Genting commits to Crystal Endeavor completion

EUR193 million loan to ensure luxury expedition ship is delivered

Genting Hong Kong (GHK) has provided a loan of over AU$300 million to Germany’s MV Werften shipyard to enable the completion of Crystal’s maiden purpose-built luxury expedition ship, Crystal Endeavor.

In late July, Crystal confirmed that the coronavirus had resulted in significant ongoing construction delays at the shipyard, requiring the cancellation of the first six months of planned voyages aboard Crystal Endeavor. The 200-passenger polar class ship is currently earmarked to commence operation from Japan in mid-May 2021.

Genting’s EUR 193 million investment will ensure MV Werften’s shipyards remains in operation until March 2021.

GHK, the parent company of MV Werftern, has ploughed about two billion euros into the shipyards and the construction in progress of the Global Dream and Crystal Endeavor, creating about 3,000 direct jobs plus thousands of indirect jobs in the cruise shipbuilding supply chain and the local economies of Wismar, Rostock and Stralsund.

Crystal Endeavor was floated out in January 2020

GHK has ordered and taken delivery of 22 cruise ships that were built in Germany across its three brands – Crystal, Dream Cruises and Star Cruises.

“We are very appreciative of the very significant investment, probably one of the largest made in Germany, and the creation of thousands of direct and indirect jobs for Germany and the EU,” said Peter Fetten, MV Werften’s Chief Executive Officer.

“MV Werften built four luxurious river ships for Crystal Cruises and they have been rated the best river ships in Europe. We are now completing the Crystal Endeavor, which will again be the most luxurious polar class expedition yacht in the world for Crystal Cruises,” he added.

Lead image: Crystal Endeavor emerged from MV Werften’s Stralsund shipyard earlier this year

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