Crystal Cruises has finalized financing for its first two high-end cruise ships via an Export Credit Agency facility backed by Italy’s SACE. The expansion is part of a larger effort by the cruise line to upgrade its fleet.
“Securing this financing represents a decisive step forward in Crystal’s expansion and demonstrates the strong market confidence in our strategy,” said Manfredi Lefebvre d’Ovidio, Executive Chairman of A&K Travel Group, Crystal’s parent company. “We are grateful for the trust placed in us by our banking partners, led by Citibank, N.A. London Branch, along with Banco Santander, S.A., CaixaBank, S.A., UK Branch, Cassa Depositi e Prestiti S.p.A., Credit Agricole Corporate and Investment Bank, Banca Monte Dei Paschi Di Siena S.p.a., and Bper Banca S.p.A. This consortium’s backing validates our position in the ultra-luxury cruise segment.”
Crystal finalized the loan with the help of Italian joint-stock company Cassa Depositi e Prestiti, as well as Simest, a financial institution that aids companies in internationalization and helped Crystal structure its financing package. The two ships will each accommodate about 650 guests and will weigh roughly 61,800 tons. They were designed by renowned international architectural firms and will feature suites with private verandas, single-occupancy accommodations designed for solo travelers, and one of the highest crew-to-passenger ratios in the luxury cruise industry.
New Ships in the Crystal Fleet
The first ship is expected to be completed in May 2028, and the second will follow its original timeline for completion. Construction has been able to proceed as planned on account of Crystal’s ongoing partnership with Fincantieri, one of the world’s largest shipbuilding groups, and the group’s three-decade relationship with the Lefebvre family.
“The SACE-backed ECA financing was made possible through the dedicated support of key Italian financial institutions,” said Cristina Levis, AKTG CEO. “We extend our deep gratitude to the Italian Export Credit Agency SACE, under the leadership of CEO Alessandra Ricci and team leader Mariano Di Biagio, for their strategic partnership.”
Are you excited to see what the new ships will have to offer? Let us know in the comments!
By Caroline Killilea
