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 Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

New Products

Videotel Updates 'Fire Fighting at Sea' Training

Maritime e-Learning provider Videotel, part of KVH Industries, says that it has launched an updated five-part series 'Fire Fighting At Sea', with the support and

VIKING Steps Up Pace of Innovation at SMM

This year’s SMM in Hamburg will see VIKING release more innovations than at any other point in its 50-year history, including new developments in PPE clothing,

Fortum Buys Stake in Wave Power Startup

Finland's top utility, state-controlled Fortum, on Monday said it has acquired a 14 percent stake in Finnish wave energy developer Wello. Wello has developed

Finance

Brent Crude Slips Towards US$102

Brent crude fell towards $102 a barrel on Tuesday on concerns of slowing oil demand growth due to weak economic recoveries in China and Europe, although new unrest

Aker Solutions Update on Company Hive-Off

Aker Solutions informs updated unaudited financial information for the two companies - the new Aker Solutions and Akastor - that will be formed following the split

Russia's Shipping Major Reports Strong 1H 2014

OAO Sovcomflot (SCF Group), Russia’s largest shipping company and a global leader in seaborne energy transportation and offshore services, has announced its financial

News

USCG, National Park Service Rescue Sea Turtle

Members from the U.S. Coast Guard and National Park Service rescued a loggerhead sea turtle Sunday in Oregon Inlet. Watchstanders at Coast Guard Sector North Carolina

Bulk Equipment is Delivered to Syzran Refinery

A reactor and a cold high-pressure separator is delivered to the site of Rosneft subsidiary Syzran Refinery for the constructed diesel hydro-treater. The unit

Achinsk Refinery Resumes Operation on Tight Schedule

Achinsk Oil refinery, suspended after the incident of June 15, 2014 has recovered the processes of primary crude oil processing on a tight schedule, according to the plan of repair activities.

Vessels

Gibdock Rreputation Rises in German Market

Gibdock has continued to see its stock rise amongst the German shipowner community over the past year. Indeed the Gibraltar ship repair yard’s recent client list

ClassNK's Noboru Ueda Attends KOTC Delivery Ceremony

Mr. Noboru Ueda, Chairman and President of ClassNK attended the delivery ceremony for the M/T Al Yarmouk, constructed at Daewoo Shipbuilding & Marine Engineering Co.

MARAD Shipbuilding Loan Guarantee

The launch of the Bravante IX, built in a U.S. shipyard, was from the investments made by the Maritime Administration (MARAD) just three years ago. The investment

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Pod Propulsion Salvage Ship Repair Ship Simulators
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1203 sec (8 req/sec)