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Cruise ships

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.