On September 6, 2024, Germany secured a deal that could provide crucial support for Meyer Werft GmbH, a shipbuilding company struggling financially. Meyer Werft, which recently received a follow-up contract to build vessels for Disney Cruise Line, will benefit from a substantial investment. The federal government will acquire a 40 % stake in the company, matched by a similar stake from the state of Lower Saxony. The federal investment amounts to approximately €200 million ($222 million).
Additionally, both the federal government and Lower Saxony will guarantee 80 % of a €2,6 billion debt capital credit line, with banks covering the remaining 20 % at their own risk.
Chancellor Olaf Scholz expressed optimism about finding a solution in negotiations with banks, mentioning that Germany’s lower house of parliament and the European Commission would also be involved in approving the deal.
The Papenburg-based shipyard, owned by the Meyer family for seven generations and employing around 3,300 people, faced financial difficulties during the COVID-19 pandemic. Banks began questioning its creditworthiness, as a significant portion of cruise ship payments is made upon delivery, necessitating interim financing.
Economy Minister Robert Habeck emphasized the government’s commitment to supporting Meyer Werft to ensure it continues building ships. The rescue comes during a prolonged downturn in the German manufacturing sector, affecting Europe’s largest economy.
Beyond shipbuilding, Meyer Werft is involved in Germany’s transition to renewable energy, contributing to the construction of large converter platforms near Rostock to integrate offshore wind park electricity into the grid. On August 12, Meyer Werft announced a new contract to build four additional ships for Disney Cruise Line, expanding its existing order book.
