KfW IPEX-Bank supports expansion course of TUI Cruises together with other banks
Press Release from 2015-07-09 / KfW IPEX-Bank
- Order for Meyer Turku shipyard secured through financing of two new cruise liners
- KfW IPEX-Bank one of three bookrunners in a European banking consortium
- Structuring of high-volume financing deals for still flourishing cruise sector
KfW IPEX-Bank is part of a banking consortium that is supporting the expansion course of the German cruise operator TUI Cruises with high-volume financing transactions. According to a statement made by the shipping company, the expansion course also involves an order for two new ships from the Meyer Turku shipyard. By expanding its fleet, TUI Cruises intends to reinforce its position in the European cruise market.
Jointly with UniCredit and one other European commercial bank, KfW IPEX-Bank as one of the bookrunners structured the entire financing of the new ships for TUI Cruises and secured the order for the Meyer Turku shipyard with its commitment to finance the total loan amount. Additional banks contributed to the financing.
"As one of the world's leading providers of ship finance we are once again underlining our structuring expertise in the cruise sector with this commitment," said Christian K. Murach, responsible member of the Management Board at KfW IPEX-Bank. "We are pleased to have been a reliable financing partner for the successful German shipping company TUI Cruises from the very beginning."
With its "Mein Schiff" fleet, currently comprising four vessels, TUI Cruises is one of the fastest-growing cruise operators in the German market. The fleet is to grow to six ships by 2017 when the vessels already under construction (Mein Schiff 5 and Mein Schiff 6) are completed. The two new ships that have now been ordered will respectively replace Mein Schiff 1 and Mein Schiff 2 in 2018 and 2019, thus contributing to the modernisation of the fleet, while also setting new standards in terms of environmental performance.
The Finnish yard Meyer Turku specialises in building highly complex, innovative and environmentally friendly cruise ships, car-passenger ferries and special vessels. Together with Meyer Werft in Papenburg and Neptun Werft in Rostock, Meyer Turku is one of the world’s leading cruise ship builders.
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.