Star Closes $814m Financing for 2nd Newbuild
- Business & Finance
With a loan of over EUR 600 million, KfW IPEX-Bank is financing the construction of a second cruise ship for Star Cruises at Meyer Werft shipyard in Papenburg, Germany.
The signing ceremony of the corresponding contracts was held in Hong Kong today. This second new vessel is scheduled for delivery during the fourth quarter of 2017.
KfW IPEX-Bank closed the financing for Star Cruises’ first new vessel (a sister ship) in April this year.
KfW IPEX-Bank has taken on the structuring of the overall financing and is providing the entire loan amount together with Crédit Agricole Corporate and Investment Bank and the Singapore branch of DNB Bank ASA.
The financing is backed by export credit insurance provided by Germany (Euler Hermes cover) and encompasses the Commercial Interest Reference Rate (CIRR) for ships, which is set by the OECD.
Just like its sister ship, this second new vessel boasts a gross tonnage of about 150,000. With more than 1,600 passenger cabins and a length of approximately 330 metres, both of Star Cruises’ two new cruise ships will be among the biggest of their kind in Asia.
Adding this second new vessel, Star Cruises is expanding its fleet to nine ships, thus catering to the growing demand for cruise holidays in the Asian market.
June 5, 2014