How Much Is Crystal Cruises Worth?

Crystal Endeavor

Was Crystal Cruises for sale prior to recent issues? The answer is yes, according to multiple sources and brokers familiar with the company and the potential deal Genting Hong Kong was looking for.

“I had that deal on my desk,” said one cruise line CEO on Monday morning, who asked not to be named. “Not for us.”

Meanwhile, across the industry, sources suggested prices for Crystal ranged from bigger than the “Azamara deal” to potential prices in the $1 to $2 billion range. Multiple suitors told Cruise Industry News there was no formal investor deck or prospectus.

Of note, Genting Hong Kong paid NYK $550 million in cash for the company in 2015, before it expanded operations with air cruising, riverboats, small ships and expedition operations.

The prize, according to several private equity players, is a fully financed brand-new expedition ship in the Crystal Endeavor, as well as the company’s four new riverboats, which were said to have been money-makers for the brand in 2019.

“The Endeavor is brand new, very nice and fully financed by the German government,” said one source.

Talking to players in industry circles, Cruise Industry News was able to put together an average of potential values for Crystal assets:

  • Crystal Symphony: $50 Million
  • Crystal Serenity: $100 Million
  • Four New Riverboats $18 Million Each
  • Crystal Endeavor: $200 Million
  • Brand/Passenger List: N/A

The Symphony and Serenity will need to fetch more than their scrap values, with the scrap metal market once again quickly on the rise and pushing up values. In addition, with a passenger count under 1,000 on each vessel, a potential new operator would need to fetch a ticket premium to justify operating costs.

Among the debate points is the debt attached to each asset, as well as what long-term damage has been done to the brand.

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