The German KfW IPEX-Bank has announced that it was one of three banks in a European consortium financing the two new ships recently ordered by TUI Cruises to be built at the Meyer Turku shipyard.

KfW IPEX said it is part of a banking consortium that is supporting the expansion course of the German cruise operator with high-volume financing transactions. According to a statement made by the shipping company, the expansion course involves an order for two more new ships from the Turku yard. By expanding its fleet, TUI intends to reinforce its position in the European cruise market.

Jointly with UniCredit and one other European commercial bank, which was not named, KfW IPEX structured the entire financing of the new ships for TUI and secured the order for the 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, member of the management board at KfW IPEX. "We are pleased to have been a reliable financing partner for TUI Cruises from the very beginning."