Welcome to the Conyers Global Shipping Digest which provides an overview of significant M&A, capital markets and financing mandates in the global shipping industry over the course of the past twelve months.
The global shipping market continues to be one of the most exposed sectors to geopolitical conflicts and in 2024 navigated a challenging environment. The war in Ukraine and disruptions in the Red Sea affected trade and investment, yet shipping companies demonstrated resilience and adaptability despite these challenges.
Conyers' shipping practice continues to thrive, guiding clients through a volume of high value transactions and M&A deals across our core jurisdictions in Bermuda, the Cayman Islands, and the British Virgin Islands (BVI).
The past year was significantly active for shipping mergers and acquisitions. The year concluded with BlackRock’s sale of its GasLog Ltd (“GasLog”) stake to GIC in the fourth quarter. Conyers advised GasLog, a leading global provider of liquefied natural gas (LNG) shipping services, with Singaporean sovereign investment fund GIC acquiring BlackRock’s approximately 45% shareholding in GasLog. Driven by the increasing demand for LNG, the LNG shipping sector is expected to experience the highest growth in 2025. GIC’s investment highlights confidence in GasLog’s future performance.
Leading cruise ship companies made major acquisitions to expand their fleets and offerings. Carnival Corporation’s acquisition of Princess Cruises has seen the cruise company deliver the largest vessel ever constructed in Italy, “Sun Princess”, and announced its US$4.8 billion ECA-backed loan to finance four new cruise ships.
The deals featured in this digest highlight how leading shipping companies leverage the strategic advantages of our key jurisdictions for global ship financing and capital market access.
Shelf Drilling Ltd’s acquisition of Shelf Drilling (North Sea) demonstrates how a transaction involving multiple offshore jurisdictions benefit from integrated legal advice in Bermuda and the Cayman Islands.
Bermuda also continues to be a natural domicile for listed shipping companies. Teekay Corporation Ltd and Teekay Tankers Ltd redomiciliations from the Marshall Islands to Bermuda affirmed the jurisdiction’s established reputation in the international market, and in particular the continuing momentum of its popularity among NYSE-listed companies.
We have been privileged to advise on numerous significant transactions in 2024 and are honoured to have received five
awards from Marine Money in their Ship
Finance "Deal of the Year" Awards. This recognition further highlights our position as leading global experts and trusted advisors in ship finance.
Recent Transactions
- Advised CMB.TECH NV in connection with its proposed merger with Golden Ocean Group Limited, a Bermuda company listed on the Nasdaq and the Oslo Stock Exchange, following CMB.TECH’s acquisition from Hemen Holding Limited of its approximately 40% interest in Golden Ocean. (April 2025)
- Bermuda: Director Guy Cooper, Director Robert Alexander, Senior Associate Sophia Collis and Associate Joshua DeAllie
- Advised Stolt-Nielsen Gas Ltd. in connection with the acquisition of a majority of shares in Avenir LNG Limited, a Bermuda company listed on the Norwegian OTC market from Golar LNG and Aequitas, and subsequently the acquisition of the remaining approximately 4% of shares through a Bermuda statutory process resulting in Avenir being wholly-owned by Stolt-Nielsen Gas Ltd. (April 2025)
- Bermuda: Director Guy Cooper and Associate Amber Wilson
- Advised GasLog Ltd in connection with the acquisition by GIC of BlackRock’s 45% shareholding in GasLog Ltd. (January 2025)
- Bermuda: Director Marcello Ausenda, Director Victor Richards, and Associate Matthew MacLeod
- Advised Shelf Drilling Ltd., a Cayman company listed on the Oslo Stock Exchange, in connection with Shelf Drilling’s acquisition of 100% of Shelf Drilling (North Sea), Ltd. (“SDNS”). The acquisition was completed through a merger between SDNS, a Bermuda company listed on the Euronext Growth Oslo, and Shelf Drilling Bidco, Ltd., an indirect subsidiary of Shelf Drilling. The total consideration amounted to approximately 42 million new shares in Shelf Drilling and US$30 million in cash. (November 2024)
- Bermuda: Director Guy Cooper, Senior Associate Andrew Barnes and Senior Associate Sophia Collis; Cayman Islands: Partner Theo Lefkos, and Counsel Jennifer Sangaroonthong
- Advised Bruton Limited in connection with its admission to trading on Euronext Growth Oslo. Bruton Limited is the tenth listing of the year on Oslo Børs’ markets. At opening on Euronext Growth Oslo, Bruton Limited share’s price was set at NOK 33 per share, giving the company an estimated market capitalisation of NOK 514.8 million. (November 2024)
- Bermuda Director Marcello Ausenda and Senior Associate Alexis Haynes
- Advised DNB in connection with a U$150 million sustainability linked credit facilities agreement for Golden Ocean. (November 2024)
- Bermuda: Director Guy Cooper and Associate Nicole Yearwood
- Served as special Bermuda legal counsel to the Teekay Group during the redomiciliation from the Marshall Islands to Bermuda. The Teekay Group has existing ties to Bermuda, and the redomiciliation decision comes as part of a broader initiative to position the NYSE-listed companies for long-term success by leveraging Bermuda’s established reputation in the international market. (October 2024)
- Bermuda: Director Marcello Ausenda, Director Victor Richards, Senior Associate Alexis Haynes, and Associate Joshua DeAllie
- Advised Carnival Corporation in connection with a US$4.8 billion ECA-backed loan to finance four new cruise ships from Fincantieri. BNP Paribas acted as agent and mandated lead arranger with SACE providing cover. (October 2024)
- Bermuda Director Victor Richards and Senior Associate Alexis Haynes
- Advised DNB in connection with the IPO and listing on the Euronext Growth Oslo of Vantage Drilling International Ltd. (October 2024)
- Bermuda: Director Guy Cooper and Senior Associate Sophia Collis
- Advised Odfjell Technology Ltd in connection with a US$100 million Norwegian bond issuance. (September 2024)
- Bermuda: Director Guy Cooper and Associate Jacari Brimmer-Landy
- Advised Stolt-Nielsen Limited in connection with the issue by Stolthaven Houston Inc. of US$450 million of senior secured notes. (July 2024)
- Bermuda: Director Guy Cooper
- Provided Bermuda and BVI law advice to Ventura Offshore in connection with its admission to trading on Euronext Growth Oslo, the acquisition of all outstanding shares in Universal Energy Resources Inc. (a BVI company), the completion of a private placement of shares of Ventura Offshore raising proceeds of US$170 million and the issuance of senior secured bonds totalling US$130 million by Ventura Offshore Midco Ltd. (June 2024)
- Bermuda: Director Guy Cooper, Senior Associate Andrew Barnes and Senior Associate Sophia Collis; BVI: Director Anton Goldstein and Associate Nina Goodman
- Teekay Corporation Ltd. and Teekay Tankers Ltd. Redomicile to Bermuda
- On 1 October 2024, Teekay Corporation Ltd. and Teekay Tankers Ltd. announced their redomiciliation from the Marshall Islands to Bermuda. Conyers served as special Bermuda legal counsel to the Teekay Group during the redomiciliation.
- Teekay’s decision to redomicile to Bermuda underscores the island's reputation as a leading jurisdiction for global business. The redomiciliation comes as part of a broader initiative to position the NYSE-listed companies for long-term success by leveraging Bermuda’s established reputation in the international market.
- Teekay Corporation Ltd. and Teekay Tankers Ltd. are two of the world’s leading marine energy transportation companies. Teekay Corporation Ltd. is a leading provider of international crude oil marine transportation and other marine services, which it provides directly and through its controlling ownership interest in Teekay Tankers Ltd. one of the world’s largest owners and operators of mid-size crude tankers. Teekay Tankers Ltd. has a fleet of 42 double-hull tankers (including 24 Suezmax tankers and 18 Aframax / LR2 tankers) and has six time chartered-in tankers.
- Advised BW LPG Limited in connection with its dual listing on the NYSE and scheme of arrangement whereby the company discontinued from Bermuda to Singapore. BW LPG Limited is now listed on both the Oslo Stock Exchange (OSE) and NYSE. The company’s shares commenced trading on the NYSE on 29 April 2024 under the ticker “BWLP” as well as retaining its primary listing on the OSE with its shares listed under the ticker “BWLPG”. (April 2024)
- Bermuda: Director Guy Cooper, Director Rhys Williams, Counsel Jonathan O’Mahony, Senior Associate Lauren Pereira, and Associate Joshua DeAllie
- Advised Hafnia Limited in connection with its dual listing on the NYSE as well as a wider discontinuance project. The company’s shares are now listed on both the Oslo Stock Exchange and NYSE, and Hafnia is now a Singapore incorporated company. (April 2024)
- Bermuda Director Guy Cooper, Director Rhys Williams, Counsel Jonathan O’Mahony, Senior Associate Lauren Pereira, and Associate Joshua DeAllie
- Advised Credit Agricole Corporate and Investment Bank, as agent, SACE and a syndicate of nine banks on pre-and- post delivery loan facilities for four Norwegian Cruise Line Holdings new build vessels, to be built by Fincantieri and delivered in 2029. (April 2024)
- Bermuda: Director Victor Richards and Associate Joshua DeAllie
- Advised Carnival Corporation in connection with the delivery of its 4,300 passenger ‘SUN PRINCESS’, the largest vessel ever constructed in Italy and both Finacantieri’s and Princess Cruise Line’s first LNG fuelled cruise ship. (February 2024)
- Bermuda: Director Victor Richards and Senior Associate Alexis Haynes
- Advised Neptune Maritime Leasing Limited on the sale and leaseback transaction between NML Bulk Colombia LLC as lessor and Bulk Colombia Shipping Ltd as lessee in respect of a Supramax dry bulk carrier registered under the laws and flag of the Republic of Liberia. (January 2024)
- BVI: Partner Rachael Pape, Associate Nina Goodman
- Advised OSM Maritime on the Bermuda and BVI law aspects of the combination of the businesses of OSM Maritime Group and the Thome Group. The combined company, OSM Thome, will manage a fleet of more than 1,000 ships. (January 2024)
- Bermuda: Director Guy Cooper, Associate Nicole Yearwood; BVI: Partner Robert Briant, Associate Christopher Smith
- Advised DNB in connection with a US$220 million term loan facility, a US$317 million loan facility and a US$606 million term loan facility for Frontline. (Various dates in 2024)
- Bermuda: Director Guy Cooper and Associate Nicole Yearwood
