MV Werften Secures Loan to Complete New Crystal Ship and More

Endeavor

MV Werften today confirmed that the yard has received a 193 million euro loan to complete the Crystal Endeavor for delivery and keep the shipyard operating through March 2021.

The Genting-owned yard group said the funds from the loans will be used in Germany for the shipyards, which have created about 3,000 jobs to build the Global Dream and Crystal Endeavor, plus thousands of indirect jobs in the cruise shipbuilding supply chain and the local economies of Wismar, Rostock and Stralsund.

Genting noted it had been a very good client of Germany, ordering and taking delivery of 22 cruise ships built in Germany, almost half of Germany’s output from 1996 for the cruise brands which were under its control. 

“Genting Hong Kong is an exemplary investor and fully relies on German management in the operations of MV Werften. 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, CEO, MV Werften. “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 be again be the most luxurious polar class expedition yacht in the world for Crystal Cruises."

“It is the impact of the COVID-19 that stopped the world’s cruise fleet, including Genting Hong Kong, that MV Werften has to turn to the State and Federal Government for support under the WSF, which had been established by the German Government to assist industries impacted by COVID-19,” added Carsten Haake, CFO. “Since 2016, GHK had fully supported the shipyard and had not withdrawn any of the invested funds from Germany.”

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