Frankfurt am Main (ots) -
- Ships to be built at Meyer Werft shipyard in Papenburg:
continuation of a success story with long-time business partners
- High-volume financing for prosperous cruise industry
KfW IPEX-Bank has structured the financing for the two new cruise ships to be built at Meyer Werft shipyard in Papenburg for Miami-based Norwegian Cruise Line. The ship's contract price is altogether nearly EUR 1.6 billion.The corresponding agreements were signed on monday.
The financing, which will be disbursed in US dollars, is covered by export credit insurance provided by Euler Hermes and includes the favourable CIRR (Commercial Interest Reference Rate) for ship financing set by the OECD.
KfW IPEX-Bank took on the structuring for the overall financing and its commitment of the overall loan amount has ensured the order for Meyer Werft. The loan is to be syndicated to an international consortium of banks.
"As one of the leading ship financiers worldwide, this large-volume financ-ing underscores our structuring expertise in the area of cruise ships," commented Christian K. Murach, responsible member of the Management Board of KfW IPEX-Bank at the signing. "In continuing our long-standing, successful cooperation with our business partners Norwegian Cruise Line and Meyer Werft, we are also contributing to supporting both the German export industry and northern Germany as a shipbuilding location."
The new vessels will belong to the Breakaway Plus-C lass of ships. The first ship of this class is currently being built by Meyer Werft for Norwe-gian. Given their gross tonnage (GT) of 164,600 each, both newbuilds will be able to accommodate almost 4,200 passengers for delivery in the second quarter of 2018 and the fourth quarter of 2019.
Norwegian Cruise Line is the third largest cruise line in the world with cur-rently thirteen cruise ships and more than 1.6 million passengers per year.
The Meyer Werft shipyard is a family-owned operation in the seventh generation and has been building ships for almost 220 years. The shipyard with a long tradition builds state-of-the-art cruise liners for customers from all over the globe, and is the most important employer in the Papenburg region.
About KfW IPEX-Bank GmbH
Within the KfW Group, KfW IPEX-Bank is responsible for international project and export finance. Its function of providing financing to boost the German and European economy is derived from the legal mandate assigned to KfW. It offers medium- and long-term financing to support key export industries, to develop economic and social infrastructure and to fund environmental and climate protection projects. KfW IPEX-Bank operates as a legally independent group subsidiary and plays a major role in fulfilling KfW's promotional mission. It is represented in the most important economic and financial centres across the globe.
KfW IPEX-Bank GmbH, Palmengartenstraße 5-9, 60325 Frankfurt
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