German lender KfW IPEX-Bank has agreed to finance the fourth and fifth Quantum-class cruise ships ordered by Royal Caribbean Cruises from Meyer Werft shipyard.
Under the terms of the agreement, KfW IPEX-Bank will finance the project together with an international banking consortium.
It is additionally backed by German export credit insurance company Euler Hermes and includes the Commercial Interest Reference Rate (CIRR) for ships determined by the Organisation for Economic Co-operation and Development (OECD).
KfW IPEX-Bank Management Board member Christian K. Murach said: "We are delighted to be able to continue our successful cooperation with our valued long-standing business partners Royal Caribbean and Meyer Werft and to help Meyer Werft secure these important orders with our financing."
The 14th and 15th cruise liners under the partnership between the trio were ordered in May and November this year.
Royal Caribbean chief financial officer Jason Liberty said: "With large-volume financing transactions as required in cruise shipping, we greatly appreciate the support provided by a proven industry expert with structuring expertise such as KfW IPEX-Bank."
The new vessels, upon completion will join the cruise operator’s fleet of Quantum-class vessels consisting of Quantum of the Seas, Anthem of the Seas and Ovation of the Seas.
The two vessels are scheduled to be delivered in 2019 and 2020 respectively.
The first two vessels, which were delivered in October 2014 and April this year, are currently operational with the cruise operator. The third vessel is expected to be delivered in 2016.
Image: Anthem of the Seas. Photo: courtesy of Meyer Werft / KfW, Frankfurt am Main.