Crystal Cruises’ Parent Genting Buys Three Shipyards, Creates Lloyd Werft Group
The parent company of Crystal Cruises, Genting Hong Kong, has finalized the acquisition of Nordic Yards’ three shipbuilding facilities, forming the Lloyd Werft Group in the process. The shipyards are located in Wismar, Warnemunde and Stralsund, Germany – where it will construct ships for its Crystal Cruises, Dream Cruises and Star Cruises brands – and amount to a deal worth 230.6 million euros.
“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. “We will begin by building four Crystal river ships scheduled for delivery in 2017 and Crystal Endeavor, the first purpose-built polar class expedition megayacht, 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.”
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