Tagged: MV Werften

According to news reports, the unfinished hull of Genting Cruise Lines’ second Global Class newbuild will be sold for scrap. The 208,000-ton vessel was in early stages of construction at one of MV Werften’s facilities in Warnemunde, Germany, when the shipbuilding complex declared bankruptcy earlier this year. (cruiseindustrynews.com)

A German court has ruled against Genting Hong Kong as the cruise ship operator looks to access US$88 million in funding from the State of Mecklenburg Vorpommern. (asgam.com)

Genting Hong Kong Ltd may file for provisional liquidation as soon as Tuesday after it wasn’t able to secure funds to help it stay afloat following an insolvency of its German shipbuilding subsidiary. (freemalaysiatoday.com)

Genting Hong Kong, whose MV Werften cruise ship building unit filed for insolvency earlier this week, expects a court in Germany to publish its ruling on a dispute over funding to be published on 17 January. (cruisebusiness.com)

MV Werften filed for bankruptcy protection on Jan. 10 according to German media reports. The shipbuilder, owned by Genting, has not paid December salaries to approximately 2,000 employees. (cruiseindustrynews.com)

Shares of Genting Group were halted on the stock market on Friday as news reports out of Germany signaled problems for Genting-owned MV Werften. The yard recently completed the Crystal Endeavor with the huge Global Dream for Dream Cruises set to be delivered later this year, with a sister ship following in 2023. (cruiseindustrynews.com)

Cruise ship operator Genting Hong Kong Ltd’s indirect wholly-owned subsidiary MV Werften Holdings Ltd (MVWH) is reported to be teetering on insolvency as it finds itself in protracted negotiations with the German federal and state governments over long-promised financial assistance. (theedgemarkets.com)

Genting Hong Kong has revealed plans to build and manage a new line of cruise ships on behalf of international hotel brands. Speaking at a naming ceremony for the recently completed Crystal Endeavour at the company’s MV Werften shipyards in Germany on Saturday, Genting Hong Kong President and CEO Colin Au said the Universal-class ships will be “designed like airplanes, where function is more important than form, simplifying the design and production process and reducing costs, while allowing for customization by hotel and other brands.” (asgam.com)

Germany agreed Thursday to pump in 300 million euros to keep MV Werften afloat, after the pandemic knocked off kilter the shipbuilding subsidiary of Asian tourism and casino giant Genting. (macaubusiness.com)

Genting Hong Kong, Asia’s biggest cruise operator, is to get 193 million euros ($227 million) from Germany’s government for its struggling shipyards in the country, despite reservations over state handouts to foreign investors. The payment to the operator of the Star Cruises, Dream Cruises and Crystal Cruises lines will allow work at its shipyards in northeastern Germany, grouped under MV Werften, to carry on at least until March. (nikkei.com)

An international consortium led by KfW IPEX-Bank has structured a €2.6 billion financing package for two Global-class cruise ships following guarantees issued by the German Federal Government and the Federal State of Mecklenburg-Western Pomerania. (cruisebusiness.com)

Genting Hong Kong, the Hong Kong listed company which owns three cruise brands and the German MV Werften shipyard group, has reduced losses from both its cruise and shipbuilding activities last year. (cruisebusiness.com)

One of the most advanced welding plants in Europe was put into operation at the MV WERFTEN yard in Rostock today (Nov.28). Mecklenburg-Western Pomerania’s Economics Minister Harry Glawe, representatives of Genting Hong Kong, MV WERFTEN, the automation provider Pemamek as well as other project partners were present in the new Hall 11 when the plant produced its first weld seam. (more…)