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MV Werften Receives German Loan Commitment

The Crystal Endeavor under construction at MV Werften

MV Werften has received a loan commitment from the German Economic Stabilization Fund (ESF) following several months of negotiations with federal and regional government representatives.

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 transfer collective agreement, according to a company statement.

This means that expedition Crystal Endeavor will be delivered in June and that production of Global Dream will continue.

Carsten J. Haake, managing director and CFO of MV Werften, commented: “We are pleased with the outcome and would like to express our sincere gratitude to the ministries of the federal and regional governments, KfW investment and development bank and the other banks for their commitment, and also for the hard, but fair negotiations during the course of the past few months. This gratitude is likewise extended to our partner (Genting), who trusts and supports us.”

Added Peter Fetten, president and CEO: “So far, we have succeeded in dealing with the Corona crisis to the best of our ability, my heart-felt thanks go to our colleagues – each and every one of them. With our partner by our side, we will now, as a shipyard group, successfully manage our orders – initially with a smaller team – and further develop new, innovative ships.”

Next, the shipyard management and Genting will continue to work to obtain funding for further shipbuilding products in order to secure subsequent employment, according to Haake.

“In the wake of a challenging 14-month period of the pandemic and the Corona-related standstill in cruise shipping and in shipbuilding, there are indications that things are returning to normal and that it will thus be possible to return to the customary level of efficiency in production. The progress currently being made in terms of vaccinations in Europe and in Germany is enabling supply chains to revert to the just-in-time mode, in addition, the travel industry is showing good signs of recovery,” Fetten noted. “The number of bookings received by cruise ship companies is on the rise and these reservations already demonstrate a demand for safe cruises. We are looking ahead to the future with a mix of optimism and confidence. We shall continue to build innovative and, above all, safe ships.”

MV Werften did not reveal any numbers for the loan commitment.

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