Crystal Cruises owner takes over three shipyards

Crystal Cruises owner takes over three shipyards

The owner of Crystal Cruises is taking over three German shipyards for €230.6 million to ensure the luxury line’s new vessels can be built.

The deal for Nordic Yards’ three shipyards in Wismar, Warnemunde and Stralsund, comes as part of plans to enable Genting Hong Kong to realise its global cruise ships fleet strategy over the next decade for Crystal Cruises together with Asia-based Dream Cruises and Star Cruises.

The global leisure, entertainment and hospitality company bought shipbuilder Lloyd Werft last year.

“Ownership of the shipyards will free the company from both the delivery timing and pricing uncertainties associated with the cruise ship order book cycle, which is at a historic high and allow management to focus on the strategic planning, design and deployment of its planned cruise ships among its three brand,” a Genting statement said.

Chairman and chief executive, Tan Sri Lim Kok Thay, said: “The rapid growth of the world cruise industry, especially in China, has led to cruise ship order book reaching an all-time high.

“In order to ensure that the company can build the required number of cruise ships in the next decade for our global fleet expansion, it is strategic that we acquired shipyards that can build our cruise ships in a timely basis and in a more cost effective manner.

“With all the yards situated in Germany, a country with a long tradition of efficiency in building high quality and innovative cruise ships and mega yachts, the Lloyd Werft Group, with approximately 1,700 experienced management and workers, is well placed to succeed as one of the best cruise and mega yacht shipbuilding companies in the world.

“Germany is also where the largest cluster of marine equipment suppliers are located and has excellent Government maritime coordination policies.

“The investment in the Lloyd Werft Group will have good returns from the 10 year planned order book, fits perfectly with the company’s global cruise strategy and is in the long term interest of the company.”

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