MV WERFTEN receives loan commitment

2021-06-12T10:32:38+00:00 June 12th, 2021|Finance|

The German Economic Stabilisation Fund (ESF) has acted positively to cruise ship builder MV WERFTEN’s request for interim aid.

During the past few months, Genting subsidiary MV WERFTEN, together with representatives of the German federal and regional governments, has been in discussions aimed at granting aid.

Carsten Haake, MV WERFTEN Managing Director and CFO, said: “We are pleased with the outcome and would like to express our sincere gratitude to the ministries of the federal and regional governments, the KfW investment and development bank and the other banks for their commitment, and also for the hard, but fair negotiations during the course of the past few months. This gratitude is likewise extended to our partner, who trusts and supports us.”

As a result of the decision by Hermes concerning federal guarantees for the post-delivery financing of the ‘Crystal Endeavor’, as well as the granting of ESF funds, the shipbuilder’s restructuring measures can now be implemented on the basis of the negotiated transfer collective agreement.

President and CEO, Peter Fetten, said: “So far, we have succeeded in dealing with the coronavirus crisis to the best of our ability, my heart-felt thanks go to our colleagues – each and every one of them. With our partner by our side, we will now, as a shipyard group, successfully manage our orders – initially with a smaller team – and further develop new, innovative ships at the same time.”

Haake added: “The Management and our partner are simultaneously endeavouring to obtain funding for further shipbuilding products in order to secure subsequent employment.”

In the wake of a challenging 14-month period of the pandemic and the COVID-related standstill in cruise shipping and in shipbuilding, there are indications that things are returning to normal and that it will thus be possible to return to the customary level of efficiency in production, MV WERFTEN said.

The progress currently being made in terms of vaccinations in Europe and in Germany is enabling supply chains to revert to the just-in-time mode, in addition, the travel industry is showing good signs of recovery.

Fetten added: “We are looking ahead to the future with a mix of optimism and confidence. We shall continue to build innovative and, above all, safe ships.”

Earlier, Genting subsidiary, Crystal Expedition Cruises announced the successful completion of the second and final sea trials for the ’Crystal Endeavor’.

Her final sea trials began on  20th May and she returned to the shipyard during the evening of 23rd May, to complete the final part of the construction process.

During sea trials, ’Crystal Endeavor’ underwent rigorous performance and operational tests on the ship’s systems, machinery and engines, including safety, navigation and propulsion systems, and noise and vibration measurements.

Capt Thomas Larsen along with senior members of the bridge and engineering teams participated in the sea trials in collaboration with the engineers, naval architects and builders from the Stralsund MV WERFTEN team.

“These sea trials mark another successful milestone in the highly anticipated debut of ’Crystal Endeavor’, bringing the award-winning Crystal Experience to the most remote places on the planet,” said Jack Anderson, Crystal President.

“We applaud the MV WERFTEN team for their partnership and professionalism in overcoming the many challenges of the past year and their engineering expertise and design excellence in working to create and deliver a new standard in luxury expedition cruising.”