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KfW IPEX-Bank finances two new Quantum-class cruise ships to be built at the Meyer Werft shipyard in Papenburg
Frankfurt am Main (ots) -
- Continuation of a success story with long-standing business partners Royal Caribbean and Meyer Werft - Support for the export industry and for Germany as a shipbuilding location
KfW IPEX-Bank is structuring the financing for the fourth and fifth Quantum-class cruise ships. Royal Caribbean Cruises Ltd. ordered the fourth Quantum-class ship from the Meyer Werft shipyard in Papenburg in May and the fifth only a few days ago.
KfW IPEX-Bank has taken on the structuring of the overall financing for Royal Caribbean and secured the order for the Meyer Werft with its commitment covering the entire loan. A considerable portion will be syndicated, i.e. the project will be financed together with an international banking consortium.
The financing has a term of 12 years from delivery. It is backed by German export credit insurance (Euler Hermes) and includes the Commercial Interest Reference Rate (CIRR) for ships, which is determined by the OECD.
KfW IPEX-Bank, Meyer Werft and Royal Caribbean have a long-standing business relationship. The new Quantum-class ships are now the 14th and 15th cruise liners that the three business partners have joined forces to create.
"We are delighted to be able to continue our successful cooperation with our valued long-standing business partners Royal Caribbean and Meyer Werft and to help Meyer Werft secure these important orders with our financing," said Christian K. Murach, responsible member of the Management Board at KfW IPEX-Bank during the signing.
Jason Liberty, Chief Financial Officer of Royal Caribbean added: "With large-volume financing transactions as required in cruise shipping, we greatly appreciate the support provided by a proven industry expert with structuring expertise such as KfW IPEX-Bank."
The sister ships Quantum of the Seas and Anthem of the Seas, which were delivered in autumn 2014 and spring 2015, respectively, can each accommodate more than 4,000 passengers and boast technical innovations and spectacular new features on the cruise ship market. For example, the on-board leisure activities include a skydiving simulator and a swivel arm with a glass viewing ball, which gives passengers a view of the ship from 90 metres up in the air. The third vessel in the family - the Ovation of the Seas - is currently being built in Papenburg and is set to be finished in spring 2016. The fleet will grow by the fourth Quantum-class ship in spring 2019 and the fifth from autumn 2020.
Royal Caribbean Cruises Ltd. is the second-largest cruise company in the world, with six brands operating a total of 44 ships and an additional 11 on order that serve approximately 480 destinations across all continents.
Meyer Werft shipyard has a long history dating back more than 220 years and is now owned by the seventh generation of the Meyer family. Rich in tradition, the shipyard builds state-of-the-art cruise ships for customers across the globe.
Do you need photo material to illustrate your article? Two pictures of the sister ship "Anthem of the Seas" are available for download in the press section of our website (Source: "MEYER WERFT/Ingrid Fiebak-Kremer"): http://ots.de/37IZ2
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
Pressestelle: E-Mail: Dela.Strumpf@kfw.de
Tel. 069 7431-2984, Fax: 069 7431-9409, E-Mail: