Finland. Meyer Turku Oy
| Date of agreement: | 29 Nov 2024 |
|---|---|
| Country: | Finland |
| Customer: | Meyer Turku Oy |
| Amount in EUR: | EUR 102 million |
| Maturity: | 2 years |
Project
The loan has been provided to Meyer Turku for the financing of the construction of the Icon 3 cruise ship.
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.
Meyer Turku is the core of a value chain that includes domestic and foreign suppliers. The shipyard in Turku is directly and indirectly important for the Finnish marine cluster through subcontractors that are mostly Finland-based companies.
The borrower, Meyer Turku Oy, is family-owned by the Meyer family and is one of the leading European shipbuilding companies. Meyer Turku operates the Turku shipyard in Finland, where vessels have been built since 1737. The Meyer Turku shipyard specialises in the construction of very demanding, innovative and environmentally efficient cruise ships. Meyer Turku Oy has around 2,000 employees.
Fulfilment of NIB's mandate
Productivity:
As Meyer Turku is the core of a broad value chain of Finnish suppliers, the support to Meyer Turku has a broader impact. Meyer Turku estimates that in most building projects, Finnish equipment supplies and services account for an average 70 per cent of the total cost of a vessel.
In addition, the current support for the shipyard may help maintain the resilience of the Finnish marine sector in supplying defence vessels.
Impacts indicators in relation to the investment:
- Construction cost of Icon 3, EUR million
- Share of Finnish equipment and services of total cost
Environment:
For a cruise ship of this size, the greenhouse gas emissions (GHG) and climate impact generated by the vessel use are an environmental concern. The GHG emissions as reported by Meyer Turku for constructing the ship (use of materials) are 346,000 tonnes, and the downstream emission i.e. from fuel usage for operating the vessel is estimated to be 117,000 tonnes per year. The cruise ship engine will be powered by liquefied natural gas (LNG) fuel but also has the capacity to operate with diesel fuels. The sustainable variant engine can use bio-methane.
Sustainability summary
The cruise ship will be powered by LNG fuel, which is 10 to 15% lower in GHG emissions than with ships using traditional marine diesel fuel oil. However, LNG is still a fossil fuel, with mostly methane in its composition.
The cruise ship will be equipped with onshore connection capability, which is expected to reduce emissions when the ship is in dock. All waste and wastewater generated onboard the vessel will be handled onboard, and the vessel will be equipped with a waste-to-energy pyrolysis unit.
