‘Crystal Endeavor’ sale and leaseback terminated

2021-01-11T21:24:28+00:00 January 11th, 2021|Finance|

Genting Hong Kong’s (GHK) plan to sell and lease back the expedition ship ‘Crystal Endeavor’ for €350 mill has been terminated.

Last month, GHK announced it was scrapping the sale and leaseback deal to simplify the structure for typical export credit agency (ECA) covering post-delivery financing for the ship.

This does not have any impact on the ship’s planned operations, GHK stressed.

Crystal Endeavor, the MV Werften built, PC6-designated vessel for Crystal Expedition Cruises is to debut in Summer 2021.

Originally due to start cruising in August, 2020, the ship’s construction was delayed as the global health crisis forced a shutdown of the shipyard where she is currently under construction. The shipyard has now reopened .

“While we are certainly disappointed that ’Crystal Endeavor’s delivery has been delayed, we are encouraged by the progress and dedication of the professionals at MV Werften and are looking forward to introducing this remarkable ship,” said Jack Anderson, Crystal’s interim President and CEO.

“As the most spacious and luxurious ship in the expedition market, ’Crystal Endeavor will offer new ways for luxury travellers to explore the world while also delivering on what Crystal does best – a design that anticipates the needs and comforts of our guests; generous public spaces and elegant suites; immersive and enriching destination experiences; world-class cuisine and, of course, warm and attentive service from the best crew in the world.”

GHK subsidiary, Crystal has cancelled ’Crystal Endeavor voyages through 1st May, 2021 and said it is currently reviewing the ship’s published summer itineraries.

Parent GHK had recently completed a €193 mill loan agreement with the German government for the completion of ’Crystal Endeavor and to support the shipyard’s operations through March, 2021.

The 20,000 gt PC-6 expedition ship will accommodate just 200 guests. Expedition-specific amenities and spaces will be added, including enrichment areas, designated mud rooms, a helicopter lounge and a seven-person submersible on board, allowing for deep-water explorations up to 980 ft in several areas of the world.