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KfW IPEX-Bank to provide financing for third LNG-powered cruise ship for AIDA Cruises

Press Release from 2019-02-27 / KfW IPEX-Bank

KfW IPEX-Bank to provide financing for third LNG-powered cruise ship for AIDA Cruises

  • Meyer Werft shipyard in Papenburg building second sister vessel for AIDAnova
  • 'Green cruising' concept
  • Continued success story of long-standing business partners in the flourishing cruise industry

KfW IPEX-Bank is structuring the financing for another cruise ship for AIDA Cruises that is powered with Liquefied Natural Gas (LNG). The Meyer Werft shipyard in Papenburg was once again commissioned to build the ship.

This is the second sister vessel for AIDAnova, the world's first LNG-powered cruise ship that was put into service at the end of last year. KfW IPEX-Bank is thus also financing the third LNG-powered ship for the German AIDA Cruises.

The 'green cruising' concept means AIDA is the world's first cruise operator to run its new generation of ships on liquefied natural gas (LNG), thus reducing the emission of CO2 and nitrogen oxides and completely avoiding the emission of soot particles and sulphur oxides.

AIDA Cruises' parent company, Carnival Corporation & plc, is the borrower. The financing is backed by export credit insurance issued by the Federal Republic of Germany (Hermes cover), and encompasses the Commercial Interest Reference Rate (CIRR) for ships, as determined by the Organisation for Economic Co-operation and Development (OECD).

KfW IPEX-Bank is handling the entire structuring of the financing for AIDA Cruises and, in cooperation with Carnival Corporation & plc it will syndicate a significant share of the loan amount to an international banking consortium after signing of the agreement.

"As one of the leading ship financiers, this commitment underlines our aspiration to finance ships that are equipped with modern, climate-friendly propulsion systems", said Andreas Ufer, member of the Management Board at KfW IPEX-Bank, upon signing the agreement. "The green cruising concept raises the long-standing and successful cooperation with our business partners AIDA Cruises and Meyer Werft shipyard to a new, forward-thinking level."

Just like both of its sister vessels, the new AIDA weighing 183,900 GT, with a length of 337m and a width of 42m, will have space for around 2,500 cabins, 15 restaurants and 23 bars on a total of 20 decks. Delivery is scheduled for 2023.

AIDA Cruises is one of the most rapidly growing tourism companies in Germany, with a fleet of currently 13 cruise ships and around 7,000 employees. AIDA Cruises is part of the world's largest cruise operating group Carnival Corporation & plc which runs a total of around 100 ships and therefore accounts for close to half of the global market.

Meyer Werft shipyard has a long history dating back more than 220 years and is now owned by the seventh generation of the Meyer family. Rich in tradition, the shipyard builds state-of-the-art cruise ships for customers from all over the world.

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About KfW IPEX-Bank

Within KfW Group, KfW IPEX-Bank is responsible for international project and export finance. It offers medium and long-term financing to support key export industries, to develop economic and social infrastructure, to fund environmental and climate protection projects and to secure the supply of raw materials. KfW IPEX-Bank operates as a legally independent group subsidiary and is represented in the most important economic and financial centres across the globe.

Contact

Ms

Dela Strumpf

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+49 (0) 69 7431 8536

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Maritime Industries

We are one of the world's largest financiers of the shipping industry.

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