We finance state-of-the-art cruise ships that navigate the world's seas and rivers with reduced-emission engines.
Financing case: Ocean-going cruise vessel for Carnival Corporation & plc
In brief: KfW IPEX-Bank provided a loan of approx. EUR 786 million, most of which was syndicated out to other banks. KfW IPEX-Bank also took on the entire structuring.
Project profile - financing:
- EUR 786 million in export financing for the newbuild cruise liner hull number S. 716 for Carnival Corporation & plc
- 95% Hermes cover
- Includes German CIRR (Commercial Interest Reference Rate) for ship financing, set by the OECD
- Tenor of 12 years from delivery
- EUR 595 million syndicated in the primary market
Contribution of KfW IPEX-Bank:
- Loan of approx. EUR 786 million
- Full underwriting
- Entire structuring; Sole Book Runner; Initial Mandated Lead Arranger (MLA); Facility Agent; ECA Agent
- Primary syndication of EUR 595 million to seven international banks
Project profile - cruise vessel:
- Dual-fuel engine that runs on LNG and marine diesel
- LNG-driven standard operation
- Accommodation of 5,200 passengers (lower berths)
- Built at Meyer Werft shipyard in Papenburg, Germany
- Scheduled delivery in May 2022
Financing for state-of-the-art shipbuilding at Germany's Meyer Werft shipyard
The world's largest cruise company Carnival Corporation & plc is a long-standing customer of KfW IPEX-Bank and has already commissioned the Meyer Werft shipyard in Papenburg to build several other cruise liners. The unique know-how of its some 3,500 employees enables the shipyard to build cruise vessels that not only offer attractive leisure opportunities but are also equipped with cutting-edge environmental and energy efficiency technology. Meyer Werft's success also boosts maritime suppliers.
In providing this financing, KfW IPEX-Bank is supporting exports from Germany while contributing to job security in the maritime sector.