• 2019 August 20 09:50

    KfW IPEX-Bank structures financing package for two cruise ships of the Genting Hong Kong Group

    KfW IPEX-Bank, leading a consortium consisting of six international banks, is structuring the financing of two cruise ships for Genting Hong Kong Ltd. and its brand Dream Cruises. The Global Class I and II ships are currently being built in the three shipyards of MV Werften located on the Baltic Coast in the German federal state of Mecklenburg-Western Pomerania.

    The financing package comprises around EUR 2.6 billion with a total investment volume of just under EUR 3.1 billion. The structure will be backed by export credit guarantees of the Federal Republic of Germany and the Finnish export credit agency Finnvera, as well as by a guarantee from the state of Mecklenburg-Western Pomerania. It also benefits from the CIRR (Commercial Interest Reference Rate) for ships in accordance with the OECD consensus.

    KfW IPEX-Bank has worked with the Genting Group for about 20 years and developed in close cooperation with Genting the overall financing for the Global Class Ships in the last three years since Genting purchased MV Werften. In addition to KfW IPEX-Bank the banking consortium includes BNP Paribas, Citibank, Crédit Agricole, Credit Suisse and DNB. A substantial portion of the loan amount will be further syndicated to more than 10 other German and international banks.

    “Due to unavailability of cruise ship slots in the next 10 years, we made a conscious decision to invest in MV Werften in order to build the ships we needed for our three cruise brands in a timely manner,” says Tan Sri Lim, Chairman and Chief Executive Officer of Genting Hong Kong Ltd. “We had been impressed by the quality of workmanship and MV Werften’s proximity to the cluster of thousands of experienced EU suppliers, subcontractors and workers. KfW IPEX-Bank's structuring expertise has also proven to be extremely valuable in this transaction. The financing adds an additional momentum for a successful restart of MV Werften and the completion of the ships,” he added.

    The Global Class ships are designed for the growing Asian cruise market, which has the fastest increase in the number of middle-income people. The ships are 204,000 gross tonnes each, with 2,500 cabins and 5,000 lower berths. As each cabin can accommodate up to 4 passengers, the ships have capacity of up to 9,500 passengers and 2,500 crew during peak holiday seasons. The Global Class ships will be the largest cruise ships ever built in Germany and the world’s largest cruise ships in terms of passenger capacity. Delivery of the ships is scheduled for early 2021 and early 2022.

    Genting Hong Kong is a leading global leisure, entertainment and hospitality enterprise, comprising Genting Cruise Lines which has the three brands Star Cruises, Dream Cruises, and Crystal Cruises as well as other investments in the travel and leisure industry.

    MV Werften has 2,900 employees and some of the largest docks as well as covered production facilities in Europe. In its 70 year history, the three shipyards have designed, produced and equipped around 2,500 ships.


2019 September 18

15:24 USCG ends search for migrants of capsized vessel off Martinica Beach
15:03 GTT receives an order from HHI & SHI for the tank design of six Very Large Ethane Carriers
14:50 FSUE Atomflot develops project on construction of 7MW icebreaking tugboat
14:33 Hapag-Lloyd to increase rates from North East Asia to Australia
14:16 Wärtsilä simulators provide advanced training at newly inaugurated Portuguese facility
14:14 Ørsted contracts Van Oord for cable installation at Greater Changhua offshore wind farms
14:12 GTT obtains Approval in Principle for Arc7 ice class ships from Russian Maritime Register of Shipping
14:03 ABS and Samsung Heavy Industries sign digital technology
14:00 SAAM Towage contracts Damen for delivery of tug vessel
13:31 Discussion “Development of recreational crafts and high-speed passenger vessels” begins at Neva 2019
13:10 Wärtsilä launches the Wärtsilä 31SG pure gas engine for marine market applications
13:04 International Association of Ports and Harbors visited by ICHCA representatives
12:38 RS issues Approval in Principle for new GTT’s LNG containment systems
12:03 LR awards Jiangnan AiP for 91,000 m3 VLGC Panda 91T design.
11:49 ADNOC acquires 10% of VTTI
11:30 LNG-fueled tugboat Ishin undergoes 1st LNG bunkering trial in Port of Kobe
11:02 ABS and Samsung Heavy Industries to develop next generation LNG carrier
10:37 Training underway for Jeddah Maritime Information Sharing Centre
10:21 Panama Canal signs agreement with Port of Rotterdam
10:12 TGS announces strategic milestones to accelerate growth
09:44 Brent Crude futures price is down 0.09% to $64.49, Light Sweet Crude – down 0.44% to $59.08
09:15 Baltic Dry Index is down to 2,283 points
08:56 MABUX: Bunker Market this morning, Sept 18

2019 September 17

19:06 Rosmorrechflot’s shipbuilding order for coming six years foresees construction of 147 vessels
18:29 Lead chemical carrier of Project 00216М named PortNews after our agency
18:05 MPC Capital and ZEABORN strengthen HARPER PETERSEN by combining their shipbroking activities
17:24 MOL issues integrated 'MOL Report 2019'
16:35 Eagle Bulk Shipping takes delivery of M/V Sydney Eagle
16:02 CMA CGM and TFG launch Rhine valley rail to German hinterland
15:30 CMA CGM announces FAK rates from North Europe to New Zealand
15:02 Sembcorp Marine’s Brazilian shipyard completes Petrobras P-68 FPSO
14:56 CMA CGM strengthens its intra-European and Mediterranean offer with the launch of the Black Sea Marmara Morocco service
14:10 Hapag-Lloyd announces General Rate Increase for Trans-Pacific eastbound
13:10 Zadar Cruise Port is Port of the Year 2019
12:10 Port of Oakland refrigerated exports jump 20 percent in past year
11:51 Combined Task Force Commanders discussed their shared aims and goals in tackling the threat of piracy
11:34 Lars Thrane makes its Iridium Certus® debut with the LT-4200 maritime satcom system
11:22 Belfast Harbour reveals ambitious growth plans
11:00 Marine cargo market characterised by “accelerating change” as underwriters take action to address continuing unprofitability, says IUMI
10:34 Safety at Sea and BIMCO publish cyber security white paper
10:27 ABS and Keppel partner in developing the first two new build Drilling Rigs with Smart Notations
09:43 Greenland research vessel picks MAN hybrid propulsion package
09:32 Brent Crude futures price is down 0.87% to $68.42, Light Sweet Crude – down 1.24% to $61.89
09:16 Baltic Dry Index is down to 2,311 points
08:56 MABUX: Bunker market this morning, Sept 17

2019 September 16

18:04 Ports draw $5B investment, 12K jobs to Georgia
17:59 GOGL increases investment in Singapore Marine
17:50 Pella launched first serial trawler of Project 03095, Castor
17:25 Tenders on pilot projects for stevedoring company concessions in Olvia and Kherson ports officially announced
17:04 Vestdavit equips Norwegian Coast Guard’s next generation for Polar boat launch and recovery
16:29 USCG halts 2 illegal charters near Miami, Fort Lauderdale
16:04 Royal Caribbean to welcome first Quantum Ultra Class ship to North America
15:27 Boluda Towage Spain manoeuvres world’s largest container ship in port of Algeciras
15:04 Cargill and Maersk Tankers join forces in the Medium Range segment
14:10 Zvezda shipyard hosts keel-laying ceremony for third Aframax tanker for Rosnefteflot
13:39 Jotun transforms turnaround times for storage tanks with a new TankFast solution
13:16 North Sea Port starts testing more reliable lockage planning for scheduled services in the Terneuzen lock
12:42 Meyer Turku is moving the delivery of Costa Smeralda to November
12:18 AEC welcomes Guggenheim Partners Investment Management as Arctic Partner
11:55 Professional emergency response team of Kontur SPb LLC recommended to be certified for emergency response to oil spills