Danaos on newbuild vessel financing

WFW advises Danaos on newbuild vessel financing

Watson Farley & Williams (WFW) has advised Danaos Corporation (Danaos) on a $450 million post-delivery senior secured term loan facility to finance eight newbuild vessels.

The vessels will be under construction in the Daehan, Dalian and Qingdao shipyards to be delivered in 2024-2025. The lending syndicate comprised four major shipping banks.

The newbuilding vessels is expected to be the most efficient in Danaos’ fleet as they are built in accordance with the latest IMO requirements in relation to Tier III emission standards and Energy Efficiency Design Index (EEDI) Phase III, with high carbon credit cost savings which makes this transaction innovative in terms of achieving a more sustainable shipping environment. 

The WFW Athens Maritime team that advised Danaos was led by Partner Christina Economides, supported by Associates Haris Kazantzis and Marianna Psarrou.

READ: Wärtsilä to develop a medium gas carrier newbuild project

Economides commented: “We are pleased to have advised Danaos on such an important transaction for their emissions reduction strategy.

“Sustainability is a key pillar in developing and using alternative technology in the shipping industry and WFW is always happy to be help our clients achieve a greener maritime landscape.”

Earlier this year, Swiss marine power company, WinGD, and Japanese shipbuilder and technology developer, Mitsubishi Shipbuilding Co., Ltd., completed the initial design of an ammonia fuel supply system (AFSS) for vessels powered by WinGD’s X DF A ammonia-fueled engines.

More recently, Mitsui O.S.K. Lines, Ltd. (MOL) signed a long-term charter contract for a newbuild LNG carrier with Tokyo LNG Tanker Co., Ltd (TLT).

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