Norton Rose Fulbright advises lenders on eco-backed financing of royal caribbean’s latest vessel

Global law firm Norton Rose Fulbright has provided comprehensive legal counsel to a consortium of lenders led by Citi, facilitating the financing and delivery of Royal Caribbean’s newest flagship vessel, “Utopia of the Seas”. This transaction marks another milestone in the cruise industry, backed by French ECA-supported receivable purchase financing and post-delivery financing totaling approximately $1.3 billion.

At 236,000 gross tons, "Utopia of the Seas" is the sixth vessel in Royal Caribbean’s renowned "Oasis Class", boasting innovative LNG technology and accommodating up to 7,500 passengers alongside 2,300 crew members.

The Norton Rose Fulbright team in London, led by Global Co-Head of Shipping Simon Hartley and Counsel Matthew Bambury, with support from Associate Rebecca Daniel and Trainee Solicitor Lucrezia Cavuto, managed all facets of the transaction. Partner Kirstin Russell and Senior Associate Jessica Sorah handled related English law aspects, while Global Co-Head of Transport Christine Ezcutari, supported by Senior Associate Ayaka Millet, Associate Emilie Jacques, and Trainee Sarah Malegarie, provided guidance on French law matters.

Simon Hartley emphasised the significance of the deal, highlighting Norton Rose Fulbright’s commitment to advancing sustainable shipping practices and anticipating continued robust activity in the cruise sector throughout 2024 and beyond.

Norton Rose Fulbright’s global shipping team maintains prestigious Tier 1 rankings across Chambers and Legal 500, with Simon Hartley and Christine Ezcutari recognised as leading figures in shipping finance, and Matthew Bambury acknowledged as a rising star in the field.

This financing underscores Norton Rose Fulbright’s leadership in complex international transactions and commitment to advancing sustainable shipping practices globally.