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Post Corona, will every ship still sail?

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Biker19

Biker19

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Crystal Cruises will temporarily suspend operations following the bankruptcy of its parent company, Genting Hong Kong, the line announced late Wednesday.

All future ocean cruises aboard Crystal are canceled through April 29, 2022. All river cruises are suspended through the end of May 2022.

Crystal Symphony, Crystal Serenity and Crystal’s new expedition vessel, Crystal Endeavor are currently sailing. They will return to port and disembark passengers in Miami, Aruba and Ushuaia, Argentina, respectively.

 

Crystal said in a note to passengers it is working on plans to bring passengers home at the conclusion of its current sailings.

 

“This was an extremely difficult decision but a prudent one given the current business environment and recent developments with our parent company, Genting Hong Kong,” Crystal President Jack Anderson said in an emailed statement. “Crystal has been synonymous with luxury cruising for more than 30 years, and we look forward to welcoming back our valued guests when we resume operations. We wish to thank our guests and travel advisors for their incredible support during these ongoing challenging times.”

Crystal Cruises had suspended the ability to make reservations for most cruises on its website late Wednesday afternoon. Itineraries now say “Call for Availability” when selected.

 

According to the statement, the cruise line is notifying guests. Crystal Cruises will provide a full refund of cruise fare paid, which will be processed automatically to the original form of payment, according to the statement. Booked passengers need take no action. If guests paid with a future cruise credit, full value of that credit will be returned to their Crystal Society profile account.

 

The entire crew will be disembarked and sent home

In a letter sent to the shipboard employees, the company said that they are working on details of laying up the three ocean going ships after conclusion of their current voyages. Crystal Cruises is working on plans and timing to disembark the crew and return them to their home countries.

 

In an email addressed to the Crystal Cruises crew President Jack Anderson said “From the bottom of my heart, thank you for your tireless dedication and devotion to Crystal and your understanding in this very difficult situation. You are the heart and soul of the Crystal Family. We look forward to returning to the world’s oceans and rivers later this year”

Genting Group Went Bankruptcy After Failure of Company Shipyards

Genting, which also owns Asia-based lines Star Cruises and Dream Cruises, was hoping for an $88 million “backstop facility” — a form of insurance to prevent a company’s collapse — from the German government after Genting-owned shipyards Lloyd Werft and MV Werften, which built Crystal Endeavor along with Dream Cruises’ under-construction Global Dream, declared bankruptcy January 10.

However, Genting issued a statement which seemed to confirm the cruise side of the business would be protected:

 

“Certain business activities of the group, including but not limited to the operations of cruise lines by Dream Cruises Holding Limited, shall continue in order to preserve and protect the core assets and maintain the value of the group; however it is anticipated that majority of the group’s existing operations will cease to operate.”

 

Yet despite the reassurances, it was not clear how Genting or its subsidiaries will operate without cash flow. The company was predicted to run out of cash by the end of this month.

 

Genting Group is trying to restructure the company to allow for restarted cash flow at a court hearing January 20 in Bermuda.

All trading in the group’s shares in Hong Kong is suspended.

 

Dream Cruises will continue operations for now, amidst parent company’s liquidation — Singapore Cruise Society (sgcruisesociety.com)

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Biker19

Biker19

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The chairman and CEO of Genting Hong resigned on January 21, a clear sign that the once-thriving cruise company is slowly but surely unraveling. Tan Sri Lim Kok Thay founded the company in 1993 and gradually built it out to be the most significant cruise operation in Asia.

 

However, after failing to pay debts due, an arrest issued by a US judge for one of the Crystal Cruises ships, reservations that have been put on hold, and stocks that have been halted from trading in Hong Kong, the end of the story seems near for the company that owns Dream Cruises, Star Cruises, and Crystal Cruises.

Tan Sri Lim Kok Thay Resigns

The man who founded Genting Hong Kong in 1993 has stepped back from the company he ran for almost 30 years. Tan Sri Lim Kok Thay, a Malaysian billionaire, stepped down with immediate effect last Friday, January 21, as announced by Genting. Lim still owns 76% of the Genting Hong Kong stocks. The deputy CEO and group president Au Fook Yew also tendered his position with the CEO.

While many expected cruise lines to suffer from the pandemic and a global pause in operations, it seemed as if many, if not most, managed to come out relatively unscathed.

 

However, Genting Hong Kong, which made considerable investments in its fleet of three cruise lines in recent years, is now heading for liquidation—making it a perfect example of how the pandemic destroys even the most prominent companies.

 

The Genting group of companies in Singapore, Hong Kong, and Malaysia all operate separately, so the problems in Hong Kong will likely not affect the other businesses, despite that Lim has a majority stake in all.

Asia’s Tourism Sector in Trouble

The problems for Genting Hong Kong come as the Asian tourism industry is cautious about restarting operations. China is pursuing a zero COVID strategy, Hong Kong is battling Omicron outbreaks by banning cruise ships from operating, and Singapore only allows cruises for locals. Several other countries in the region, such as the Philippines, are still locked down entirely for tourism, while others only allow in tourists with heavy entry requirements placed on them.

 

For the largest cruise operator in Asia, this caused severe issues. Although Dream Cruises did operate three ships in Hong Kong, Singapore, and Taiwan, and Crystal Cruises has been operational for several months now, Genting still reported a 1.7 billion dollar loss in May last year.

 

With stocks plunging, and the German authorities denying debt insurance protection for payments due at the Genting-owned MV Werften (which filed for insolvency earlier this month), the company has no further funding options.

What is Happening to the Three Genting Cruise Lines?

A US court has ordered the arrest of Crystal Symphony for missing fuel payments to Peninsula Petroleum Far East Pte Ltd., making it divert course from its intended port call in Miami, sailing to Bimini instead. On Sunday, some passengers were taken by ferry to Port Everglades in Fort Lauderdale; others were left to rebook their own travel arrangements.

 

 Both Dream Cruises and Star Cruises have stopped taking bookings on their website last Saturday, January 22. According to Dream Cruises, this is only for an initial period of two weeks, with sailings due to resume on February 4. However, at the same time, Crystal Cruises has decided to return all crew home and lay up the three operational vessels until April.

 

Crystal Cruises President Jack Anderson said: “From the bottom of my heart, thank you for your tireless dedication and devotion to Crystal and your understanding in this very difficult situation. You are the heart and soul of the Crystal Family. We look forward to returning to the world’s oceans and rivers later this year”

 

Slowly but surely, the largest cruise company in Asia, which pioneered the cruise industry in the region almost 30 years ago, is falling apart. The departure of Au Fook Yew and Tan Sri Lim Kok Thay seems to be another nail in the coffin and a step closer to a company heading for liquidation.

 

Many big players in the cruise industry will be watching with added interest, as the region is still seen as the most significant growth market in the world. One that Carnival Corporation and Royal Caribbean have wanted to include in their business models for years.

 

Genting CEO Resigns as Cruise Company Starts to Unravel (cruisehive.com)

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orville99 "Live from...." Rare

orville99

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The hearing in Bermuda is equivalent to a Chapter Seven Bankruptcy in the U.S. not  a Chapter Eleven reorganization, but a dissolution of the company and the liquidation of assets. Their two shipyards in Germany (and the Dream and Star ships that were being built there) are also shuttered.

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Biker19

Biker19

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With Crystal Cruises suspending operations through April with owner Genting Hong Kong warning of cash troubles, there is no shortage of speculation of what will happen to one of the key luxury brands in the industry.

 

According to sources familiar with the situation, Crystal is drawing interest for its brand name, past passenger list of wealthy American clients, its new 200-guest expedition ship and fleet of river ships. Less interesting, according to sources, are the company’s larger ocean-going ships.

Catching up with industry sources, Cruise Industry News put together a list of possible suitors and scenarios.

 

Potential Players:

  • Genting: Could Genting reorganize using bankruptcy protection and continue to operate Crystal? The company could emerge stronger with reduced debt loads, new money and a fresh outlook if a reorganization takes place.
  • Lindblad: Lindblad Expeditions and Genting have already been at the negotiating table as Lindblad bought the Crystal Esprit in 2021. Lindblad has been active in the acquisition space, also having bought up complementary companies in recent years. While Crystal’s big ocean-going luxury ships don’t fit the Lindblad product, the river ships, new Endeavor and passenger list could be ideal.
  • MSC: MV Werften and a 75 percent-finished 5,000-gest Global Dream could present an interesting opportunity for fast-growing MSC Cruises. The family-owned company is known to make quick decisions and wants to dominate the cruise industry. Could a shipyard and newbuild designed-for-China give them a platform to accelerate future growth even more? It could prove tempting. The Endeavor would also allow the company to enter the expedition market overnight.
  • Carnival/Royal/Norwegian: Could one of the three major players acquire Crystal into their portfolio of brands? It would prevent potential new competition. However, chances are the answer is no, as all three would see significant pushback from the investment community, which is focused on short term financial performance.
  • Azamara/Sycamore: After buying Azamara Cruises from Royal Caribbean Group in early 2021, Sycamore Partners, a private equity company, added a fourth ship with acquisition of the Pacific Princess. It’s no secret in industry circle they have been looking for more. A new parent company could operate both brands, with a lean shoreside organization, and vessel management from V. Ships Leisure, which is already running the Azamara fleet. It would allow Sycamore to add to its ocean-going capacity while entering the expedition and river markets.
  • Ponant: Another small cruise line that has been quickly growing is Ponant. With well-financed French owners the boutique luxury operator has acquired both Travel Dynamics and Paul Gauguin, and introduced a fleet of new ships for the Ponant brand.
  • National Investment Fund: It’s not a matter of if, but when, as it relates to a major public investment fund from a Middle Eastern country buying majority control of a cruise line.
  • Hotel Chain: The Ritz-Carlton Yacht Collection and Margaritaville enter the cruise industry in 2022. For hotel chains with a fear of missing out, this may be a key opportunity to get into the business.
  • New Money: The pandemic has brought new private equity money, hedge funds and new investors into the cruise industry.According to sources, there are still multiple deep-pocketed investors waiting for the right time to buy in.
  • River Operator: The Crystal river ships are said to be drawing interest from a number of existing European river operators.

Players in a Likely Crystal Cruises Acquisition - Cruise Industry News | Cruise News

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Biker19

Biker19

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Dream Cruises’ World Dream will cease operation from 2 March 2022 after the company failed to secure sufficient funding to continue operating the ship, citing “challenging circumstances”.

In a statement released by Genting Hong Kong, they have clarified that the identification of ‘potential remediation plans and facilitating the restructuring of the group including Dream Cruises’, has provided sufficient emergency financing.  This has allowed for the completion of an additional 16 scheduled cruises after the appointment of the joint provisional liquidators earlier. 

The World Dream will cease operations on 2 March 2022 after disembarking guests on her current cruise in Singapore, as scheduled. There will be no ships operating in Dream Cruises brand after the current sailing concludes.

 

The appointed liquidators are now accessing the impact of the cessation of sailings, particularly its ability to meet refund claims for guests booked on sailings after 2 March 2022. Guests are advised to submit a refund claim together with their booking confirmation and payment records to the liquidators at ProjectGenting@alvarezandmarsal.com

The World Dream was the only ship operating in the brands’ fleet up to this moment. World Dream’s  sister ship, the Genting Dream, ceased operations in Hong Kong after the recent spike in coronavirus cases in the city. Their smaller fleetmate Explorer Dream backed out of Keelung after falling demand led to the cancellation of its domestic cruise season.
 
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Biker19

Biker19

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While the uncompleted Global Dream's fate remains unclear, future scenarios for various parts of insolvent MV Werften are beginning to take shape.
 
The shipyards cluster was owned by Genting Hong Kong until the company's collapse earlier this year. It had delivered expedition ship Crystal Endeavor and four sister vessels for Crystal River Cruises and was working on the 208,000gt Global Dream, a future China ship with capacity for up to 9,500 passengers, for Dream Cruises.

Meyer and Fassmer acquiring Neptun Ship Design 

On Wednesday, the family-controlled ventures Meyer Group and Fassmer announced they are jointly acquiring MV-controlled Neptun Ship Design with approximately 100 employees.

 

Two days before, SuperStar Libra, which has been serving as an accommodation ship for yard workers and contractors, left Wismar bound for the Mediterranean.

 

While MV Werften's Stralsund compound has been sold for redevelopment as a maritime industrial area, the Wismar and Rostock sites could have a future in naval shipbuilding and maintenance. If these plans materialise, most of the MV Werften staff could retain jobs locally, although ocean cruise shipbuilding in Mecklenburg-Vorpommern is likely ending — with a possible exception the completion of Global Dream. 

Superstar Libra to Greece for refugee housing?

SuperStar Libra, built in 1988 as Seaward for Norwegian Cruise Line, had been docked at Wismar since August 2018. After conversion into an accommodation unit, the ship began housing yard staff, contractors and suppliers from the summer of 2019 on; it also housed some offices. For this purpose, SuperStar Libra was connected permanently to a shore power supply and the municipal sewage system.

 

But its use proved short-lived as accommodations were no longer needed in light of MV Werften's decline. Speculation about scrapping in Turkey accelerated recently, along with other rumours linking the vessel to future use in Africa. SuperStar Libra had lately been operated by Star Cruises Germany GmbH, a venture that filed for insolvency in early February in the wake of MV Werften's insolvency.

 
The ship was then sold but the new owner's identity has not been disclosed.
 

Last Monday five tugs moved SuperStar Libra away from its berth. According to local reports, it is going to be towed to Greece for refurbishment and future use as an accommodation vessel there, probably to house refugees. The vacant berth could be used for Global Dream's

completion, provided MV Werften's administrator finds a buyer. There's speculation MSC might be interested. 

Naval future likely for Wismar and Rostock 

If Global Dream is ultimately completed at Wismar, it probably would go down as Mecklenburg-Vorpommern's last ocean cruise newbuild since the local shipyards' future appears to be naval shipbuilding. Decisions about the Wismar and Rostock sites haven't been made, but military use appears an ever more likely scenario.

 

Kiel-based ThyssenKrupp Marine Systems GmbH (TKMS) is reported interested in the Wismar site and staff. TKMS specialises in submarines and has a full orderbook for years out thanks to contracts with the navies of Germany, Norway and Israel. Demand for more newbuilt navy ships is likely in the wake of the Russia-Ukraine war and increasing tensions between Russia and western Europe.

 

Delivery dates for the contracted submarines already reach far into the 2030s, and TKMS recently confirmed it was considering extending its capacities though no details were given. MV Werften's Wismar site could provide extra capacity and help TKMS gain a stronger foothold in the construction of surface vessels such as corvettes.

 

While TKMS appears to have an eye on Wismar, Germany's federal armed forces are interested in developing the Rostock site into a naval shipyard to maintain part of the country's navy surface ships. About 500 of Rostock's 800 workers could become civil servants as a result.

 

No decisions have been taken and neither TKMS nor the government have confirmed these reports.

City of Stralsund now owns Stralsund compound

Meanwhile, MV Werften's Stralsund compound was acquired by the city of Stralsund for €16.5m in March. The 34 hectares will be redeveloped into a maritime-focussed industrial area.

Another aspect of MV Werften's resolution is the acquisition of Neptun Ship Design by the Meyer/Fassmer consortium. The deal is pending approval by Germany's cartel office but is expected to get the green light.

 

Established shortly after German reunification in 1992, the ship design office — according to its own account, the country's largest — came under the control of MV Werften for an undisclosed price as a wholly-owned, independent subsidiary with some 120 staff in January 2019.

Neptun Ship Design to add jobs

Meyer Group and Fassmer said they plan to continue operating Neptun Ship Design in its current structure and additional jobs will be created to strengthen the engineering office. The firm has worked closely with both Meyer and Fassmer in the past.

 

With the purchase of Neptun Ship Design, Meyer Group and Fassmer are further expanding their cooperation. Both shipyards will develop and build the new German research vessel Meteor IV by 2026 and, according to Wednesday's announcement, Neptun Ship Design is going to play a significant role.

Interest in MV Werften greater than expected

Thus, the future for this MV Werften affiliate looks bright, while the possibilities for the sites and staff at Wismar and Rostock are not bad. German insiders agree that the interest in MV Werften's components has been much greater than expected at the insolvency filing in January.

 

Sales speculation: How things are shaking out for MV Werften (seatrade-cruise.com)

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Biker19

Biker19

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Genting Cruise Lines could be staging a comeback with the 3,500-guest Genting Dream for a new brand, Resorts World Cruises.

 

Rumors out of Asia are indicating the ship is on the move and could be drydocking soon ahead of re-entering service for a new brand.

 

Industry sources continue to think that Genting's ownership and management is interested in retaining the Dream brand, or at least some of its modern tonnage which was built specifically for the Asian market.

 

Resorts World Cruises has been registered as a company in Singapore, according to a report by The Straits Times.

 

The Resorts World brand and potential new start up is owned by the Lim family, which started Star Cruises, which eventually became Genting Cruise Lines with three cruise brands: Dream, Star and Crystal.

 

The Genting Dream was built in 2016 and is currently being managed by V.Ships Leisure which was appointed to run the ship in its pause state.

 

Other Dream ships include the recently-refurbished Explorer Dream, the 2017-built World Dream, and the Global Dream, a massive 5,000-plus guest cruise ship that sits unfinished at MV Werften in Germany.

 

Genting to Stage Comeback with Genting Dream For Resorts World? - Cruise Industry News

 

P.S. All three former Star ships were bought by a company that usually scraps them.

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Biker19

Biker19

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Welcome the New (Old) Kid on the Block!

 

Ex-Genting Cruise Lines, now Resorts World Cruises; a brand new cruise line by Tycoon Lim Kok Thay has its website domain online - currently an empty website with the new logo as a placeholder.

 

Meanwhile, GentingDream is currently in Singapore’s Tuas Shipyard undergoing works, presumably to prepare for her transformation to the first ship in the RWC fleet.

 

WorldDream currently sits in an anchorage east of Singapore, while fleetmate ExplorerDream remains anchored off Port Klang, Malaysia.

 

(15) Singapore Cruise Society | Facebook

 

Hopefully, this ^ will also mean the resurrection, completion and incorporation of Global Dream into their fleet - the only ship outside of RCI with a Flowrider.

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Biker19

Biker19

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Resorts World Cruises is a brand extension of Lim's Resorts World gaming group, and is led by Lim as executive chairman, Colin Au as CEO and Michael Goh as president. Lim and Au had resigned as the top leaders of the insolvent Genting Hong Kong in January.

 

Genting Dream not part of Genting HK insolvency

Genting Dream has been owned by a group of Chinese banks since 2020 and was being leased back to Dream Cruises so it was not part of the failed Genting HK enterprise, whose Dream Cruises, Star Cruises and Crystal Cruises have been under liquidation.

 

Lim registered Resorts World Cruises in April and, since then, there had been speculation it would operate the 2016-built Genting Dream.

 

Short cruises to nowhere

Genting Dream is to offer two- and three-night cruises to nowhere from Singapore. Starting in late September, itineraries are planned to expand with short destination cruises to ports in Malaysia, Thailand and Indonesia.

 

The easing of pandemic restrictions in a range destinations is seen as critical to helping Asia's cruise business recover. 

 

Credit for World Dream customers

Resorts World Cruises is reportedly offering a cruise credit to customers whose World Dream sailings from Singapore were canceled from March 2 through August, provided they have not yet received any refund via their original booking source.

 

KT Lim's Resorts World Cruises to operate Genting Dream from Singapore (seatrade-cruise.com)

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Ocean Boy

Ocean Boy

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9 hours ago, Extra Kim said:

Some ships seem to have better captains too... Radiance and Explorer are two who might need a better GPS😂

What happened with Explorer? I know about Radiance and Harmony.

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Biker19

Biker19

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Thyssenkrupp Marine Systems (TKMS) has acquired the Wismar site of MV Werften at an undisclosed price, ending the building of passenger ships inside the town after almost 70 years.
 
TKMS will attempt to convert the Wismar site into a shipyard specialising in the construction of submarines and potentially even naval surface vessels.
 
MV Werften’s administrator Dr Christoph Morgen confirmed the news on June 10, which has been met with general optimism for ensuring Wismar’s long-term future as a shipbuilding hub.
 

End of an era

TKMS’ investment brings decades-long passenger ship building at Wismar – an important part of its maritime heritage – to a close.

 

The yard began making passenger ships shortly after the Second World War under the socialist economic system of the German Democratic Republic (GDR). In October 1951, the shipyard – which had been established out of several existing local small shipbuilding ventures – was officially launched as VEB Mathias-Thesen-Werft Wismar. It soon gained prominence for building passenger vessels, delivering a large number of riverships to the communist USSR. 

 

Oceangoing passenger ships followed in the late 1950s and in October 1964, the shipyard’s claim-to-fame came with the delivery of Ivan Franko – one in a series of prestigious ocean cruise vessels referred to as ‘Project 301’ or ‘SeeFa 750’ in Germany.

 

The series comprised five ships – Ivan Franko, Aleksandr Pushkin, Taras Shevchenko, Shota Rustaveli, and Mikhail Lermontov – delivered to the Soviet state-owned ventures Baltic State Shipping Company and Black Sea Shipping Company between 1964 and 1972. Designed with elegant lines and offering superior comfort for the time, the ships drew attention from within Eastern Europe and beyond. In addition to the vessels’ reputation for quality, the number of ships was groundbreaking for the period; building five sisterships in a row was uncommon in global passenger shipping in the 1960s and for the GDR, it served as the largest series of commercial ships so far.

 

Marco Polo

While there are no Project 301 vessels in operation today, the 1965-built Aleksandr Pushkin was in operation for 55 years as Cruise & Maritime Voyages’ Marco Polo before it was scrapped last year in India after the pandemic sparked the cruise line’s collapse. The ship, renowned for its quality, was expected to reach 60 years in operation.
 

Marco Polo returned to its birthplace for transit calls in its latter years and was one of the ships which helped shape Wismar’s reputation as an upmarket cruise port after the creation of Columbus Cruise Center Wismar back in 2012. In October 2014, Marco Polo was celebrated with a fireworks display and a year later, a book was published commemorating the ship’s 50 years of service, titled, ‘Marco Polo - Celebrating Fifty Golden Years of Ocean Travel.’

 

The ’golden era’ of ocean and river cruise ship building came to a close at Wismar in the 1970s with the 1980s seeing Mathias-Thesen-Werft specialising in other ship varieties, including railway cargo ferries. The shipyard went on to deliver 75,000 folding boats – from kayaks to rowing-, sailing- and allegedly even motor boats – between 1954 and 1990 prompted by the socialist economy of GDR’s advisory for industrial ventures to produce consumer goods alongside its core output. Some of VEB Mathias-Thesen-Werft Wismar’s fold boats were exported and many are still in use today.

 

With the fall of the GDR, the restructured shipyard temporarily returned to its roots and added to its cruise shipbuilding record. Re-branding as Aker MTW Werft, it delivered AIDA Cruises’ AIDAvita and AIDAaura in 2002 and 2003, respectively, and the hull of Norwegian Cruise Line’s Norwegian Sun was constructed at Wismar for subsequent outfitting at Lloyd Werft Bremerhaven.

 

Shipyard employees and citizens of Wismar hoped for a revival of passenger shipbuilding when Genting Hong Kong acquired the site in 2016 – a move that instead heralded the end of Wismar’s long tradition for the building of cruise ships.

 

Global Dream

The fate of the unfinished Global Dream currently docked at MV Werften’s Wismar compound is still unclear. Though unlikely, Global One may still be completed at Wismar provided it has a buyer soon. A more likely scenario is that the vessel is prepared for towage locally and then transferred to another yard for completion.

 

Another option, to scrap the ship, is still on the table if no buyer emerges.

As it currently stands, the vessel needs to be removed from the yard during 2023 at the latest in order to prep the yard for naval shipbuilding.

 

TKMS production starting 2024

TKMS will attempt to start building submarines at Wismar in 2024, providing it receives more orders, which is expected.

 

TKMS will first transform the yard into a production site tailored to naval shipbuilding and hire staff. According to current planning, around 800 staff members will be needed during the run up to production and the eventual workforce could total 1,500 if TKMS succeeds in also acquiring contracts for the building of naval surface vessels at Wismar. Staff will first and foremost be recruited from the pool of former MV Werften staff currently employed by the transitional company established after MV’s insolvency early this year. Former MV Werften trainees will also be recruited.

 

The transitional company for MV Werften’s former staff was supposed to close at the end of July, but the Mecklenburg-Vorpommern Federal State Government is currently working to extend its lifespan until at least the end of October. While a number of MV Werften’s former staff have found new employment, around 1,500 of its former staff would benefit from the move.

TKMS has already reached agreements with the IG Metall Küste trade union - the largest metalworkers' union inside Germany. 

 

TKMS acquires MV Werften (seatrade-cruise.com)

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Biker19

Biker19

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This doesn't bode well for the much further along Global Dream:

 

According to news reports, the unfinished hull of Genting Cruise Lines’ second Global Class newbuild will be sold for scrap.

 

The 208,000-ton vessel was in early stages of construction at one of MV Werften’s facilities in Warnemunde, Germany, when the shipbuilding complex declared bankruptcy earlier this year.

Citing the insolvency administrator Christoph Morge, the reports say that some of the systems and engines of the vessel will be removed and sold off before the half-finished hull section is offered at scrapping prices.

 

Previously slated to enter service in 2023, the unnamed vessel was planned as a sister to the Global Dream, which was also under construction at the German shipyard at the time.

The 5,000-guest cruise ship, which was poised to be delivered in late 2022, will now be the focus of the insolvency administrators, the reports added.

 

Siting at MV Werften’s Wismar building dock with about 80 percent of its construction completed, the ship has been on the market for several months now.

 

In May, Stena Line, a Swedish ferry operator, has reportedly pulled out of a takeover bid citing uncertainties in the Asian market – where the Global Dream was custom-designed to operate.

At the time, two other parties were said to be still interested in the ship, including Genting's Tan Sry Lim Kok Thay.

 

Meanwhile, MV Werften’s former facility in Wismar has been sold to ThyssenKrupp Marine Systems and will exit the cruise ship building business.

 

Starting in 2024, the shipyard’s new owner plans to use it to build submarine, corvettes and frigates, according to industry sources.

 

With no concrete plans for its future in sight, the Global Dream could be towed away from its building dock to be finished elsewhere.

 

Accommodating up to 9,000 passengers at full capacity, the Global Dream and its sister ship were set to become the largest cruise ships in the world by passenger capacity.

 

The vessels were designed with several unique features, including a theme park, eight sets of escalators and a multi-theater Cineplex.

 

Second Genting Newbuild To Be Sold for Scrap - Cruise Industry News

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Biker19

Biker19

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Shipmonk recently reported on news from a German radio report, stating that the Global Dream, a 19 story vessel filled with amenities, could be in negotiations for completion. With the original owner Genting Hong Kong going into administration due to the Covid-19 pandemic, the massive cruise ship was left unfinished and without a company to complete it. It is now rumored that Disney Cruise Line may be in negotiations with shipyard Meyer Werft to complete the massive vessel.

 

The Global Dream was planned to have 2,500 staterooms, and could hold up to 9,000 guests. Meyer Werft, the shipyard behind the Disney Wish, Disney Dream, and Disney Fantasy, is in negotiations to complete the Global Dream, stating that they are in confidential negotiations with a company to potentially complete the ship.

 

Insolvency administrators Brinkmann & Partner, those currently under management of the Global Dream, also state that they are in negotiations with various interested parties, however the completion with Meyer Werft is preferred. With many planned amenities, including the longest roller coaster at sea and the largest cinema at sea, this seems to be a perfect fit for Disney Cruise Line. Disney Cruise Line has not yet responded on the rumors involving this potential purchase.

 

RUMOR: Disney Cruise Line In Talks To Purchase & Complete Unfinished Global Dream Cruise Ship - WDW News Today (wdwnt.com)

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