KfW IPEX-Bank Backs Construction of Quantum III
KfW IPEX-Bank has committed to finance the third Quantum-class cruise ship commissioned by Royal Caribbean Cruises Ltd. (RCCL) to be built at the Meyer Werft shipyard in Papenburg.
The purchase price of the ship is similar to that of the first two Quantum vessels. The financing, to be paid out in US dollars, will have a tenor of 12 years from delivery. It is backed by an export credit guarantee of the Federal Republic of Germany (Euler Hermes cover) and integrates the CIRR (Commercial Interest Reference Rate) for ship financing set by the OECD.
With this large-volume financing, KfW IPEX-Bank, Meyer Werft and RCCL are continuing their many years of successful collaboration. Upon the delivery of Quantum III, the three business partners will have built eight cruise ships together.
With a gross tonnage of 167,800 and 2,090 cabins on 16 decks, the new vessel will accommodate around 4,200 passengers, making it one of the largest cruise ships in the world. Its high energy efficiency will also make the new build one of the most eco-friendly cruise ships on the high seas.
This third Quantum-class ship, which has yet to be named, will expand the RCCL fleet in 2016 when it follows on its sister ships, ‘Quantum of the Seas’ and ‘Anthem of the Seas’, which are currently being built and are due to be launched in autumn 2014 and spring 2015, respectively.
RCCL currently has 41 cruise ships, making it the second-largest cruise company across the globe. Meyer Werft has been in operation for more than 219 years and has been owned by the Meyer family for seven generations. This shipyard, steeped in tradition, builds state-of-the-art cruise ships for clients the world over and is the main employer for the Papenburg region.
Press Release, February 6, 2014