KfW IPEX to finance AIDA’s third LNG-powered cruise ship

2019-03-02T18:22:52+00:00 March 2nd, 2019|Finance|

KfW IPEX-Bank is to provide financing for the third LNG-powered cruise ship ordered at Meyer Werft for AIDA Cruises.
This vessel will also be built in Papenburg and will be the second sister to ‘AIDAnova’, the world’s first LNG-powered cruise ship that entered service at the end of last year.

AIDA Cruises’ parent company, Carnival Corp is the borrower.

Financing is backed by export credit insurance issued by the Federal Republic of Germany (Hermes cover), and encompasses the Commercial Interest Reference Rate (CIRR) for ships, as determined by the Organisation for Economic Co-operation and Development (OECD).

KfW IPEX-Bank is handling the entire finance structuring for AIDA Cruises and, in co-operation with Carnival Corp, it will syndicate a significant share of the loan amount to an international banking consortium after signing the agreement.

“As one of the leading ship financiers, this commitment underlines our aspiration to finance ships that are equipped with modern, climate-friendly propulsion systems,” said Andreas Ufer, member of the Management Board at KfW IPEX-Bank, upon signing the agreement. “The green cruising concept raises the long-standing and successful co-operation with our business partners AIDA Cruises and Meyer Werft shipyard to a new, forward-thinking level.”

Similar to both of her sister vessels, the new cruise ship will be of 183,900 gt, with a length of 337 m and a beam of 42 m. She will be fitted with around 2,500 cabins, 15 restaurants and 23 bars on a total of 20 decks. Delivery is scheduled for 2023.