Finnvera to guarantee new ship deals

Finnvera plc will participate in the financing of two cruise vessels, Mein Schiff 7 and 8, ordered by TUI Cruises GmbH and to be built at the Turku shipyard of Meyer Turku Ltd. Finnvera will provide guarantees for the pre-delivery financing granted to the shipyard and for the post-delivery financing granted to the buyer. Finnvera will guarantee 50 per cent of the pre-delivery credit and 80 per cent of advance payments and also 95 per cent of the post-delivery buyer credits granted to TUI Cruises GmbH for the purchase of the vessels.

Finnvera’s subsidiary, Finnish Export Credit Ltd, provides financing for the buyer credits arranged by commercial banks. When the ships ordered both earlier and now are considered together, Finnvera’s commitments on behalf of the shipowner will rise at most to about EUR 2 billion. After these latest orders for ships placed by TUI Cruises GmbH, Finnvera’s commitments for the financing of Meyer Turku Ltd can rise at most to about EUR 850 million.

Additional information: Topi Vesteri, Executive Vice President, tel. +358 400 702 002