The German shipyard Meyer Werft has secured its largest-ever order: building four cruise ships for Disney Cruise Line by 2031. This new contract is a major boost for the financially struggling shipyard, although the exact value of the order has not been disclosed.
The ships are set to be delivered between 2027 and 2031, with details on their design still in development.
Bernard Meyer, owner of Meyer Werft, stated that this deal is a positive sign for the future of employment in Papenburg, providing reassurance to the workforce amid the shipyard's current financial difficulties.
"These new orders are a strong and positive signal for the future of jobs in Papenburg for the works council and all colleagues," said Mr. Meyer, who signed the agreement with Disney last week.
Meyer currently has orders from Disney for eight ships. The shipyard delivered the first ship for Disney Cruise Line in 2010 with the Disney Dream. "With the new orders, our order book is growing to over 11 billion euros," said Bernard Meyer.
Meyer Werft is facing the worst crisis in its more than 200-year history and must raise more than 2.7 billion euros to finance new ship construction by the end of 2027. The contracts, signed before the COVID-19 pandemic, do not account for increased costs in energy and materials. The shipyard, which typically receives about 80 percent of the purchase price upon delivery, must rely on interim loans to fund construction.
To address its financial challenges, Meyer Werft is implementing a restructuring plan that includes cutting 340 jobs out of more than 3,000 and establishing a supervisory board and group works council. Discussions are also underway regarding potential state aid from the federal government and the state of Lower Saxony, as the company considers relocating its headquarters back to Germany.
