RCG-Royal Caribbean Group acquires Crystal Endeavor cruise ship

   July 18, 2022 ,   Cruise Industry

RCG-Royal Caribbean Group announced it had received court approval to acquire the ultra-luxury cruise ship Crystal Endeavor.

Originally delivered to Crystal Cruises in 2021, the vessel will be renamed "Silver Endeavour" when she officially joins the RCG's wholly owned subsidiary Silversea, this month.

The purchase price for the ship was US$275 million, which is significantly below the cost of construction. The Endeavor was fully financed through a 15-year unsecured term loan that is guaranteed by the German export credit agency, Euler Hermes, with no amortization payments in the first 2 years.

The acquisition is expected to be accretive to earnings, cash flow, and ROIC. 

Jason Liberty (RCG's President and CEO) commented that with Endeavour, they were seeking to grow their "world-class fleet to meet the exceptional demand for ultra-luxury expedition cruising, while also enhancing our profitability profile and affirming Silversea's position as the industry's leading ultra-luxury and expedition cruise line."

Built to PC6 polar class specifications, the vessel can operate all of Silversea's expedition itineraries and is specifically designed to take travelers to the most remote destinations in the world, including both polar regions.

Roberto Martinoli (Silversea's President and CEO) said the ship would be the 4th to join the fleet since 2020, which demonstrated their commitment to growth.

As part of the RCL Cares program, RCG will protect the deposits of passengers who were originally booked on Endeavor and make a new booking on one of the company's global brands – RCI-Royal Caribbean International, Celebrity, and Silversea. RCG will refund any amount paid on the new booking up to the amount of the lost deposits from Crystal Cruises.

Crystal Endeavor cruise ship

Silver Endeavour is scheduled to start service in winter 2022-2023, spending the inaugural season in Antarctica from November 2022.

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