KfW IPEX with Key Role in financing TUI new ships

By ,   July 12, 2015 ,   Cruise Industry

The German KfW IPEX-Bank announced that it was between the three banks in a European consortium to finance the two new cruise ships ordered recently by TUI Cruises to be constructed at Meyer Turku shipyard.

KfW IPEX stated that the banking consortium was supporting the expansion of the German operator with high-volume transactions. According to a statement by TUI shipping company, the expansion involved an order for two more new vessels from Turku. By its fleet expansion, TUI Cruises aims to reinforce its position in European cruise market.

Together with UniCredit and another European commercial bank, still unnamed, KfW IPEX structured the financing of the new cruise ships and secured the order with its commitment to finance the total amount of the loan. Additional banks also contributed to the financial operation.

According to Christian K. Murach, member of KfW IPEX management board, as one of the leading providers of ship finance in the world, they were once again underlining their structuring expertise in cruise sector with that commitment. Murach added they were pleased to have been "a reliable financing partner for TUI Cruises from the very beginning".