Finnvera guarantees a buyer credit for TUI Cruises

STX Finland Oy and TUI Cruises GmbH of Germany have signed a contract on the building of a cruise vessel. Finnvera is participating in the project by guaranteeing a post-delivery buyer credit. Funding for the credit guaranteed by Finnvera will be provided by Finnish Export Credit Ltd.

Finnvera's guarantee covers 95 per cent of the buyer credit of about EUR 360 million. The loan period is 12 years from the delivery of the vessel. The holder of Finnvera’s guarantee will be a bank to be separately chosen, who will transfer the credit for funding to Finnish Export Credit Ltd. The arrangement utilises the temporary programme for funding of export credits. 

“It is common for buyers to require that Finnish exporters have Finnvera’s export credit guarantee even before submitting a tender, and often a guarantee is a prerequisite for concluding a deal. The guarantee arrangement promotes the business of a Finnish export company and also benefits the Finnish economy,” says Executive Vice President Topi Vesteri, who is responsible for export financing in Finnvera.

The vessel will be completed by STX Finland’s Turku shipyard in spring 2014, and its impact on employment is estimated to be 5,500 person-years. 

The cruise vessel of 97,000 gross register tons will have capacity for 2,500 passengers. The vessel length will be about 295 metres. 

TUI Cruises GmbH is owned in equal parts by the European travel giant TUI AG and Royal Caribbean Cruises, the world’s second largest cruise shipping company. The contract now signed includes an option for a corresponding sister vessel. Ordering a second vessel requires the approval of the owners of TUI Cruises. 

Additional information:
Topi Vesteri, Executive Vice President, tel. +358 20 460 7238