05.06.2014 – 13:00
KfW IPEX-Bank financing a second cruise ship for Star Cruises
Genting Hong Kong Ltd. at Meyer Werft shipyard in Papenburg
Frankfurt am Main (ots)
- The bank is now financing two ships for the growing Asian market - Support for exporters and for Germany as a shipbuilding location
With a loan of over EUR 600 million, KfW IPEX-Bank is financing the construction of a second cruise ship for Star Cruises, the leading cruise line in Asia Pacific, at Meyer Werft shipyard in Papenburg, Germany. The signing ceremony of the corresponding contracts was held in Hong Kong today. This second new vessel is scheduled for delivery during the fourth quarter of 2017. KfW IPEX-Bank closed the financing for Star Cruises' first new vessel (a sister ship) in April this year.
KfW IPEX-Bank has taken on the structuring of the overall financing and is providing the entire loan amount together with Crédit Agricole Corporate and Investment Bank and the Singapore branch of DNB Bank ASA. The financing is backed by export credit insurance provided by Germany (Euler Hermes cover) and encompasses the Commercial Interest Reference Rate (CIRR) for ships, which is set by the OECD.
"We are pleased that we are able to provide financing for a second cruise ship and thereby further cement our long-standing collaboration with our valued business partners, Meyer Werft shipyard and Star Cruises," said Christian K. Murach, the responsible member of the Management Board at KfW IPEX-Bank. "As one of the world's leading players in ship financing, this enables us to strengthen our position on the market and support German exporters and northern Germany as a shipbuilding location at the same time."
Just like its sister ship, this second new vessel boasts a gross tonnage of about 150,000. With more than 1,600 passenger cabins and a length of approximately 330 metres, both of Star Cruises' two new cruise ships will be among the biggest of their kind in Asia. Adding this second new vessel, Star Cruises is expanding its fleet to nine ships, thus catering to the growing demand for cruise holidays in the Asian market.
Together with its associate Norwegian Cruise Line, Star Cruises is the third largest cruise operator in the world. Star Cruises is wholly-owned by Genting Hong Kong Limited, a company active in the leisure, tourism and entertainment industries and whose shares are listed on both the Hong Kong Stock Exchange and the Singapore Stock Exchange.
The Meyer Werft shipyard has a long history that dates back more than 200 years and is now owned by the seventh generation of the Meyer family. It builds state-of-the-art cruise ships, among other commissions, for shipping companies 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.
A picture of the signing ceremony is available on the homepage of KfW IPEX-Bank in the press section under "press material".
KfW IPEX-Bank GmbH, Palmengartenstraße 5-9, 60325 Frankfurt
Tel. 069 7431-2984, Fax: 069 7431-9409, E-Mail:
Original content of: KfW IPEX-Bank, transmitted by news aktuell