Asia’s cruise giant receives payment from Germany

Berlin - Genting Hong Kong, the parent company of Crystal Cruises, Dream Cruises, and Star Cruises has secured a EUR 193 million, or $227 million payment from the German Government to keep its shipyards MV Werften afloat. As the owner of three major cruise lines, a casino in Manila which has been closed down, and MV Werften

Berlin - Genting Hong Kong, the parent company of Crystal Cruises, Dream Cruises, and Star Cruises has secured a EUR 193 million, or $227 million payment from the German Government to keep its shipyards MV Werften afloat. As the owner of three major cruise lines, a casino in Manila which has been closed down, and MV Werften, which consists of three separate shipyards in eastern Germany, the company seems to be in the corner where the hits are falling fast and furious.

Not only did the company sell its star nightclub Zouk in Singapore for $10 Million on September 1st, but it has also applied for a payment suspension to creditors and was looking for a debt restructuring in August this year, says "Cruise Hive". Although it seems somewhat strange that Germany would grant EUR 193 million to a Hong Kong Company, there is some sense to it. Genting is building two Global-class ships that will come in at 208,000 gross tons and carry 5000 passengers each.

Also, two Crystal cruises expedition ships and two Crystal cruises cruise ships are scheduled. Plans have also been released earlier for three Universal Class ships for Dream Cruises carrying 2000 passengers. All these are planned to be built at the Genting owned German shipyards.

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