KfW IPEX-Bank to finance AIDA Cruises’ LNG-powered newbuild

KfW IPEX-Bank to finance AIDA Cruises' LNG-powered newbuild
Illustration purposes only (Image courtesy of AIDA Cruises)

KfW IPEX-Bank is setting up the financing for AIDA Cruises’ new cruise ship powered with liquefied natural gas (LNG), to be built at the Meyer Werft shipyard in Papenburg, Germany. 

This is the second sister vessel for AIDAnova, the world’s first LNG-powered cruise ship that was put into service at the end of last year. KfW IPEX-Bank is thus also financing the third LNG-powered ship for the German AIDA Cruises.

AIDA Cruises’ parent company, Carnival Corporation & plc, is the borrower, KfW IPEX-Bank stated in its statement.

The financing is backed by export credit insurance issued by the Federal Republic of Germany, and encompasses the commercial interest reference rate (CIRR) for ships, as determined by the Organisation for Economic Co-operation and Development (OECD).

KfW IPEX-Bank is handling the entire structuring of the financing for AIDA Cruises and, in cooperation with Carnival Corporation it will syndicate a significant share of the loan amount to an international banking consortium after signing of the agreement.

Just like both of its sister vessels, the new AIDA weighing 183,900 GT, with a length of 337m and a width of 42m, will have space for around 2,500 cabins, 15 restaurants and 23 bars on a total of 20 decks.

Delivery of the new LNG-powered cruise ship is scheduled for 2023.

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