Genting Hong Kong to acquire 70% stake in Germany’s shipyard

PETALING JAYA: Cruise and resort company Genting Hong Kong Ltd will invest some EUR17.5 million to acquire a 70% stake in Lloyd Werft shipyard in Bremerhaven, Germany and a 50% ownership of the shipyard land.
Its chairman and CEO Tan Sri Lim Kok Thay said the ownership in Lloyd Werft will enable the company to leverage on the shipyard's technical expertise, as well as its well-established and long track record in the shipbuilding industry.
"Lloyd Werft has already built and lengthened six ships owned by an affiliate of Genting Hong Kong and has the expertise to build a series of world class cruise ships for the company, which will include the "Exclusive Class" vessels for Crystal Cruises, the most awarded luxury cruise line in the world," he noted.
In July, Genting Hong Kong had signed a letter of intent with a view to build "Exclusive Class" cruise ships at Lloyd Werft, to enhance the competitiveness of its luxury cruise provider, Crystal Cruises.
Moving forward, it said Crystal Cruises is planning to order new luxury river ships from Lloyd Werft, which will feature larger suites, to complement its design, itineraries and activities for cruising in the Danube, Rhine, Seine and other European rivers.
Lloyd Werft, which was founded in 1857, is involved in the general ship repair business, and expanding into the conversion and newbuilding businesses in 1970s.
The yard, situated on 260,000 sq m, comprising of six docks and a 1,600 meter pier, with a track record for newbuilding, including cruise vessels for Norwegian Cruise Line, Pride of America, Norwegian Sky and Norwegian Sun, mega yachts such as the MY Luna, pipe-laying vessels and merchant ships.
Lloyd Werft also had completed the conversions of a number of vessels, including the Queen Elizabeth 2 for Cunard Line.
Genting said it will complete the acquisition "subject to the fulfilment of certain final purchase conditions."