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 Coronavirus (COVID-19) 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.

Port of Warnemunde-Rostock (Germany)

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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