There is no future for the second Global class newbuild cruise ship which keel was laid at MV Werften's Warnemunde yard in December 2019. While the vessel has completed only the lower hull, many of the systems and machines are either installed or on site/in the Drydock Hall.
The German shipbuilding company MV Werften filed for bankruptcy on January 10, 2022. At a press conference on Friday, June 17, insolvency administrator Christoph Morgen announced that attempts were now being made to resell some of the engines and systems. The half-finished fuselage is to be sold at scrap prices.
The bankruptcy came following negotiations between the government of Germany and the owner of the shipyard, GHK-Genting Hong Kong, which did not reach an agreement over financing for the remaining building of Global Dream, the Global Class cruise ship being constructed for Dream Cruises, another GHK subsidiary.
The focus of the insolvency administrator is fully on MS Global Dream, which is now floating in the dock in Wismar (Germany). The Wismar yard was sold to the shipbuilding company ThyssenKrupp Marine Systems GmbH (2005-founded, headquartered in Kiel Germany) on June 16th. TKMS wants to build corvettes, frigates, and submarines there from 2024.
The large building dock should be free by the end of 2023. All plans to complete Global Dream at Wismar Shipyard fell through. 21 weeks after the beginning of the insolvency proceedings, the insolvency administrator hasn't received a plan with any prospects.
Global Dream is ready to the point where she could be towed anywhere around the world as an attachment to a deep-sea tugboat. If a buyer pays the desired amount, it should also cover the guarantees from the state of Mecklenburg-Western Pomerania.
If no buyer can be found in the coming weeks, the insolvency administrator will opt for a sale in a bidding process. Shipbrokers with contact with shipbreaking yards can then also submit their bids. The vessel's scrap value has risen due to the rise in scrap and metal prices globally.