Genting Hong Kong Confirms $900M Sale of Cruise Ship

   January 9, 2020 ,   Cruise Industry

Genting Hong Kong Ltd (Hong Kong-listed company) confirmed the sale of Genting Dream ship for USD 900 million (~EUR 805 million) or 80% of its current market value (EUR 1,055 billion / USD 1,18 billion). The deal includes a 12-year leaseback of the vessel. The payment will be settled once the deal is completed on or around January 15, 2020. 

Genting Dream cruise ship

MS Genting Dream was inaugurated in April 2017. The ship is one of the 3 existing cruise liners operated by Dream Cruises. According to a previous filing, as of June 30, the unaudited net asset value of the ship was approx US$862.5 million.

Genting has been seeking funds to finance its cruise business expansion.

On August 6, 2019, Genting HK announced the sale of up to 35% of the equity interest in its Dream Cruises Holding for up to US$489 million.

In December 2019, the Hong Kong-listed company revealed that another of its units had agreed to sell and lease back an under-construction ship intended for Crystal Cruises. Crystal Endeavor is currently being built in one of the German shipyards of Genting Hong Kong.