MV Werften’s shipyards receive money from Germany's Corona rescue package

   June 5, 2021 ,   Cruise Industry

Germany agreed to pump in EUR 300 million to keep MV Werften afloat after the pandemic hit the shipbuilding subsidiary of Asian tourism giant Genting.

MV Werften’s 3 shipyards (located in Wismar, Stralsund, Rostock-Warnemunde) along the Baltic coast of former state Mecklenburg-Western Pomerania had been forced to decrease the working hours of most of its 3000 workers since the crisis erupted over a year ago.

With travel still restricted, the company has seen demand for huge liners or luxury mega-yachts drop.

In December, Germany had offered MV Werften a credit line of EUR 193 million.

On Thursday, June 3, the state took a stake of EUR 60 million and offered further loans of EUR 47 million, bringing total help to EUR 300 million.

With the collapse of tourism demand, Germany has plowed in billions to bail out the largest players of the country including tour operator TUI and airline Lufthansa.

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