Genting Hong Kong snaps up German shipyards for $358m | Singapore Business Review

Genting Hong Kong snaps up German shipyards for $358m

Cruise ship orders are at an all-time high.

Mainboard-listed cruise ship operator Genting Hong Kong revealed that it has inked an agreement with German shipbuilding company Nordic Yards to acquire three of the group's shipyards in Germany.

The deal is worth HK$1.99 billion ($358 million). Genting Hong Kong said that it has acquired the three shipyards in order to meet robust global demand for cruise ships.

"The rapid growth of the world cruise industry, especially in China, has led to global cruise ship orders reaching an all-time high," Genting Hong Kong said in a release to the SGX.

Due to the surge in demand, Genting Hong Kong said that it faces the risk of being unable to obtain enough cruise ship building slots to meet its plans for its three cruise brands.

"In order to address this risk, it is strategic that the group acquire its own cruise shipbuilding yards to build its cruise fleet, freeing management to focus on design, planning and deployment of its planned cruise ship fleet," said the release.

Get Singapore Business Review in your inbox
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

All of its key businesses were profitable in the first six months of the year.
Singtel, Keppel Corp, and OCBC Bank led the Straits Times Index on 29 July.
There seems to be a trend amongst workers looking to switch employers.
Total property income decreased by 4% but was offset by the decline in expenses. 
This is under the Special Situation Fund for Startups investment scheme. 
Called Project Nexus, the blueprint outlines how countries can integrate their retail payment systems onto a single cross-border network.
It plans to expand in the coming months, on the back of China’s economic recovery.
Funds will be used to modernise its portfolio.
Local financial firms are expected to remain resilient even should the economy slip into a recession again.
The Mapletree group of companies led the index on 28 July.