MV Werften receives German loan commitment – Cruise Industry News
MV Werften received a loan commitment from the German Economic Stabilization Fund (ESF) after several months of negotiations with representatives of federal and regional governments.
This includes federal guarantees for the post-delivery financing of the Crystal Endeavor as well as the granting of ESF funds; restructuring measures will be implemented on the basis of the negotiated collective transfer agreement, according to a company statement.
This means that the Crystal Endeavor expedition will be delivered in June and production of Global Dream will continue.
Carsten J. Haake, Managing Director and CFO of MV Werften, said: “We are delighted with the result and would like to express our sincere gratitude to the federal and regional government departments, the KfW investment and development bank and the other banks for their commitment, as well as for the tough but fair negotiations that have taken place in recent months. This gratitude also extends to our partner (Genting), who trusts and supports us.
Peter Fetten, President and CEO, added: “So far we have been successful in dealing with the Corona crisis to the best of our ability, my sincere thanks go to our colleagues – all of them. With our partner by our side, we will now, as a group of shipyards, successfully manage our orders – initially with a smaller team – and develop more new innovative vessels. “
Then the shipyard management and Genting will continue to work to secure funding for other shipbuilding products to secure future employment, according to Haake.
“Following a difficult 14-month pandemic and the Corona-related shutdown in cruise ship transport and shipbuilding, there are indications that things are returning to normal and that it will be thus possible to return to the usual level of efficiency in production. The current immunization progress in Europe and Germany is allowing supply chains to return to just-in-time mode, and the travel industry is showing good signs of recovery, ”noted Fetten. “The number of bookings received by cruise lines is increasing and these bookings already demonstrate a demand for safe cruises. We look to the future with a mixture of optimism and confidence. We will continue to build innovative and above all safe ships.
MV Werften did not disclose any figures regarding the loan commitment.