Genting Hong Kong Seals Nordic Yards Takeover

Image Courtesy: Genting Hong Kong

Genting Hong Kong has concluded the EUR 230.6 million (around USD 260 million) acquisition of Nordic Yards’ three shipyards in Wismar, Warnemunde and Stralsund, Germany, the company said.

The takeover is aimed at enabling the company to build a cruise fleet for its three brands – Crystal Cruises, Dream Cruises and Star Cruises.

“We are pleased with the completion of the transaction as ownership of the yards provides certainty that we can build a fleet of high quality cruise ships at a pace dictated by our growth rather than constrained by supply as cruise ship order book continues to reach all-time highs, with orders placed as far out as 2026, ten years from now,” said Tan Sri Lim Kok Thay, Chairman and Chief Executive Officer, Genting Hong Kong.

According to Tan Sri Lim, the yards will now start building four Crystal river ships scheduled for delivery in 2017 and Crystal Endeavor, the first purpose-built polar class expedition megayacht, slated for delivery in 2018.

“Our goal is to grow the yard output to two mega cruise ships and one mid-size cruise ship or megayacht a year within a decade, not only for our own fleet but also for other cruise lines and yacht owners,” he added.

The newly acquired yards, together with the previously purchased Lloyd Werft shipyard in Bremerhaven, will be managed as the Lloyd Werft Group.

The three newly acquired shipyards feature covered drydocks and building halls, resulting in high labour productivity and completion quality as cruise ships can be constructed regardless of weather conditions.

The company said it would further invest about EUR 100 million in thin steel fabrication facilities, cabin module factory and other improvements.

“Tan Sri Lim, Chairman of Genting Hong Kong will be signing a significant new multi-ship order with the Lloyd Werft Group on 10th May and these orders will help support the German and European shipbuilding industrial sector and employment during the current shipbuilding downturn,” said Rüdiger Pallentin, Managing Director of Lloyd Werft.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Dec 2017 >>
MTWTFSS
27 28 29 30 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 31

APM – ASIA PACIFIC MARITIME 2018

27 years in the making, APM is the premier shipbuilding & marine, workboat and offshore exhibition in Asia trusted by generations of industry professionals.

read more >

Mega Cargo Show 2018

The focus of the event is to bring all connected with cargo fraternity on a single platform…

read more >

Vietship 2018

Vietship is the largest and longest established exhibition in Vietnam featuring all aspect of Shipbuilding, Shipping and Offshore Technology.

Since its first event in 2002, Vietship has become the convergence and platform of advanced technologies regional and worldwide in shipbuilding and ship repair, marine equipment, waterway transportation and services, marine and offshore engineering.

After 16 years of eight consecutive editions, Vietship has affirm itself as an important event in enhancing cooperation and development, attracting investments, exchanging technology and creating ideal opportunities for trade promotion in the international maritime industry.

More info

read more >

LNG Bunkering Summit 2018

The conference will cover the obstacles facing both the shipping and port communities, exploring developments in conversion and new builds…

read more >