Crystal Cruises Sold to Genting

By ,   March 4, 2015 ,   Cruise Industry

Crystal Cruises has been sold to the owner of the largest cruise line in Asia, Star Cruises, and major shareholder of Norwegian Cruise Line. Malaysian owner Genting takes over Crystal from NYK of Japan for $550 million.

The Hong Kong-listed company said the price was payable in cash and would be funded through bank facilities and existing deposits if required. The deal is expected to close in 2015 spring.

President and COO of Crystal, Edie Rodriguez, said that after 25 successful years with Nippon Yusen Kabushiki Kaisha, they were excited to have Genting Hong Kong as the new owner of the line. He added the proposed expansion of their fleet would present their new luxury cruise guests and loyal Crystal Society members with more accommodation choices, itinerary options and exceptional vacation experiences, as they continued to position Crystal Cruises as the “innovative leader in global luxury cruising".

Crystal announced that as a result of the acquisition it would increase its fleet with a third ship, though no contract has been signed yet. Chairman and CEO of GHK, Tan Sri Lim Kok Thay, confirmed the current crew and management team would continue to lead the line. Genting called Crystal Cruises “the leading luxury line in the world”.

The ultra-luxury line operates two ships: the 51,000 GT Crystal Symphony and the 69,000-GT Crystal Serenity, built in 1995 and 2003, respectively. Crystal reported net profit for the last year of $ 8.9 million, up from a loss of $ 45 million the year before.