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KfW IPEX-Bank provides financing for Star Clippers newbuild

KfW IPEX-Bank provides financing for Star Clippers newbuild

Germany's KfW IPEX-Bank said it is providing a syndicated loan together with a renowned commercial bank to finance construction of the world's largest square rigger. The agreements with the shipowner, Star Clippers, were signed Tuesday.

Both banks are contributing to the financing in equal measure. The tranche provided by KfW IPEX-Bank is covered by an export credit guarantee from the Croatian export credit agency HBOR.

As earlier reported, the five-masted barque will be built by the Croatian shipyard Brodosplit near Split, which has a long history, and it is due for completion in 2017.

The 162-meter vessel has a sail area of 5,574 square meters (60,000 square feet) and will be able to accommodate about 300 passengers.

The ship is modeled on France II which, upon its completion in 1911, replaced the famous Preussen as the world's largest square rigger at the time. In order to meet contemporary stability criteria the newbuild's beam will be somewhat larger at 18.5 meters, yet its rigging and sails will be exact copies of those on France II.

 

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