Ship part

You have $258 million to spare? You could buy the luxurious expedition ship, the Crystal Endeavor

Genting Hong Kong’s fleet of ships will soon head to the auction. And if you had a couple hundred million dollars in the bank, you could be the owner of berth 200 Crystal effort.

Genting’s ships from luxury line Crystal Cruises, premium Asian brand Dream Cruises and family-owned company Star Cruises will soon be sold as part of the liquidation process.

Auctions are necessary as part of the process of clearing all maritime liens (necessities like fuel, crew, wages, supplies, etc.) with priority priority over mortgages according to Seatrade Cruise News. At the auction, the ships would be purchased free and clear of all liens.

According to a maritime lawyer who spoke to Seatrade Cruise News, if there are no suitable offers, the mortgage holder could take a ship in exchange for his lien and try to sell it himself for the money the auction would have brought.

It appears the Crystal Cruises fleet has received the most interest, with some parties looking at individual assets and others at the company as a whole.

One interested party is Ovidio’s Manfredi Lefebvre Heritage Group. As the former owner of Silversea Cruises, he confirmed to Seatrade Cruise News: “Heritage maintains strong interest and we hope to be successful in acquiring the Crystal Ocean fleet and brand.”

But Mr Manfredi may have competition, with reports indicating there is substantial interest in the 200-seater crystal effort. She was considered the most expensive expedition vessel ever built at US$1.9 million per berth. The cost of its construction was revealed at 350 million euros. But experts believe it will likely sell for less than cost – even as little as half. So if you had $258 million, the crystal effort could be yours.

But the shipping vessel could go for a higher price in a cashless transaction if the mortgage holder provides financing to a buyer.

The rest of the fleet consists of crystal symphony (1995) and Crystal Serenity (2003), and five river ships: four relatively new sisters and the updated double-wide Crystal Mozart.

From now on, for the Asian premium cruise line Dream Cruises, the fleet consists of the dream of the world, Dream of Gentingand the Explorer’s Dream.

Sources say that Explorer’s Dream will be auctioned for further exchange. But the Dream of Genting which operated under a sale-leaseback agreement after being sold to a consortium of Chinese banks in early 2020, will not have to be auctioned. The consortium could try to find another tenant or buyer. We don’t know what will happen to the dream of the worldthe youngest ship in the fleet.

But the question hangs over Genting’s unfinished megaliner world dream which attracted many potential buyers, including billionaire ex-Genting boss Lim Kok Thay.

world dream was to become the largest ship in the world with a carrying capacity of 10,000 passengers. But she is currently unfinished in a German shipyard.

Insolvency administrator Dr. Christoph Morgen told Bloomberg that while there was no confirmed price for the sale of the vessel, he disclosed that he was researching “costs of completion plus a little more”.

Dr Morgen said Mr Lim was among those who expressed interest in the sale and believed he was looking to buy the ship cheaply and build it elsewhere.

Mr Lim had written a letter to creditors in December, placing the ship at around 75%, with the billionaire accusing the German government of refusing to fund $620 million to complete construction and keep the shipyard running.

The ship would have cost $1.8 billion to build and was heavily financed up to $1.4 billion.

According to the sources, there is a chance star fish, Gemini SuperStar and SuperStar Aquarius that were built in the 90s, would go for demolition/recycling since demolition prices were at an all-time high during the pandemic.