KfW IPEX-Bank and UBS Finance 5 River Vessels

KfW IPEX-Bank is financing the construction of five river cruise vessels for the Swiss shipping company Viking River Cruises as mandated lead arranger and facility agent together with UBS. The financing with a term of 8.5 years comprises approx. 75% of the contract value amounting to EUR 120 million and will be provided by KfW IPEX-Bank and UBS in equal shares.

The ships will be built at the Neptun Werft, in Rostock/Warnemünde, which has 440 employees. The Neptun Werft is a subsidiary of the Papenburg Meyer Werft and within this group specializes in the construction of river cruise vessels. The first ship is to be completed by the middle of this year, with four more ships of a new type to follow in the beginning of 2012. This order helps provide long-term security of jobs at the shipyards.

The shipping company Viking River, located in Basel, was founded in 1997 and today is one of the world's leading providers of river cruise vessels. The company currently operates a fleet of 22 vessels and offers river cruises, among others, in Europe, Egypt, Russia, China and Viet Nam.

KfW IPEX-Bank is one of the leading banks worldwide in the area of ship finance. Through its tailor-made financing offers for new construction and reconstruction projects, it supports German shipyards as part of the domestic export industry, thereby also contributing to securing jobs in this innovative industry

 

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