German Court to Rule in Row Over Funding for Shipbuilder MV Werften
A German court will rule next week in a case brought by Genting Group against a German regional government after a row over funding for cruise shipbuilder MV Werften, which filed for insolvency on Monday.Genting, led by Malaysian tycoon Tan Sri Lim Kok Thay, bought MV Werften in 2016. The pandemic has hit the global travel industry, including cruise operators and led to production stops at shipyards that build cruise ships.Genting's subsidiary Genting Hong Kong said on TuesdayâŠ
SMM 2021: Plotting a Course Forward for the Global Maritime Community
As the maritime world collectively feels its way forward in a time now defined by the COVID-19 pandemic, the organizers of the SMM in Hamburg, traditionally the world's largest and most influential maritime and shipbuilding trade event, share market overview insights on the economic consequences of the coronavirus pandemic throughout the the shipping industry.The Covid-19 pandemic has turned the world economy on its head. âThe recession this year will likely be more severe, and recovery in 2021 will be slower than we anticipated two months agoâŠ
Dream Cruises Wins $2.9Bln from KfW IPEX-Bank
KfW IPEX-Bank, leading a consortium consisting of six international banks, is structuring the financing of two cruise ships for Genting Hong Kong Ltd. and its brand Dream Cruises.The Global Class I and II ships are currently being built in the three shipyards of MV Werften located on the Baltic Coast in the German federal state of Mecklenburg-Western Pomerania.The financing package comprises around EUR 2.6 billion with a total investment volume of just under EUR 3.1 billion.The structure will be backed by export credit guarantees of the Federal Republic of Germany and the Finnish export credit agency Finnvera, as well as by a guarantee from the state of Mecklenburg-Western Pomerania.
Genting HK Sells Stake in Dream Cruises
Genting Hong Kong, a member of the Malaysian Genting Group, has reached an agreement to sell a 35% stake in global cruise ship company Dream Cruises to Canadaâs TPG Darting, which is owned by TPG Capital Asia and Growth Funds.The company said the deal would strengthen its balance sheet as well as its ability to continue to expand its fleet in the cruise industry.The consideration for the 35% equity interest is US$489 million, valuing Dream Cruises total equity at US$1,397 million. With assumption of net debt of US$1,871 million, the enterprise value of the transaction is US$3,268 million. The transaction will result in a gain of approximately US$470 millionâŠ
Royal Approval for Bolidt Cruise Contract
The installation of decking solutions from Dutch company Bolidt aboard one of the largest cruise ships ever to be built in Germany has received a royal seal of approval, after King Willem-Alexander and Queen Maxima of the Netherlands witnessed a contract signing at the Rostock facilities of yard group MV Werften. The agreement, formalized during a trade delegation visit, provides for Bolidt to supply a total of 17,000m2 of its innovative synthetic systems to the first Global class cruise ship for Hong Kong-based Genting Groupâs Dream CruisesâŠ
Norwegian Marine Tech: In the Driverâs Seat
Earlier this summer Maritime Reporter & Engineering News ventured to Ålesund/Sunnmøre area of western Norway visiting local manufacturers and suppliers serving the global maritime industry and featuring a series of business and technology presentations by leading sector companies including Inmarsat, VARD Group, Ulstein Group, Brunvoll, Ulmatec, Jets, ABB Marine & Ports, Fostech AS and Rolls-Royce Marine. Tom Mulligan reports on new business developments and technology innovationsâŠ
MV WERFTEN Constructing New Shipbuilding Hall
MV WERFTEN has started constructing a new hall complex that will house its new panel, section and section outfitting lines at the shipbuilderâs shipyard in Rostack, Germany. The symbolic first cut of the spade, carried out by Genting Groupâs Chairman and CEO Tan Sri Lim Kok Thay, Mecklenburg-Vorpommernâs Minister for Economic Affairs Harry Glawe, Rostockâs senior mayor Roland Methling and MV WERFTEN Chief Operating Officer Holger Tepper, signaled the beginning of the construction of the new hall 11.
ABB Propulsion, Automation and Software for Five Cruise Ships
ABB will supply the complete power, propulsion and automation package for a series of new cruise vessels being built by MV WERFTEN for Genting Hong Kong brands Crystal Cruises and Star Cruises. The three Crystal Cruisesâ luxury âEndeavor Classâ mega-yachts will feature a Polar Class 6 and enable cruising in the Arctic; then follow the route of migrating whales along the coast of the Americas and Europe to Antarctica during winter. The Star Cruises âGlobal Classâ vessels will be two of the largest on the market with 204,000 tons registered tonnage each.
MV WERFTEN Invests Another $14.4 Mln in Wismar Yard
The founding of a new cabin factory is part of the MV WERFTEN Groupâs extensive investment program at its Wismar site. MV WERFTEN Fertigmodule GmbH, part of the MV WERFTEN Group, officially took over its own cabin factory in Wismar. The facilities with a total area of 22,000 square meters will be used for manufacturing ship cabins for the cruise ships with delivery from 2020. Besides a modern production area of 8,700 square meters, the acquired premises have over 4,000 square meters of storage area.
German Shipbuilders Strong in a Weak World Market
The global shipbuilding industry continued its downturn in 2015 with the number of new orders halved compared to 2013 level. The year 2016 is shaping up to be even worse. The âBig Threeâ shipbuilding nations China, Korea and Japan are major customers to the world leading maritime equipment and system producers from Germany. The fact that the domestic supply chain has been generating more than half of its sales within Europe will come in as an important stabilizing factor to weather the current storm: according to Clarksons ResearchâŠ
MV WERFTEN Pumps âŹ75 Mln into Rostock Yard
Announcing further investments into its shipyards, MV WERFTEN has today signed three contracts for the investment program for its Rostock yard, including a purchasing contract for a new thin-plate laser panel line with welding and production automation specialist Pemamek, the construction of a new hall with engineering company Inros Lackner and design services with service engineer Warnow Design. âThis investment clearly indicates our long-term commitment to our yards and our plans to make MV WERFTEN one of the worldâs most modern and efficient cruise shipbuildersâŠ
MV Werften Begins Building Crystalâs New Cruise Ships
The first two of four Rhine class river cruise ships are simultaneously under construction at MV WERFTEN in Wismar. Delivery of the 7-star vessels Crystal Bach and Crystal Mahler to Crystal River Cruises will be in 2017. Shipbuilder MV WERFTEN held a keel-laying ceremony for two Rhine class river cruise ships in Wismar today. The Crystal Bach (yard number 120) and Crystal Mahler (yard number 123) are the first two of four new luxury river cruise vessels to be built in the completely covered dock shop.
New 'Mega Passenger Ship' for Star Cruises
Elomatic Ltd and Deltamarin Ltd have signed a tri-party engineering contract with shipbuilder MV Werften for the design of Star Cruisesâ new Global Class âmega passenger ship,â which, once completed, will be the largest passenger vessel ever built in Germany. The new cruise liner will measure over 340 meters long, 45 meters wide and have a gross register tonnage of 200,001. The general arrangement plans for the Global Class cruise ships were completed with Foreship Oy (Foreship) in June following Genting Hong Kongâs purchase of the MV Werften shipyards in April.
Genting to Invest in Werften
Genting Hong Kong Ltd will invest 100 million euros in its German shipyard, MV Werften to focus on building new large ships. The three shipyards in the German State of Mecklenburg-Vorpommern bought this April would be named MV Werften, be managed in Wismar. The company will focus on eventually building three large cruise ships a year. Lloyd Werft, located in Bremerhaven and bought last September, will focus on its prior business of repairs, conversion and building of megayachts. MV Werften has covered docks, fabrication halls and painting shops, but will be upgraded in the near future. The yard will deliver four luxury Crystal River ships in 2017âŠ
Newly Formed MV WERFTEN to Focus on Cruise Builds
Genting Hong Kong announced that the three shipyards in the German State of Mecklenburg-Vorpommern bought this April will be named as MV WERFTEN*, be managed in Wismar and will focus on building large new cruise ships. Lloyd Werft located in Bremerhaven and bought last September will focus on its prior business of repairs, conversion and building of megayachts. âTo make MV WERFTEN one of the worldâs most modern and efficient cruise shipyards, we will invest 100 million euros in a thin plate laser welding lineâŠ
DFDS Ferry to be Lengthened
Lloyd Werft to convert the Danish RoRo ferry âPrimula Seawaysâ in 31 days starting July 1, 2016. Options for two further DFDS ships. Cutting and lengthening ships is nothing new for Lloyd Werft Bremerhaven. But itâs always different, as well as exciting and spectacular. The yardâs designers and workers get their chance to show their capabilities and creative mettle from July 1st. Thatâs when the 199.8 metres long, 32,289 GT âPrimula Seawaysâ arrives for a 31 day stay in Bremerhaven. The yardâs job is to lengthen the ship by adding a 30 metre long midship section as well as to repair the damage which the âPrimula Seawaysâ sustained in a collision off the eastern coast of England in December 2015.
Shipyard Takeover in Northern Germany
An investor has been found in Malaysiaâs Genting Group to enable the continued existence of the three shipyards in Wismar, Rostock and Stralsund. The takeover contract was signed in Hamburg on Tuesday this week. In the weeks following the conclusion of the applicable checks by the authorities, the takeover will become final and business operations will be transferred to the Genting Group. At the start of the year Genting, a major cooperation with worldwide operations, acquired all the shares in Bremerhavenâs Lloyd Werft. The result is a group consisting of four shipyards in Northern Germany.
Genting Acquires Crystal Cruises
Crystal Cruises has been sold for $550 million to the owner of Asia's largest cruise line and a major shareholder of Norwegian Cruise Line. Crystal's parent company, Nippon Yusen Kabushiki Kaisha has sold the line to Genting Hong Kong, which owns Star Cruises. The deal is expected to close in the second quarter of 2015. The acquisition is expected to close in the second quarter of 2015. The announcement said that "with the support of GHKâs financial strength and expertise in ship design, Crystal Cruisesâ fleet size will expand with a new ship." For many year, travel agents have asked Crystal about whether the line would build a new ship.
HFW Lawyers Advise Genting HK on Cruise Ship Order
International maritime law partnership Holman Fenwick Willan (HFW) says it has advised Chinese Percept Limited, a wholly-owned subsidiary of Genting Hong Kong Limited (Genting), on the group's second newbuild mega-cruise ship order in 12 months, in a deal with German shipbuilder Meyer Werft GmbH worth âŹ697.2 million. The HFW team, led by Hong Kong Partner Patrick Yeung, advised Genting on the shipbuilding contract and related ECA-supported financing. London based Partner Elinor Dautlich and Senior Associate Alex Sayegh negotiated the shipbuilding contract, while Partner John Forrester and Associate Gudmund Bernitz (also London based) advised on the ECA-backed financing.