KfW IPEX-Bank Finance For 2nd Star Cruises' Ship
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. 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.
Germany’s KfW to Make New Loans to Shipping Industry
KfW Group, Germany’s state-owned development lender, may make 1.5 billion Euros ($2 billion) of new shipping loans this year, even as rivals scale back operations in the crisis-hit industry. While that is less than new lending of 2 billion Euros in 2011, KfW IPEX-Bank plans to keep the size of its 13.5 billion- euro shipping portfolio “stable,” Christian K. Murach, head of transportation finance and a member of the lender’s management board, said in an interview in Frankfurt. Commerzbank AG (CBK), Germany’s second-largest lender, and Hamburg-based HSH Nordbank AG are scaling back their shipping portfolios amid new capital rules and to obtain approval for bailouts they received during the global financial crisis.
