Meyer Werft, the century-old German shipyard renowned for building luxury cruise liners, is about to welcome a new leader and secure a massive order worth billions of euros.
Management Change: Meyer Werft Announces New CEO
On December 12, Meyer Werft announced via its official website that the Supervisory Board of Meyer Werft has appointed André Walter as its new Chief Executive Officer, with his appointment to take effect on July 1, 2026.
André Walter will succeed Bernd Eikens as Chief Executive Officer, who has voluntarily stepped down as planned to hand over management of the company to his successor.
Meier Shipyard stated that André Walter is an experienced manager whose appointment will inject seasoned management expertise into the company, driving its continued growth.
André Walter began his career in 2006, holding a series of technical and management positions at Airbus Group successively. He was once responsible for leading the operations of Airbus sites in Bremen and Hamburg; since 2022, he has served as Chairman of the Management Board of Airbus Aerostructures Hamburg GmbH and Airbus Deutschland GmbH.
Regarding this management change, Klaus Richter, Chairman of the Supervisory Board of Meyer Werft, commented: “Meyer Werft extends its sincere gratitude to Bernd Eikens. Bernd Eikens assumed leadership during a period of severe financial challenges, initiating a restructuring process with exceptional foresight that laid the foundation for the company’s successful turnaround. The Supervisory Board is delighted that André Walter will assume the role of new CEO at Meyer Werft. With his extensive experience and outstanding expertise in corporate management, he will continue the company’s momentum and drive further development of the shipyard.”
Heiko Messerschmidt, Vice Chairman of the Supervisory Board of Meyer Shipyard, stated: “The company sincerely thanks Bernd Eikens for his long-term trust and cooperation. The employee representatives of the Supervisory Board also warmly welcome André Walter to his new post. The Supervisory Board will continue to maintain its partnership with the labor unions, the metalworkers’ unions, and the company’s management.”
Meyer Werft was once on the verge of bankruptcy when the government intervened to save it.
As a century-old shipyard that has weathered many storms, the development of Meyer shipyard in recent years has not been smooth sailing. It even teetered on the brink of bankruptcy at one point, only managing to turn the tide after the intervention of the German federal government and the government of Lower Saxony, where the shipyard is located.
Over the past two years, Meyer Werft has faced a severe financial crisis, primarily due to its order backlog. This stems from the industry practice where cruise ship owners typically pay only a 20% down payment when ordering new vessels, with the remaining 80% of construction costs settled upon delivery. This necessitates shipyards maintaining substantial capital reserves to cover upfront construction expenses. However, although Meyer Werft has been able to secure cruise ship orders, it lacks sufficient funds to cover these upfront costs, plunging it into a deep financial crisis.
Data shows that Meyer Werft has more than 3,000 employees in the Papenburg area alone (where Meyer shipyard’s headquarters are located), and nearly 20,000 other jobs in the region depend directly or indirectly on the shipyard.
Following reports of the shipyard’s financial crisis and impending bankruptcy, German media outlets stated that “if the government decides to abandon the project, Meyer Werft will be forced to shut down, resulting in approximately 3,300 job losses in the Papenburg region alone.”
Not only that, former German Chancellor Olaf Scholz hailed Meyer Werft as the “jewel in Germany’s industrial crown”, stating in the summer of 2024: “Meyer Werft is a trump card that Germany cannot and will not relinquish.”
Therefore, given the significant role of Meyer Werft in Germany’s shipbuilding industry and regional economy, the German federal government and the state government of Lower Saxony decided to intervene to save this century-old shipyard. In September 2024, they proposed a rescue plan to safeguard tens of thousands of direct and indirect jobs.
Specifically, the German federal government and the Lower Saxony state government jointly invested €400 million to acquire 80.8% of the shares of the Meyer shipyard, with the federal government and the state government each contributing approximately €200 million. Meyer will also receive loan guarantees worth over €2 billion. This means that with the completion of the equity transaction, Meyer has become a German state-owned enterprise and has successfully weathered the bankruptcy crisis.
However, the government guarantee is reportedly valid until 2027, and the Meyer family, as owners of the shipyard, retain the right to repurchase shares before 2028. The family is expected to hold approximately a 20% stake in the coming years. This also implies that Meyer Werft will achieve stable operations around 2028.
€1 billion per vessel, major order to be finalized by the end of the year
As of 2025, Meyer Werft has not announced any new ship orders, with existing orders scheduled for delivery through 2031.
However, according to DPA, on December 15, MSC Cruises, a subsidiary of Swiss shipping giant Mediterranean Shipping Company (MSC) Group, will place an order for four cruise ships at Meyer Werft. This is expected to extend the shipyard’s delivery schedule through 2036.
Other media outlets have reported that the cost of a single cruise ship can reach as high as €1 billion, leading to estimates that the total value of the four new vessels could amount to €4 billion.
Mayer Werft is located in Papenburg on the banks of the Ems River, near Germany’s North Sea coast. As part of the German Mayer Group, it is renowned primarily for cruise ship construction. The company’s history dates back to 1795, having delivered nearly 60 luxury cruise ships to date. In 2018, it delivered the world’s first cruise ship equipped with a low-emission liquefied natural gas (LNG) propulsion system. In 2023, Meyer Werft formally entered the offshore wind power market by undertaking the steel structure construction for four offshore conversion platforms.