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WFW advises Banco BPM on €28m facility to Grimaldi Euromed11 February 2021

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Watson Farley & Williams (“WFW”) has advised Banco BPM S.p.A. (“Banco BPM”) on a €28m loan facility granted to Grimaldi Euromed S.p.A. (“Grimaldi Euromed”) to finance the acquisition of a new PCTC (Pure Car & Truck Carrier).

The new unit “Grande Texas” was delivered on 26 January 2021 and is the sixth of seven car carriers ordered by Grimaldi Euromed from the Yangfan shipyard in Zhoushan, China. With a gross tonnage of 65,148 tonnes, a transport capacity of approximately 7,600 CEUs (Car Equivalent Units) and a cruising speed of 19 knots, the Italian-flagged Grande Texas is one of the largest PCTC units on the market.

To reduce harmful emissions and achieve high energy efficiency to guarantee environmentally sustainable transport, the ship is equipped with an electronically controlled Man Energy Solutions engine for the reduction of nitrogen oxide (NOx) emissions, as required by the new IMO international regulations, and a hybrid exhaust gas purification system for the reduction of sulphur oxide (SOx) and particulate emissions. The Grande Texas also complies with the latest regulations for ballast water treatment.

Banco BPM is Italy’s third largest retail and corporate banking conglomerate, formed in January 2017 through the merger of Banco Popolare and Banca Popolare di Milano.

The WFW Italy Maritime team advising BPM was led by Partner Michele Autuori, assisted by Senior Associate Antonella Barbarito and Associates Beatrice D’Amato, Noemi D’Alessio and Sergio Napolitano.

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