Questions Over Future of MV Werften

World Dream

Shares of Genting Group were halted on the stock market on Friday as news reports out of Germany signaled problems for Genting-owned MV Werften.

The yard recently completed the Crystal Endeavor with the huge Global Dream for Dream Cruises set to be delivered later this year, with a sister ship following in 2023.

According to reports, wages are owed to 2,000 workers from December.

Yard officials and politicians may be in talks about assistance for the shipyard, according to reports, as Genting ran into financial problems due to the COVID-19 pandemic, previously citing a lack of cruise ship newbuild orders.

Local support for the yard could help keep workers employed, and help a huge network of cruise suppliers and subcontractors that are involved in the newbuild process.

A previous bail out loan is also being disputed in court, with local politicians noting they expect Genting to make a “clear commitment” to its shipyard group.

Meanwhile, other local politicians were hoping for a quick sale of the Strasland facility, with the goal to turn it into an industrial park.

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