The Nordic Investment Bank (NIB) has joined a financing facility for the Finnish shipyard company Meyer Turku Oy (Meyer) with a EUR 102 million participation. The two-year facility will finance the construction of ICON 3 cruise ship.

The shipyard in Turku is directly and indirectly important for Finland’s marine cluster through subcontractors, that are mostly Finnish companies. Its employment effect is significant.

“Finland’s marine cluster is strong, and the Turku shipyard is an integral part of this. In addition to cruise ships, Meyer and the Turku shipyard also has expertise in special vessels. With the loan, NIB can play its part in ensuring that this industry continues to be vibrant and helps ensure that important expertise stays in our member region,” says André Küüsvek, NIB President and CEO.

The loan is a continuation of the cooperation between NIB and Meyer. The previous loan was signed in 2023. NIB participation in the financing helps diversify the large ship construction financing facility for Meyer.  

“We are pleased to have taken this important step in Icon financing with NIB that recognises the importance and opportunities of our industry. NIB will continue to be a valuable partner on our journey as the leading builder of the worlds' most complex and sustainable cruise ships. With an order book extending to 2027, we are answering the growing demand from the cruise industry”, says Tim Meyer, CEO of Meyer Turku.

The borrower, Meyer Turku Oy, is one of the globally leading builders of cruise ships. The Meyer Turku shipyard specialises in the construction of very demanding, innovative, and environmentally efficient cruise ships. The Meyer Turku shipyard in Finland has a shipbuilding history dating all the way from 1737 and is since 2014 owned by the Meyer family.

NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.

Source, Nordic Investment Bank