KfW IPEX-Bank Finance For 2nd Star Cruises' Ship

By Joseph R. Fonseca
Sunday, June 08, 2014

 

With a loan of EUR 600 million, KfW IPEX-Bank is financing the construction of a second cruise ship for Star Cruises, the leading cruise line in Asia, at the Meyer Werft shipyard in Papenburg. The signing ceremony of the relevant contracts took place today in Hong Kong. The second new ship is expected to ship in the fourth quarter of 2017. In April this year, KfW IPEX-Bank had already completed the financing for a sister ship.

KfW IPEX-Bank has taken over the structuring of the overall funding and, together with the Credit Agricole Corporate and

Investment Bank and DNB Bank ASA, Singapore Branch the total loan amount available. Financing is provided with an export credit agency of the federal government (Euler Hermes cover) and binds the set by the OECD Ship CIRR (Commercial Interest Reference Rate) a.

"We are delighted to strengthen the financing of a second cruise ship, the long-term cooperation with our valued business partners, Meyer Werft and Star Cruises continues," says Christian K. Murach, responsible member of the Management Board of KfW IPEX-Bank. "As a leading global provider of ship finance, we can thereby strengthen our position in the market and at the same time support the German export economy and the dock in Northern Germany".

Like its sister ship has the second new ship over 150,000 gross tonnage. With more than 1,600 passenger cabins and a length of about 330 meters, the two Star Cruises cruise ships are among the largest of its kind in Asia. With the construction of Star Cruises is expanding its fleet to nine ships and now serves as targeting the growing demand for cruise holidays in the Asian market.

Star Cruises, together with its sister company, Norwegian Cruise Line is the third largest cruise company in the world. Star Cruises is a wholly owned subsidiary of Genting Hong Kong Limited, a company which leisure, tourism, and entertainment is active in the fields and its shares on the Hong Kong Stock Exchange and the Singapore Stock Exchange listed.

Meyer Werft has been around for over 200 years and is now in its seventh generation of ownership by the Meyer family. The traditional shipyard builds, among other things-art cruise ships to shipping companies from all over the world and is the largest employer of Papenburg region.
 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

New Products

New Autonomous Control System Launched

Sea Machines Robotics of Cambridge, Mass. announced the release of its Autonomous Control System (ACS), an advanced vessel control system which converts manually

HamiltonJet Debuts JETanchor Positioning System

Global waterjet manufacturer HamiltonJet has launched its latest vessel positioning system, JETanchor.   Developed from the blueARROW controls platform JETanchor

Sea Hawk Debuts VMG Hard & Fast Racing Finish

Sea Hawk today  announced the introduction of VMG Hard & Fast Racing Finish, a revolutionary new bottom coating geared specifically for fresh water sail boaters

Cruise Ship Trends

World's Richest Travellers Prefer Panama

According to AFP Relaxnews, Panama saw the most growth in interest among the world’s richest jetsetters for travel this winter and spring.   Panama saw the most

SS United States to Sail Again

Crystal Cruises reaches deal to restore the record-breaking and storied SS United States to a fully operational modern luxury cruise ship   Crystal Cruises has

Royal Caribbean Posts 4Q Profit

Royal Caribbean Cruises Ltd reported 2015 results and provided guidance for 2016. Continuing on its Double-Double trajectory, the company’s adjusted earnings for 2015 were $4.

Finance

COSCO Plans European Transhipment Hub

China's COSCO is forging ahead with a plan to build a European transhipment hub, reports Reuters. The state owned shipping giant is expected to make an offer for

MISC Bhd: Revenue Up

Malaysia International Shipping Corporation Berhad (MISC Berhad), a shipping arm of Petronas, has seen an increase of 12.3 percent in its net profit for the 2015

Cosco Merger May Change Industry Dynamics

The merger between China Shipping group and the Cosco Group has given rise to a mammoth company that could trigger stability and extended consolidation in the global shipping industry,

News

MHI's Entity to Oversee Material Handling Equipment, Engine and Turbocharger Businesses

Today Mitsubishi Heavy Industries, Ltd. (MHI) decided in principle to launch a new wholly owned entity to integrally oversee its current businesses in material

Globus Maritime Reclassifies Board Member

Globus Maritime Limited, a dry bulk shipping company, announced today that when Georgios Karageorgiou, a Class I director of Globus Maritime Limited  resigned on December 28,

First Panama Canal Water-Saving Basin Filled

The Panama Canal Authority (ACP) announced that the first water-saving basin of the Agua Clara Locks’ upper chamber has been filled to the required level in order

Vessels

Globus Maritime Reclassifies Board Member

Globus Maritime Limited, a dry bulk shipping company, announced today that when Georgios Karageorgiou, a Class I director of Globus Maritime Limited  resigned on December 28,

Antietam, McCampbell Build Relationships at IFR 2016

Ticonderoga-class guided-missile cruiser USS Antietam (CG 54) and Arleigh Burke-class guided-missile destroyer USS McCampbell (DDG 85) arrived Feb. 4 in India

Cosco Merger May Change Industry Dynamics

The merger between China Shipping group and the Cosco Group has given rise to a mammoth company that could trigger stability and extended consolidation in the global shipping industry,

 
 
Maritime Contracts Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0961 sec (10 req/sec)