Crystal Cruises owner Genting buys three shipyards

Crystal Cruises owner Genting buys three shipyards

Genting Hong Kong, the parent company of ultra-luxury line Crystal Cruises, has announced the acquisition of Nordic Yards’ three shipyards in Wismar, Warnemunde and Stralsund, Germany.

The shipyards are for the consideration of €230.6 million, and are addition to Lloyd Werft shipyard, which the company purchased last year.

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

“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.”

The newly acquired yards together with Lloyd Werft will be managed as the Lloyd Werft Group.

Genting said the shipyards would help it realise its global cruise ships fleet strategy for its three brands, Crystal Cruises, and Dream Cruises and Star Cruises in Asia.

Crystal Cruises will add three ocean ships, launch a river division, the Crystal Esprit yacht and its own Dreamliner airplane over the next three years.

“With all the yards situated in Germany, a country with a long tradition of efficiency in building high quality and innovative cruise ships and megayachts, the Lloyd Werft Group, with approximately 1,700 experienced management and workers, is well placed to succeed as one of the best cruise and megayacht 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,” said Tan Sri Lim Kok Thay.

“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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