Finnvera to contribute more than EUR 2.5 billion to cruise ship financing
In October 2017, Finnvera participated in the financing of two cruise ships ordered by Royal Caribbean Cruises Ltd. by providing the shipping company with buyer credit financing and an export credit guarantee, amounting to more than EUR 2.5 billion. The order is the largest financing project in Finnvera’s history.
This buyer financing is related to the letters of intent published by the shipping company and Meyer Turku Ltd in 2016. As export trade transactions, the ship orders to be executed are remarkably large and will have positive cascade effects on employment and subcontracting for several years.
“Securing large individual export trade transactions for Finland may result in hundreds or even thousands of person-years in the exporting company and its subcontracting network. According to reports, the Finnish sea cluster encompasses 3,000 companies. The construction of two large cruise ships will bring up to 25,000 person-years of employment so the impact is truly significant,” says Jussi Haarasilta, Executive Vice President.
The ship in the picture is RCCL's Allure of the Seas that was built in Turku in 2010.
Article in our newsroom: Finnvera to contribute more than EUR 2.5 billion to cruise ship financing – the order by Royal Caribbean Cruises is the largest financing project in Finnvera’s history
Kuvan alus on RCCL-varustamon Allure of the Seas, joka rakennettiin Turussa vuonna 2010.
Exporter: Meyer Turku Oy
Guarantee Holder: KfW IPEX-Bank GmbH
Arrangers: KfW IPEX-Bank GmbH
Lenders: Suomen Vientiluotto Oy, KfW IPEX-Bank GmbH, BNP Paribas Fortis SA/NV, HSBC Bank plc, Commerzbank AG, New York Branch, Banco Santander S.A., Banco Bilbao Vizcaya Argentaria, S.A., Niederlassung Deutschland, Bayerische Landesbank, New York Branch, DZ Bank AG (Deutsche Zentral-Genossenschaftsbank), JPMorgan Chase Bank, N.A., London Branch and Sumitomo Mitsui Banking Corporation Europe Limited.
Guarantee Cover: Finnvera plc and Euler Hermes Aktiengesellschaft as representative of the Federal Republic of Germany
Borrower: Royal Caribbean Cruises Ltd.
Buyer: the Borrower
Export transaction: Two passenger cruise vessels
Credit amount: Over EUR 2,500 million
Credit period: 12 years
Information published: 2 November 2017
