Cruise ship is one of Finnvera’s largest single financing projects
Meyer Turku shipyard will build a third Icon class ship ordered by Royal Caribbean Cruises. Finnvera and the Finnish Export Credit Ltd. have provided the ship delivery with an export credit guarantee and an export credit amounting to more than EUR 1.2 billion.
Royal Caribbean Cruises Ltd. and Meyer Turku shipyard signed an agreement on the delivery of a third Icon class cruise ship in the summer 2019. The ship is to be delivered to the shipping company in the spring of 2025.
The previous Icon ships are to be delivered in 2022 and 2024. Ships will be approximately 200 000 gross tonnage cruise ships and will be powered by LNG. The ships use new environmentally friendly technogy.
Finnvera and the Finnish Export Credit Ltd. have provided the delivery with an export credit guarantee and an export credit amounting to more than EUR 1.2 billion. The credit period is 12 years. The arranger of the financing is KfW IPEX-Bank GmbH. The arrangement was made in cooperation between export credit agencies: the German export credit agency Euler Hermer also took part in the arrangement with a smaller share.
Name of the guarantee holder: KfW IPEX-Bank GmbH
Name of the arrangers: KfW IPEX-Bank GmbH
Name of the exporter: Meyer Turku Oy
Name of the lenders: Finnish Export Credit Ltd. and KfW IPEX-Bank GmbH
Guarantee cover: Finnvera Plc and Euler Hermes Aktiengesellschaft as representative of the Federal Republic of Germany.
Name of the borrower and buyer: Royal Caribbean Cruises Ltd.
Export transaction: One passenger cruise vessel.
Credit amount: Over EUR 1,200,000,000
Credit period: 12 years
Information published: 17 January 2020