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TUI cruises obtains financing for its newbuildings

The German
cruise operator, TUI Cruises, has secured financing from German banking
consortium led by KfW IPEX-Bank for its order for two new ships from the
Finnish yard Meyer Turku shipyard, the Maritime Trade Intelligence reports.

The order
follows construction of six sister ships at the yard and the latest ones are
yet to become known as the Mein Schiff 7 and 8.

Jointly with
UniCredit and one other European commercial bank, KfW IPEX-Bank as one of the
bookrunners structured the entire financing of the new ships for TUI Cruises
and secured the order for the Meyer Turku shipyard with its commitment to
finance the total loan amount. Additional banks contributed to the financing.

“As one of
the world’s leading providers of ship finance we are once again underlining our
structuring expertise in the cruise sector with this commitment,” said
Christian K. Murach, responsible member of the management board at KfW

 “We are pleased to have been a reliable financing partner for the
successful German shipping company TUI Cruises from the very beginning.”

With its
“Mein Schiff” fleet, currently comprising four vessels, TUI Cruises is one of
the fastest-growing cruise operators in the German market. 

The fleet is to grow
to six ships by 2017 when the vessels already under construction (Mein Schiff 5
and Mein Schiff 6) are completed. The two new ships that have now been ordered
will respectively replace Mein Schiff 1 and Mein Schiff 2 in 2018 and 2019,
thus contributing to the modernisation of the fleet.
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