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MV Werften

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MV Werften is a Hong Kong–German shipbuilding company that operates three facilities in eastern Germany to construct cruise ships for parent company Genting Hong Kong.

As of August 2020, the business was closed. Operation had been suspended due to financial problems encountered by Genting HK because of the slowdown in the cruise ship industry caused by the COVID-19 pandemic.[1][2] The company was awaiting funds from Germany's Economic Stabilization Fund to reopen.[3] Genting hoped to receive 570 million Euros.[4]

History

The company was originated in Genting Hong Kong's purchase in April 2016 of three shipyards from Nordic Yards, located in Wismar, Stralsund, and Rostock-Warnemünde.[5] The yards were initially combined with Lloyd Werft, previously purchased by Genting, to form the Lloyd Werft Group,[6] but in July 2016 the three eastern ex-Nordic yards were organized into MV Werften, headquartered in Wismar and led by Jarmo Laakso.[7]

In August 2016, MV Werften's first newbuild vessels, two river cruise ships of the Rhine class named Crystal Bach and Crystal Mahler, were laid down at the Wismar shipyard.[8] In November, Genting Hong Kong publicized further plans for its shipbuilding plans at MV Werften—four river cruise vessels for Crystal Cruises under the Crystal River Cruises brand to be delivered in 2017 and 2018, followed by a 20,000 GT Endeavor class yacht annually for Crystal Yacht Cruises in 2019—2021, with Dream Cruises receiving a Global class cruise ship in 2020 and a sister ship the flowing year.[9] At full capacity post-2021, the three shipyards are planned to be able to build two vessels of both the Endeavor and Global classes annually.[9]

Rostock shipyard with Global Dream under construction
Facility in Wismar

The first Rhine class vessel, Crystal Bach, was delivered in August 2017,[10] followed by Crystal Mahler in September.[11]

In January 2018, shipbuilding began at the Stralsund shipyard with a ceremony for the first steelcutting in the construction of Crystal Endeavor, the first Endeavor class yacht.[12] In March, construction of the first Global class ship began, with components to be built at both the Rostock and Wismar yards and the vessel assembled in Wismar.[13]

In December 2019, Genting Hong Kong announced that MV Werften would build a new class of mid-size cruise ships, named the Universal class, which would measure 88,000 gross tons with a capacity for 2,000 passengers.[14] The first ship of the class was scheduled for delivery in late 2022, but due to the COVID-19 pandemic MV Werften closed temporarily in March 2020, which delayed the expected deliveries of both Universal and Global class vessels.[15] In July 2020, MV Werften received €175 million in financial aid from a consortium of commercial and state sources, which was expected to keep the shipyard solvent until an expected federal aid package of up to €570 million later in the year.[15] In October, MV Werften received a €193 million loan from the German federal government's Economic Stabilisation Fund, which allowed for the resumption of work that month on Crystal Endeavor, with a target of a March 2021 delivery, and Global Dream.[16]

Facilities

MV Werften's largest shipyard is in Rostock, with 850,000 square metres (210 acres) of total space, of which 85,000 square metres (21 acres) is covered.[5] When Genting Hong Kong purchased the yard, it had a single shipbuilding hall measuring 320 metres (1,050 ft) long by 54 metres (177 ft) wide, with an interior clearance of 80 metres (260 ft).[5] In August 2017, construction began on a second hall, 385 metres (1,263 ft) by 99 metres (325 ft) by 24 metres (79 ft), to support construction of Global class ships by building large modules.[5]

The Wismar shipyard is 560,000 square metres (140 acres) in size, of which 170,000 square metres (42 acres) is covered, and has a 340 metres (1,120 ft) by 67 metres (220 ft) by 72 metres (236 ft) building hall.[5] The Stralsund yard is 340,000 square metres (84 acres), of which 90,000 square metres (22 acres) is covered, and has a 300 metres (980 ft) by 108 metres (354 ft) by 74 metres (243 ft) building hall.[5]

References

  1. ^ "Crystal Cruises parent halts payments on debt of $3.4B". Travel Weekly. 20 August 2020. Retrieved 21 August 2020. temporarily suspend all payments to the Group's financial creditors.
  2. ^ "Crystal Cruises "Not Going Out of Business" Despite Genting Troubles". Travel Weekly. 21 August 2020. Retrieved 21 August 2020. temporarily suspend all payments to the Group's financial creditors.
  3. ^ "Genting HK delays deliveries, cuts costs". AG Brief. 3 August 2020. Retrieved 21 August 2020.
  4. ^ "Investors abandon Genting cruise unit after debt freeze". Asia Nikkei. 20 August 2020. Retrieved 21 August 2020. temporarily suspend all payments to the Group's financial creditors.
  5. ^ a b c d e f "MV Werften: A perfect fit for Genting". The Motorship. 10 January 2018. Retrieved 13 March 2018.
  6. ^ "Aktuelles - Pressemitteilungen - Lloyd Werft Bremerhaven". lloydwerft.com. 28 April 2016. Archived from the original on 1 June 2016. Retrieved 12 March 2018.
  7. ^ "Genting HK to invest 100m euros in its German shipyard MV Werften". The Star. 11 June 2016. Retrieved 12 March 2018.
  8. ^ "MV Werften Begins Building Crystal's New Cruise Ships". Marine Link. 19 August 2016. Retrieved 13 March 2018.
  9. ^ a b "Genting Confirms Five-year Shipbuilding Plans". Marine Link. 14 November 2016. Retrieved 13 March 2018.
  10. ^ "MV WERFTEN Delivers Its First Newbuild". Marine Link. 3 August 2017. Retrieved 13 March 2018.
  11. ^ "MV WERFTEN Delivers River Cruise Ship for Crystal". Marine Link. 20 September 2017. Retrieved 13 March 2018.
  12. ^ "MV Werften Cuts First Steel for Crystal Endeavor". Marine Link. 15 January 2018. Retrieved 13 March 2018.
  13. ^ "MV WERFTEN Starts Construction On The First Largest 204,000 Gross Ton Global Class Cruise Ship". Marine Insight. 9 March 2018. Retrieved 13 March 2018.
  14. ^ "New Cruise Ships Start Build in Germany". Maritime Logistics Professional. 10 December 2019. Retrieved 11 July 2020.
  15. ^ a b "Troubled German yard group gets cash". The Motorship. 6 July 2020. Retrieved 11 July 2020.
  16. ^ "New bail-out secures German yard projects". The Motorship. 12 October 2020. Retrieved 17 October 2020.
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