Royal Caribbean confirms ‘Crystal Endeavor’ purchase

2022-07-23T21:18:59+00:00 July 23rd, 2022|Ships|

Royal Caribbean Group (RCI) has confirmed that it has received court approval to acquire the ultra-luxury cruise ship ’Endeavor’, ex ‘Crystal Endeavor’.

Originally delivered to Crystal Cruises in 2021, the ship will be renamed ’Silver Endeavour’ when she officially joins the Group’s wholly owned subsidiary, Silversea Cruises’ fleet, this month.

The purchase price for the vessel was $275 mill, significantly below the cost of construction. She was fully financed through a 15-year unsecured term loan, guaranteed by the German export credit agency, Euler Hermes, with no amortisation payments in the first two years.

The acquisition is expected to be immediately accretive to earnings, cash flow and ROIC, RCL said.

“With ‘Endeavour’, we are seeking to grow our world class fleet to meet the exceptional demand for ultra-luxury expedition cruising, while also enhancing our profitability profile and affirming Silversea’s position as the industry’s leading ultra-luxury and expedition cruise line,” said Jason Liberty, RCI President and CEO.

Built to PC6 Polar class specifications, the ship can operate on all of Silversea’s current expedition itineraries and is designed specifically to take travellers to the world’s most remote destinations, including both Polar regions.

“The expedition cruising industry is poised to resume accelerated growth driven by demand among high-end, affluent customers for travel to remote and hard-to-access destinations,” said Roberto Martinoli, President and CEO, Silversea Cruises. “This ship will be the fourth vessel to join Silversea’s fleet since 2020, which demonstrates our commitment to growth.”

‘Silver Endeavour’ offers the highest standards in the industry in terms of space-per-guest ratio, and crew-to-guest ratio, as well as top accommodations and public areas. The ship’s modern expedition amenities offer guests some of the most immersive and luxury experiences available, including travelling with a fleet of zodiac boats for remote exploration.

“Delivering the best vacations in the world, responsibly, is Royal Caribbean Group’s purpose,” Liberty said. “While our acquisition only covers the physical vessel, we want all of our guests to know we go above and beyond to take care of them.”

As part of the ongoing RCL Cares programme, RCI will protect the deposits of guests who were originally booked on ‘Crystal Endeavor’ and make a new booking on one of the Group’s global brands – Royal Caribbean International, Celebrity Cruises and Silversea Cruises.

“We believe those Crystal guests will receive back their deposits, but we want to give them added assurance,” Liberty added.

If ‘Crystal Endeavor’ guests do not receive their deposits back from Crystal or any other source, the Royal Caribbean Group will refund the amount paid on their new booking up to the amount of their lost deposits from Crystal.

Complete terms of the offer will be provided on each brand’s website soon, the company said.

‘Silver Endeavour’ is scheduled to begin service during the winter 2022/2023, spending her inaugural season in Antarctica, starting in November, 2022.