HFW advises Hong Kong-listed ContiOcean Environment Tech Group on vessel acquisitions to advance green shipping strategy

Global, sector-focused law firm HFW has advised Hong Kong-listed ContiOcean Environment Tech Group (ContiOcean) on the acquisition of two product and chemical tankers from OM Maritime in Singapore.

Founded in Shanghai in 2017, ContiOcean designs and supplies maritime environmental protection technologies, including clean energy supply systems and energy-saving devices that help shipowners and shipbuilders meet evolving environmental and ESG requirements. The company now operates through 12 subsidiaries across China and internationally.

The two vessels, OM Shanghai and OM Singapore, were acquired for US$15 million and US$13.75 million respectively. The acquisition of OM Shanghai completed in April, while the purchase of OM Singapore completed at the end of July.

ContiOcean intends to use the tankers as research and development platforms to demonstrate, test and validate its proprietary equipment and systems under real-world operating conditions.

The acquisitions form part of the company’s broader green shipping strategy and support its evolution from a marine technology provider to a shipowner with self-operated vessel assets.

A cross-practice team from HFW’s Hong Kong office advised on the transaction. The team was led by Corporate and Commercial partner Wing Cheung and Shipping partner Angie Lo, supported by Senior Associate Chloe Chow and Associate Karen Ip.

Wing Cheung, Partner, HFW, said: “We congratulate ContiOcean on this strategically important transaction. The acquisition of these vessels represents a significant milestone in the company’s growth and will enable it to further develop, test and showcase innovative technologies that support the shipping industry’s decarbonisation and sustainability objectives.”