FINLAND’S economy ministry said today all funding issues with TUI Cruises are now resolved, so STX Finland has a green light on the two 97,000gt ships the German group has ordered.
In late February the government and STX Finland, which employs about 2,200 people, reached an agreement on the deal, but doubt had been building in recent weeks.
However, a statement from Jan Vapaavuori, economics and employment minister, indicated that no financing hurdles now remain to prevent construction at STX Finland's Turku yard.
Under the February agreement, the government agreed to provide €31M ($40.4M) in innovation subsidies, plus purchase and leaseback of the yard's land resulting in another €9.6M being provided. In addition, the government’s credit guarantee agency Finnvera is backing loans of up to €292M.
The two-ship order is worth €900M altogether, but more importantly it will provide 10,000 man-hours of work. Delivery is scheduled for 2014-15.
Vapaavuori said: "Thanks to all parties, especially TUI Cruises and the yard's parent STX Europe, who showed the will to invest seriously in spite of the difficult economic situation.
“Now the yard can focus on shipbuilding and developing its long-term competitiveness. This is now up to the yard and the owner."
Links from IHS Fairplay World Shipping Directory online:
STX Finland Oy
TUI Cruises GmbH