German Meyer Werft Wins €10 Billion Ship Order From MSC Cruises

(Bloomberg) — German shipbuilder Meyer Werft has clinched an order worth €10 billion ($11.7 billion) through 2033 with Swiss cruise operator MSC Cruises, according to Economy Minister Katherina Reiche.

“This involves shipbuilding projects until 2033 and two optional additional projects until 2035,” Reiche said at a press conference in Berlin on Monday. “I am therefore delighted that MSC Cruises has stepped in as a strong partner for Meyer Werft.”

The agreement with the shipbuilder, which was rescued by the state last year, is expected to include the construction of four to six ships and to fully utilize the capacity of the German shipyard in Papenburg — in northern Germany close to the Dutch border — through 2035, the Economy Ministry said in a separate statement.

Germany’s federal government and the state of Lower Saxony each took a 40% stake in Meyer Werft for a total investment of €400 million and granted credit of €2.6 billion late last year. The company was on the brink of bankruptcy due to the Covid-19 pandemic and the war in Ukraine. The restructuring process started in early 2024 and is scheduled to be completed by the end of 2028, according to the ministry.

“We have a keen interest in ensuring that the company is positioned in the best possible way and continues to receive support until we consider the shipyard to be sufficiently stable and viable for reintroduction into the market,” Reiche said, adding that the government is pursuing the “goal of re-privatization” of Meyer Werft.

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