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.
 

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