Watson Farley & Williams (“WFW”) advised GEFO Shipping Group (“GEFO”) on its order of two additional climate-friendly chemical tankers from Chinese shipyard Nantong Xiangyu (“Xiangyu”). Delivery is scheduled for late 2026 or early 2027 with options for two further vessels also agreed.
The current order complements a previous one for ten stainless steel tankers with a fuel-saving design placed in January 2024 on which WFW also advised GEFO. Both transactions are part of a €300m investment programme to bring GEFO closer to its declared goal of operating a climate-neutral fleet by 2045.
The two 7,900 tdw ships just ordered are designed for reduced output from their main engines to enable operation in the ideal speed range to reduce fuel consumption. They are also prepared for both the installation of fuel-saving Flettner rotors that can use wind energy and for a future conversion to methanol propulsion.
Hamburg-based GEFO is a medium-sized shipping company with an annual turnover of approximately €600m and a current fleet of 150 seagoing and inland tankers, primarily active in the chemical, gas and mineral oil sectors.
Xiangyu, a subsidiary of the state-owned Xiamen Xiangyu Group (XMXYG), is based in Nantong in Jiangsu province. It is the 42nd largest company in China in terms of turnover and ranks 142nd in the “Fortune Global Top 500”.
The WFW Hamburg Maritime team that advised GEFO was led by Partner and WFW Germany Head Christian Finnern, supported by Managing Associate Peter Grass and Associate Maximilian Hennig. London Partner Charles Buss also assisted.
Christian commented: “We are delighted to have advised GEFO on another forward-looking transaction. This mandate once again underlines WFW’s comprehensive expertise in supporting maritime sector clients on their path to climate neutrality”.
