MV Werften receives German Government bailout

2020-10-12T18:31:15+00:00 October 12th, 2020|Finance|

German shipbuilding group, MV Werften, has received a €193 mill bail-out package from the Federal Government.

This will allow the yard to complete the ‘Crystal Endeavor’ and keep the shipyard operational until March net year.

Parent company Genting Hong Kong (GHK), has invested about €2 bill in the shipyards and the ongoing construction of the ‘Global Dream’ and ‘Crystal Endeavor’ and had created about 3,000 direct jobs in the State of Mecklenburg-Vorpommern, plus thousands of indirect jobs in the cruise sector supply chain and the local economies of Wismar, Rostock and Stralsund, since it bought the group in 2016 to build its cruise ships.

“GHK is an exemplary investor and fully relies on German management in the operations of MV WERFTEN. We are very appreciative of the very significant investment, probably one of the largest made in Germany, and the creation of thousands of direct and indirect jobs for Germany and the EU ,” explained MV Werften CEO, Peter Fetten.

“MV WERFTEN built four luxurious river ships for Crystal Cruises and they have been rated the best river ships in Europe. We are now completing the ‘Crystal Endeavor’, which will be again be the most luxurious polar class expedition yacht in the world for Crystal Cruises”, he added.

“It is the impact of the COVID-19 that stopped the world’s cruise fleet, including GHK, that MV WERFTEN has to turn to the State and Federal Government for support under the WSF, which had been established by the German Government to assist industries impacted by COVID-19,” added CFO Carsten Haake.

“Since 2016, GHK had fully supported the shipyard and had not withdrawn any of the invested funds from Germany.”