German shipyard Meyer Werft wins €10 bn order from MSC Cruises

MSC awards €10 billion contract to Meyer Werft Keystone-SDA

Swiss cruise line operator MSC Cruises has placed a €10 billion (CHF9.3 billion) order with the German shipyard Meyer Werft for four to six cruise ships. The contract should keep the German shipyard in business until 2035 and safeguard thousands of jobs.

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Germany’s Minister for Economic Affairs, Katherina Reiche described the deal as a “decisive step forward” for Meyer Werft. This shipyard based in Papenburg, Lower Saxony, was rescued by the German state just over a year ago when it was in serious financial difficulty.

The federal government and the Land of Lower Saxony each acquired a 40% stake in Meyer Werft. A total of €400 million was invested in the shipyard. A credit line of €2.6 billion has also been guaranteed.

Meyer Werft’s difficulties were due to a drop in demand during the Covid-19 pandemic and soaring energy and raw material prices linked to the war in Ukraine. A restructuring programme has been put in place until the end of 2028.

Adapted from German by AI/sb

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