Watson Farley & Williams (“WFW”) is pleased to announce that the firm advised on the largest ECA cruise debt financing to date, which won the Transport Export Finance Deal of the Year 2025 at the TXF Perfect 10 Awards.
Recognising outstanding transactions in export finance across the world, the TXF Perfect 10 Awards are an industry gold-standard for excellence.
WFW advised Crédit Agricole Corporate and Investment Bank (“CACIB”), acting as agent for a syndicate of thirteen banks, on two post-delivery loan facilities granted to Norwegian Cruise Line Holdings Ltd. (“NCLH”) for the acquisition of two next-generation cruise vessels currently under construction at Italian shipyard Fincantieri S.p.A.
The two separate US$2.4bn financings are backed by the Italian export credit agency SACE S.p.A (“SACE”) and supported by SIMEST S.p.A., the CDP Group company for internationalisation (“SIMEST”), through the stabilisation of the interest rate at a fixed subsidised rate.
With a capacity of approximately 5,000 passengers each, these two vessels also support the continued expansion of NCLH’s fleet, with expected deliveries in 2030 and 2032. This is the latest NCLH vessel financing that WFW has assisted CACIB on, having previously advised them on the financing of four other vessels in 2024.
CACIB is a leading private commercial bank with a strong presence in the shipping, real estate, renewables and infrastructure sectors, both in France and globally.
NCLH is a premier global cruise operator, managing the Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises brands. With a fleet of 34 ships and more than 71,000 berths, it offers itineraries to approximately 700 destinations worldwide. The company plans to add 13 new ships across its three brands by 2036, increasing its capacity by over 38,400 berths.
The cross-border, multidisciplinary WFW Maritime team that advised the lenders, SACE and SIMEST was led by Finance Partners Alexia Russell in Paris and Mario D’Ovidio in Milan. They were assisted by Paris Senior Associate Isabella Roberts, Milan Associate Giulia Chiarvesio, Rome Associate Edoardo Moschella and Paris Trainee Zac Goodwill. Partners Daniel Pilarski in New York and Richard Stephens in London advised on sanctions and tax matters respectively.
Alexia commented: “We are delighted to have supported our long-standing clients on this landmark financing for two next-generation cruise ships and to see it recognised by TFX as the top transport export finance deal. This transaction and award highlight WFW’s deep maritime expertise and ability to deliver seamless cross-border legal support”.
Mario added: “This transaction not only supports NCLH’s growth capacity but also reflects strong international confidence in the Italian shipbuilding industry, with Fincantieri playing a pivotal role. The joint involvement of CDP, SACE and SIMEST serves as a testament to the strength of the Italian banking system in promoting innovation and delivering strategic value on a global scale”.
A team from Conyers led by Victor Richards acted as t as Bermudan legal counsel for the lenders, SACE and SIMEST.
Partner Sam Harding and Associates Matilda Bennett and Ece Birinci of Hannaford Turner LLP advised NCLH.
