Newbuildings European shipyards
We finance vessels built in Europe.
European ship exports
|Potential borrower||ship owners worldwide|
|Loan amount||up to 80% of vessel price with delivery, potentially with pre-delivery financing|
|Role of KfW IPEX-Bank|| |
|Collateral||individually structured collateral package, including:|
vessel mortgage, European export credit agency cover e.g. Hermes, Finvera, Coface, Sace
|Loan tenor||up to 12 years post delivery, possibly with balloon payment|
|Interest rate|| |
Financing case 1: Meyer shipyard in Germany
Norwegian Breakaway und Norwegian Getaway: the two biggest cruise ships ever built in Germany
KfW IPEX-Bank is financing the two biggest cruise ships ever built in Germany, supporting a German company that has a long tradition and is the most important employer in the Papenburg region - the Meyer Werft shipyard.
A European consortium of banks led by KfW IPEX-Bank has provided financing for two cruise liners to be built by Meyer Werft in Papenburg. The buyer is Miami-based Norwegian Cruise Line (NCL). The operation is an OECD-conforming financing with Hermes coverage and the CIRR for ship financing which can also be used for down payments during the construction period.
Both ship newbuildings with a total order value of around EUR 1.23 billion will belong to the Postpanamax class. With a GT of 143,500 the two ships currently under construction are the biggest cruise liners ever built in Germany. They are scheduled to be completed in April 2013 and 2014, respectively. Each can accommodate 4,000 passengers.
With a capacity of some 26,200 beds on eleven modern ships, Miami-based Norwegian Cruise Line is today the third largest cruise line in the world. The Meyer Werft shipyard is a family-owned operation in the sixth generation, building ships for over 215 years. The shipyard has a long tradition and builds the most modern cruise liners for customers from all over the world, and it is the most important employer of the Papenburg region.
|Special features:||The challenge:|
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|The solution:||The contribution of KfW IPEX-Bank:|
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Financing case 2: STX Finland Oy shipyard in Finnland
First new build cruise ship for German based TUI Cruises
KfW IPEX-Bank bank is financing the first new build cruise ship for German based TUI Cruises. The ship is being built at STX Finland Oy and is scheduled for delivery in the second quarter of 2014. The 99,000 gross tonne ship will carry approximately 2,500 passengers and cater to the German-speaking cruise market.
The 80% financing provided by a consortium of European banks will benefit from Finnish export credit insurance. In addition, funding will be provided by Finnish Export Credit Ltd.
TUI Cruises is a joint venture between TUI AG and the global cruise company Royal Caribbean Cruises Ltd. TUI Cruises has successfully been offering cruises for the German-speaking market since May 2009 and will expand its fleet with the new build to three ships.
|The challenge||The solution|
|Financing a recently established and growing company|| |