Watson Farley & Williams (“WFW”) advised long-standing client TUI Cruises GmbH (“TUI Cruises”) on the delivery of MEIN SCHIFF 7, its seventh ship in the Mein Schiff series built at Meyer Turku’s shipyard in Finland.
At ca. 112,000 GT, the 315 metres long, MEIN SCHIFF 7 is a showcase for modern, sustainable shipping. It has been fitted with cutting-edge technology to reduce nitrogen oxide emissions and is also equipped with methanol capability and a shore power connection.
TUI Cruises was established in April 2008 as a joint venture between TUI AG and Royal Caribbean Cruises Ltd. Based in Hamburg, the company combines both expertise in the tourism and cruise industries. It offers cruises in the upper-contemporary/premium, luxury and expedition market segments through two strong, complementary, award-winning brands: Mein Schiff, specialising in the upper-contemporary/premium segment and Hapag Lloyd Cruises, the only luxury brand in the DACH region operating in both the luxury and expedition segments. TUI Cruises’ fleet of 12 vessels, with over 20,000 berths, is one of the youngest in the world.
WFW’s representation of TUI Cruises in the delivery process and in relation to the vessel’s delivery financing was the culmination of a long-running instruction on the ECA-backed financing of the ship effected in tandem with the financing and delivery of all of TUI Cruises’ six other MEIN SCHIFF vessels.
The WFW London Assets & Structured Finance team that advised TUI Cruises was led by Partner Lucy Shtenko, working closely with fellow Partner Robert Platt and Senior Associate Katie Shiels.
Lucy commented: “We are delighted to have advised TUI Cruises on the delivery of the next addition to its fleet, MEIN SCHIFF 7. It is a beautiful sister ship to MEIN SCHIFF 1 and MEIN SCHIFF 2 and a great inclusion to the TUI Cruises fleet. WFW’s unrivalled reputation for excellence across the maritime sector, especially within the cruise sector, made us the ideal advisers to help TUI Cruises guide this pioneering vessel from its initial financing through to a successful delivery”.
