WFW advises MSC Cruises on €1.5bn financing for two new Seaside EVO class cruise ships7 August 2018
We advised long-standing client MSC Cruises on the €1.5bn ECA-backed financing for two new Seaside EVO class cruise ships.
We advised long-standing client MSC Cruises on the €1.5bn ECA-backed financing for two new Seaside EVO class cruise ships.
To be involved in the negotiation and conclusion of the building contracts for these two newbuilds was a great pleasure for WFW
The deal was particularly innovative in that it comprised financing by means of both a lease-purchase agreement and a loan, as well as sub-participation by the European Investment Bank (EIB).
The “MSC SEASIDE” is due to enter service in December 2017, and will operate year-round to the Caribbean, from a renovated and expanded dedicated berth and terminal at the Port of Miami, Florida, USA.
The ships of over 200,000 gross tons each are due to deliver in 2022 and 2024 respectively.
Other tranches of the loan will be used to renew its ferry fleet operating between Hamburg and Heligoland (including a newbuild vessel for 2018) and to expand its business in the US northwest.
In an eagerly awaited decision the Supreme Court has ruled that a shipowner’s benefit from selling its vessel, following a time charterer’s repudiatory breach, was not to be taken into account when assessing the shipowner’s damages.
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