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Newbuildings European shipyards

We finance vessels built in Europe.

European ship exports

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Potential borrowership owners worldwide
Investments
  • newbuild vessel constructed in Europe
  • conversion of vessels in Europe
Loan amountup to 80% of vessel price with delivery, potentially with pre-delivery financing
Role of KfW IPEX-Bank
  • We play a leading role in structuring and arranging German vessel export financing
  • We co-arrange and / or participate in other European vessel export financing
Collateralindividually structured collateral package, including:
vessel mortgage, European export credit agency cover e.g. Hermes, Finvera, Coface, Sace
Loan tenorup to 12 years post delivery, possibly with balloon payment
Interest rate
  • market-based rate, fixed or floating
  • favourable government supported up to 12-year fixed rate (CIRR) if available


Financing case 1: Meyer shipyard in Germany

Arctic Aurora

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.


Project profile:

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Special features:The challenge:
  • Central cooling system with heat recovery
  • Optimised air conditioning systems
  • Innovative lighting systems reduce carbon emissions by 12,600 tonnes per year
  • First ship in Germany with Tier II main engines (NOx and SOx reduction)
  • Financing investment costs without burdening equity
  • Simultaneous compliance with OECD rules for officially supported financings
  • High investment and credit volume
  • Financing a borrower who only recently managed a positive turnaround
The solution:The contribution of KfW IPEX-Bank:
  • Combination of ECA loans with restructured existing loans
  • Arrangement of a low-cost CIRR financing
  • Full underwriting by a club of five banks
  • Structuring of all loan components
  • Application for and negotiation of the official contributions (ECA, CIRR)
  • Facility, ECA and CIRR Agent
  • Arranging the club of banks


Financing case 2: STX Finland Oy shipyard in Finnland

cruise ship in the sea

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.


Project profile:

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The challengeThe solution
Financing a recently established and growing company
  • Use of public promotional instruments (export credit insurance & CIRR)
  • Full underwriting by a consortium of four banks