Cruise contract uncertainties rock STX Europe

The current economic environment is causing uncertainties pertaining to contracts signed for cruise ships to be built at STX Europe.

In March 2008, the Royal Caribbean Group signed an initial contract to build the fourth 158,000GT vessel for the fleet’s Freedom-class. However it now seems that the likelihood of this becoming a firm order is slim. “The prospects of this agreement becoming a firm contract is considered less likely than when the understanding was announced in March 2008,” said a statement issued by the yard. “STX Europe’s customers are generally financially sound and nearly all projects in the company’s portfolio already have secured financing; however, in the current economic environment and with uncertain market prospects, the risk of defaults on payments for project deliveries cannot be ruled out.”

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