Dream Cruises set to launch new Global Class ships in 2021 and 2022

CHINA (HONG KONG)Genting Hong Kong’s Dream Cruises brand is scheduled to take delivery of two Global Class ships in early 2021 and early 2022 having secured financing of more than €2.6 billion euros for the €3.1 billion combined project.

Germany’s KfW IPEX-Bank is the lead institution in the financing consortium of six international banks.

The new 204,000-ton ships – designed for the Asian cruise market – are being built at the GHK-owned MV Werften shipbuilding company and are said to be the largest cruise liners ever made in Germany.

They will also also be the world’s largest cruise ships by capacity capable of taking up to 9,500 passengers, plus 2,500 crew during peak holiday seasons.

Rendering of a new Global Class ship, the first of which will be delivered by early 2021.

Dream Cruises has a partnership with Starboard Cruise Services – owned by LVMH Moët Hennessy Louis Vuitton – for the onboard retail offer on Genting Dream (launched in 2016), World Dream (launched 2017) and Explorer Dream, launch in April 2019.

The two Global Class ships will fuel Dream Cruises’ aspiration of becoming the go-to brand for luxury cruising in the Asia Pacific region.

GHK sells 35% of Dream Cruises for US$489 million

The latest financing for the new ship class comes just over a week after GHK announced a deal to offload 35% equity interest in Dream Cruises to TPG Capital Asia, TPG Growth, and Ontario Teachers’ Pension Plan for US$489 million. The agreement, subject to the usual conditions and regulatory approvals, values Dream Cruises at US$1,397 million. The two-tranche transaction is expected to close by December 2019.

GHK Chairman and CEO Tan Sri KT Lim commented: “The investment by TPG and Ontario Teachers’ will help Dream Cruises to have the youngest and technologically most advanced fleet of quality, German-built cruise ships with legendary Asian service.”

The remaining 65% of Dream Cruises remains part of Genting Cruise Lines which also comprises Star Cruises and Crystal Cruises. The cruise operation is part of GHK’s wider global leisure, entertainment and hospitality enterprise. Related businesses include the German shipyards MV Werften and Lloyd Werft, the nightlife brand Zouk, and Resorts World Manila, an associate of Genting Hong Kong.

Food & Beverage The Magazine eZine