Crystal today announced the finalization of a SACE-backed ECA financing facility for two newbuilds.

“Securing this financing represents a decisive step forward in Crystal’s expansion and demonstrates the strong market confidence in our strategy,” said Manfredi Lefebvre d’Ovidio, executive chairman of A&K Travel Group, Crystal’s parent company.

“We are grateful for the trust placed in us by our banking partners, led by Citibank, N.A. London Branch, along with Banco Santander, S.A., CaixaBank, S.A., UK Branch, Cassa Depositi e Prestiti S.p.A., Credit Agricole Corporate and Investment Bank, Banca Monte Dei Paschi Di Siena S.p.a., and Bper Banca S.p.A. This consortium’s backing validates our position in the ultra-luxury cruise segment,” added d’Ovidio.

Cristina Levis, AKTG’s CEO, said: “The SACE-backed ECA financing was made possible through the dedicated support of key Italian financial institutions. We extend our deep gratitude to the Italian Export Credit Agency SACE, under the leadership of CEO Alessandra Ricci and team leader Mariano Di Biagio, for their strategic partnership.”

The company said in a press release that it also acknowledges the essential contributions of Cassa Depositi e Prestiti and of Simest in structuring this comprehensive financing package.

The two vessels will be 61,800 tons each and accommodate 650 guests.

Developed byinternational architectural firms, the ships will feature all-suite accommodations with private verandas, including popular single occupancy categories designed for solo travelers, complemented by one of the highest crew-to-passenger ratios in the luxury cruise segment.

The company said that thanks to the commitment of Fincantieri and the three-decade relationship between the Italian shipyard and the Lefebvre family, construction has continued as planned.

The first ship is expected to be delivered in May 2028, with the second vessel expected in 2030.

Crystal has been advised by Clifford Chance, while Norton Rose Fulbright acted for both the lenders and SACE.