KfW IPEX-Bank to finance the largest square rigger in the world

By ,   June 27, 2015 ,   Cruise Industry

KfW IPEX-Bank, together with a famous commercial bank, is ready to provide a syndicated loan in order to finance the largest square rigger in the world, Flying Clipper, currently being built in Croatia by Star Clippers (small cruise line).

Earlier this week was signed the corresponding agreement with the internationally operating Star Clippers shipping company, which has ordered ship's construction. Both banks contribute in equal measure to the financing. KfW IPEX-Bank provides a tranche covered by export credit guarantee from HBOR, an export credit agency from Croatia.

The 5-masted barque will be constructed by Brodosplit shipyard near Split, Croatia, which has a long history. The newbuild is slated for completion in 2017. The vessel will be 162-metre long, with accommodations for about 300 passengers and a sail area of 60,000 sq.feet (5.574 sq.metres).

The new Star Clippers ship will be modelled on France II, the legendary yacht which upon her completion in 1911 replaced Preussen as the largest square rigger in the world at the time. In order to meet modern stability criteria, the beam of the vessel will be larger, at 18.5 meter, yet her sails and rigging will be exact copies of the ones on France II.