Meyer Werft in Papenburg has received a new mega order – the Disney Group is ordering four more cruise ships in Papenburg.
The new order comes at the right time for the company, which is currently in financial difficulties. This is because capacity utilisation and prospects are changing for the better, which could potentially have a decisive influence on political decisions to support the shipyard.
The US shipping company Disney Cruise Line, a regular customer of Meyer Werft since 2010, has ordered four cruise ships in Papenburg. According to information, this is the largest order in the shipyard’s history with an order value in the mid single-digit billion range.
The ships, which are based on the series of the “Disney Treasure” currently moored at the shipyard’s fitting-out quay, are to be delivered between 2027 and 2031. According to the US company, the ship names, design and routes are still under development.
Disney expands fleet to 13 ships with Meyer
When the newbuilds are completed by 2031, the fleet will consist of a total of 13 cruise ships. JoshD’Amaro, Chairman of Disney Experiences, had already announced the construction of four new ships at the big fan event in Anaheim, California, at the weekend– but left the shipyard, ship names and other details open. Confirmation came on Monday from Meyer Werft.
With the new orders, Meyer’s order book has grown to over €11bn. “With an export share of 95%, we are developing positively against the current trend in Germany. With our high level of vertical integration in Germany, these orders mean a lot of prosperity and tax revenue for Germany,” reads a statement from Meyer.
Disney ship also for Japan
It was only at the beginning of July that Meyer Werft received a newbuilding order from the Japanese company Oriental Land, which is also connected to Disney. The Japanese company is a licensee of the US group and will enter the cruise business at the beginning of 2029 when the Meyer ship, which is based on the Triton series (“Disney Wish” and “Disney Treasure”), enters service.
While the “Disney Treasure” is currently being prepared at Meyer Werft’s outfitting quay for its transfer to the Ems and delivery, the sister ship “Disney Destiny”, which is due to go into service at the end of 2025, is already being built in the large shipbuilding hall.
Meanwhile, in Wismar, in the halls of the insolvent MV Werft shipyard, Meyer Werft is converting the former “Global Dream” of the insolvent Dream Cruises shipping company of the Asian Genting Group into the “Disney Adventure” for Disney. It is due to be delivered in 2025.
The new order for the four additional Disney ships should noticeably improve the situation of the ailing Meyer Werft. For months, the company has been struggling to bridge a financing gap of almost €2.8bn, of which €2.4bn is needed to finance the construction of new cruise ships.
Continued struggle for the financial future of Meyer Werft
It is unclear whether Meyer Werft has reached an agreement with the Disney Group on other financing modalities in view of the current situation. Normally, the shipping company pays 20% of the order value for new cruise ships, while the shipyard has to pre-finance 80% until delivery.
In addition to the state of Lower Saxony, which has already agreed in principle through Economics Minister Olaf Lies (SPD), the federal government is also required to provide guarantees to bridge the financial gap. Negotiations on this have been ongoing for months. According to reports, direct participation by the state and federal government is also on the table.
Two weeks ago, Federal Chancellor Olaf Scholz (SPD) emphasised the importance of the shipyard and pledged his support to save the site. According to Scholz, there will continue to be demand for Meyer Werft’s products in the future and the shipyard is fully competitive. It now remains to be seen what the new order from Disney Cruise Line will trigger.
One thing is certain: Meyer Werft now has a total of 11 cruise ships in its order book, including two ships for Carnival Cruise Line, the research vessel “Meteor IV” and the steel construction for four offshore converter platforms. (CA)
