Global law firm Norton Rose Fulbright has advised a consortium of banks including UniCredit SpA, Mediocredito Italiano SpA and Banca IMI SpA on the financing to Italy’s Caronte & Tourist SpA for the construction of a new Ro/Ro Pax ferry. The vessel, named Elio, is the first liquefied natural gas (LNG) powered ferry to sail the Mediterranean.
Elio has capacity for 290 vehicles and 35 trucks and will be operating in the Strait of Messina, linking Sicily and the Italian mainland. Elio was built by the Turkish Sefine shipyard as part of the Gainn4mos Project, aimed at stimulating maritime transport with low environmental impact, as well as improving the so-called ‘Motorways of the Sea’ network in six EU member states (Spain, France, Croatia, Italy, Portugal and Slovenia).
Gennaro Mazzuoccolo, banking partner in the Milan office of Norton Rose Fulbright commented:
“The decision to invest in a 'green' ship represents an epochal turning point for the Italian market and underlines the ever-increasing attention that the maritime connection market is reserving for environmental protection, opting for the use of alternative fuels, such as LNG, which guarantee emissions ever lower in compliance with European transport legislation.”
The Norton Rose Fulbright team was led by partner Gennaro Mazzuoccolo.
CBA Studio Legale and Studio Legale Porzio assisted the borrower and owner and operator of the ship, Caronte & Tourist SpA, on the financing for and the construction of the new ship.
For further information please contact:
Felicia Kohn, Senior Business Development Manager, Norton Rose Fulbright Studio Legale
Tel: + 39 02 8635 941
Cristiana Santilli, Business Development Executive, Norton Rose Fulbright Studio Legale
Tel: + 39 02 8635 941
Notes for editors:
Norton Rose Fulbright
Norton Rose Fulbright is a global law firm providing the world’s preeminent corporations and financial institutions with a full business law service. The firm has more than 4,000 lawyers and other legal staff based in Europe, the United States, Canada, Latin America, Asia, Australia, Africa and the Middle East.
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