Norton Rose Fulbright has advised Ocean Network Express (ONE) on a major ship financing deal to fund four 13,700 TEU container vessels.
The transaction used the Japanese Operating Lease with Call Option (JOLCO) scheme, marking the first time Japan Bank for International Cooperation (JBIC) and Nippon Export and Investment Insurance (NEXI) have participated in vessel-related financing under this structure. BNP Paribas, HSBC, and Citibank acted as mandated lead arrangers, with NEXI providing insurance for the commercial loan portion.
The ships, being built by Nihon Shipyard and Imabari Shipbuilding, will be chartered to ONE, headquartered in Singapore. The vessels are designed with the option to convert to methanol or ammonia fuel and can be fitted with CO₂ capture systems, reflecting a strong focus on decarbonisation.
Paul Coggins, Tokyo-based partner at Norton Rose Fulbright, led the cross-border team. He said the deal highlights both the innovation and collaboration required for a first-of-its-kind JOLCO structure with JBIC and NEXI involvement.
The legal team also included Singapore partner Sue Ann Gan, associate Sophie Polisena, London-based tax partner Matt Hodkin, and associate Giulia Schwartz.
