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Report: Financing Royal Caribbean's Oasis of the Seas Hits Snag

February 27, 2009 By: David Eisen


oasisoftheseasbody

The Miami Herald reports that Royal Caribbean Cruises is having trouble securing financing for delivery of Oasis of the Seas, due for delivery in December, and its sister ship, Allure of the Seas, which is slated to join the fleet in 2010.

According to an SEC filing, Royal Caribbean is looking to increase the financing guarantees it gets from Finnvera, an export-credit arm of the Finnish government that is already guaranteeing 80 percent of the borrowings. 

The cost of Oasis of the Seas is $1.2 billion, while Allure of the Seas will cost $1.38 billion. The Miami Herald reports that the line has been making cash down payments as construction progresses. Both ships are under construction at STX Europe's shipyard in Turku, Finland.

The 5,400-passenger, 220,000-ton cruise ship is the largest ship ever built and will include such amenities as a tree-lined Central Park and a Boardwalk area for families. 

Visit www.royalcaribbean.com.




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