Genting Hong Kong Sells Stake in Dream Cruises

World Dream

Genting Hong Kong announced that it has reached a deal to sell a 35 per cent stake in Dream Cruises to Canada’s 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.

According to the 2019 Cruise Industry News Annual Report, Dream Cruises has 8,800 berths in service with a market capacity of 528,000 guests.

“The Disposal would also reduce the Group’s financial burden in meeting future funding requirements in relation to Dream Cruises’ business,” the company said. “It is intended that the sale proceeds for the Disposal will be used as general working capital and capital expenditure for the Group in relation to the construction of (the Global-class ships) and/or to fund new investments of the Group should suitable opportunities arise.”

According to a Genting statement, the transaction was valued at $488,645,875. Genting also noted that Dream has a current three-ship fleet, the Genting Dream, World Dream and Explorer Dream. In addition, is a contract to build a Global-class ship at MV Werften.

“It also expects to enter into the Global II Shipbuilding Contract in relation to the construction of Global II with MV Werften,” the company said, in a prepared statement.

The agreement also noted options third and fourth Global-class ships.

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AD Associates Signs on for Crystal Diamond Class Newbuilds

Crystal Diamond Class

AD Associates has announced their involvement with Crystal Cruises’ new Diamond-class ships.

The Crystal Diamond represents the first ocean-going, newbuild vessel for Crystal Cruises since 2003 and is scheduled to join the luxury fleet in 2022.

The luxury ships will measure approximately 67,000 gross tons and accommodate around 800 guests, with luxury design elements and exceptional amenities in line with Crystal Cruises’ fleet.

A long-standing relationship with Crystal Cruises’ stretching across both newbuilds and refurbishments, positioned London based AD perfectly to lead the initial planning, feasibility studies and concept design, the company said, while also working closely with Crystal Cruises, Genting Hong Kong and MV Werften.

Chris Finch, CEO at AD, said: “As always, we are committed to ensuring we provide unparalleled service to our clients and we are honoured to have been selected to design again for Crystal Cruises.”

Deltamarin and Elomatic design second Global Class ship

Deltamarin and Elomatic design second Global Class ship

Dream Cruises’ two Global Class ships will be the biggest cruise vessels to be built in Germany to date (Image: MV Werften)

Dream Cruises’ two Global Class ships will be the biggest cruise vessels to be built in Germany to date (Image: MV Werften)

Finland-based construction and engineering companies Deltamarin and Elomatic to provide engineering, design and site services for Dream Cruises’ second Global Class ship.

Both companies were contracted by MV Werften, the Germany-based shipyard owned by Dream Cruises’ parent company, Genting Hong Kong. The contract was signed following their successful collaboration on the first Global Class ship, which is currently under construction at MV Werften.

“We are very happy that MV Werften continues to trust in our expertise and ability to design world-class cruise ships and we look forward to designing the second vessel in this remarkable Global class series,” said Patrik Rautaheimo, Elomatic CEO.

Set to be 342 metres long and more than 46 metres wide, the 204,000gt newbuild has been designed specifically for the Asian market. Onboard features will include a cineplex, Asian and Western spas, shopping facilities, Asian and international dining experiences, fast-food restaurants and a theme park that includes a rollercoaster with virtual reality. There will also be 2,500 cabins that can accommodate up to 5,000 passengers based on a twin-sharing basis, or up to 9,500 during peak holiday periods.

“We are very proud to continue the strategic partnership with MV Werften,” said Janne Uotila, CEO of Deltamarin. “We look forward to further developing the cooperation with the yard, providing it with excellent services and helping it execute Genting’s extensive newbuilding programme.”