KfW IPEX-Bank to finance AIDA Cruises’ third LNG-powered ship

1 March 2019 (Last Updated March 1st, 2019 14:36)

German lender KfW IPEX-Bank has agreed to finance the third liquefied natural gas (LNG) cruise ship for AIDA Cruises.

KfW IPEX-Bank to finance AIDA Cruises’ third LNG-powered ship
Central office of KfW (Westarkade Frankfurt). Credit: Karsten11 / Wikipedia.

German lender KfW IPEX-Bank has agreed to finance the third liquefied natural gas (LNG) cruise ship for AIDA Cruises.

The German bank will provide the funding to AIDA Cruises’ parent company Carnival.

Overall financing is supported by export credit insurance issued by the German Government (Hermes cover).

The Commercial Interest Reference Rate (CIRR) for ships, as determined by the Organisation for Economic Co-operation and Development (OECD), is applicable.

The move will support the ‘green cruising’ concept, where the ships operate on LNG, significantly reducing carbon footprint.

LNG-powered vessels do not exude soot particles and sulphur oxides.

KfW IPEX-Bank management board member Andreas Ufer said: “As one of the leading ship financiers, this commitment underlines our aspiration to finance ships that are equipped with modern, climate-friendly propulsion systems.

“The green cruising concept raises the long-standing and successful cooperation with our business partners AIDA Cruises and Meyer Werft shipyard to a new, forward-thinking level.”

“The green cruising concept raises the long-standing and successful cooperation with our business partners AIDA Cruises and Meyer Werft shipyard.”

The Meyer Werft shipyard in Papenburg is commissioned to build the new LNG-ship, with the delivery scheduled for 2023.

The new vessel will be similar to two sister ships. With a length of 337m and a width of 42m, it will weigh 183,900GT.

Overall, the ship will feature around 2,500 cabins, 15 restaurants and 23 bars across 20 decks.

At the end of the last year, the AIDAnova sister ship commenced operations.

AIDA Cruises fleet comprises 13 cruise ships, while its parent company Carnival Corporation operates a total of around 100 ships.