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Carnival Corporation Clinches TXF Export Finance Deal of the Year
In a stunning testament to financial ingenuity and sustainable ambition, Carnival Corporation has been awarded Transport Export Finance Deal of the Year, and even better, the coveted Overall Export Finance Deal of the Year at the prestigious TXF Perfect 10 Awards.
Free Castle Capital acted as Arranger and Sole Financial Advisor to Carnival Corporation.
This isn’t just another trophy. According to TXF, the €4.4 billion (US $4.8 billion) ECA-backed financing for three new cruise ships marks the largest cruise ship financing in the export finance market to date. The deal, underpinned by support from Italy’s Export Credit Agency SACE, involved a major international banking syndicate and an innovative finance structure to propel energy-efficient vessel for ship deliveries in 2029, 2031 and 2033 (txfnews.com).
Norton Rose Fulbright, in its global report, highlights that this financing was a landmark cross-border effort. SACE supplied guarantees and interest support via SIMEST, while BNP Paribas served as agent. (nortonrosefulbright.com).
Why This Deal Shines
- Record-breaking scale: The largest-ever cruise-financing deal in export finance history.
- Strategic structure: Utilised cutting-edge ECA frameworks and cross-border syndication.
- Sustainability edge: Aligned with cruise-sector decarbonisation efforts and green vessel standards.
These elements combined to help seal not only the Transport category but also the Overall Deal of the Year, a rare and significant double for Carnival Corporation.
About the TXF Perfect 10 Awards
Organized annually by TXF (formerly Trade & Export Finance), the Perfect 10 Awards are the gold standard in global export finance recognition. Each year, only ten elite deals are selected across multiple categories—ranging from energy and infrastructure to transport and manufacturing (txfnews.com).
A panel of industry professionals and peers selects winners. This year, the awards underscored a clear theme: sustainability and energy transition. While Carnival Corporation’s win spotlighted scale and innovation in transport finance, other categories honoured deals advancing green energy, digital finance, and emerging markets (nortonrosefulbright.com).
What This Means for Carnival Corporation and the Industry
- For Carnival Corporation: Demonstrates financial leadership and operational commitment to efficient, future-proof cruise operations.
- For Export Finance: Shows the growing appetite for large-scale, ECA-backed sustainable vessel builds.
- For the Market: Highlights that innovative structures and sustainability measures are central to award-winning success.
Final Thoughts
Carnival Corporation’s haul of Transport Export Finance Deal of the Year and the overall Export Finance Deal of the Year is no small feat—it’s a landmark in export finance history. This transaction sets a new benchmark in scale, structure, and sustainability, and reinforces Carnival Corporation’s forward-thinking strategy for greener, more innovative global shipping.
Kudos to all parties involved, and here’s to more breakthroughs on the horizon! 🌍
📚 Sources
- TXF “Perfect 10: Export Finance Deals of the Year” (txfnews.com)
- Norton Rose Fulbright report on Carnival Corporation’s financing (nortonrosefulbright.com)
- TXF LinkedIn announcement detailing overall and category winners (linkedin.com)