Meyer Werft has announced the largest order in its company history: it is to build another four ships for Disney's cruise division by 2031 – and this in the midst of a crisis that threatens its existence.
The struggling Meyer Werft shipyard has received a major order from the USA. Disney's cruise division has ordered four new ships, the shipbuilder from Papenburg in Lower Saxony announced. These are to be delivered to the Disney Cruise Line between 2027 and 2031.
The shipyard did not disclose the volume of the order. Overall, the order book now includes ten cruise ships, a research vessel and the steel construction of four offshore converter platforms with a total value of eleven billion euros, the company said.
“Excellent relations with Disney”
“We are delighted to continue our partnership with Disney Cruise Line and build four more magnificent ships for them over the next seven years,” said shipyard owner Bernard Meyer. This is only possible thanks to the “excellent relationship with Disney.”
So far, Meyer Werft has completed one ship for the US company, the “Disney Dream”, and three more are under construction. The “Disney Treasure” and the “Disney Destiny” are due to be delivered this year and next year.
“These new orders are another strong and positive signal for the future of jobs in Papenburg for the works council and all colleagues,” said works council chairman Andreas Hensen.
Job cuts due to billionaire Financial gap
However, despite the order situation, Meyer Werft, with its approximately 3,300 employees, is in the worst crisis in its more than 200-year existence. To finance new shipbuilding, it must raise more than 2.7 billion euros by the end of 2027. The Federal Ministry of Economics and Technology and the State of Lower Saxony are currently examining possible aid.
Some of the contracts for the cruise ships were concluded before the corona pandemic and do not provide for any adjustment to the drastic rise in energy and raw material prices since then. However, the shipyard will only receive around 80 percent of the purchase price upon delivery, so it will have to finance the construction with loans.
At the beginning of July, management agreed on a restructuring plan with the works council and IG Metall. According to this plan, 340 jobs are to be cut. In addition, a supervisory board and a group works council are to be created and the company headquarters are to be moved back from Luxembourg to Germany.
