A Huge, Incomplete Cruise Ship Is Likely To Be Sold For Scrap As No One Is Willing To Purchase It

A huge and unfinished cruise ship is going to be sold for scrap after the maker declared bankruptcy as no one is willing to buy it, the German cruise-industry magazine An Bord reported.

Attempts to sell some engines and fixtures from the Global Dream II are being made, an insolvency administrator named Christoph Morgen associated with Brinkmann & Partner mentioned during a press conference, per An Bord.

After that, the half-finished keel of the vessel — finished in the lower-hull portion — is going to be sold for scrap, per An Bord, Morgen informed.

Cruise Ship — Image for representation purpose only

A spokesperson associated with Brinkmann & Partner reported to the Insider that vessel components and the partly finished hull were up for sale.

Genting Hong Kong owns MV Werften, the German shipbuilder that was constructing the vessel. Both had filed for bankruptcy in January 2022. The ship maker had been making the vessel for a series of ships for Dream Cruises, one of the three Genting-owned cruise lines.

Global Dream, the other vessel in the series, also remained incomplete. It is at the MV Werften dock in Germany’s Wismar, per An Bord. Earlier in June 2022, the shipyard was sold to a naval vessel maker, which plans to construct watercraft, including submarines, from early 2024. This leaves only about one and a half years to shift the two Global Dream vessels.

Though multiple parties expressed their interest in completing and buying Global Dream, the insolvency administrator had not received a proper offer.

Global Dream is approximately 80% complete, Morgen mentioned on NDR, a German radio station. In the current state, the Global Dream is buoyant. It can be towed anywhere by attaching it to an ocean tugboat.

But the ship was designed to provide service in Asia, and a new owner would have to spend a hefty sum of money to redesign cabins, the deck, and again drive concept if it desired to deploy it anywhere else in the world.

The Swedish holding firm Stena AB, which owns a ferry line had initially been interested to purchase Global Dream but it dropped out owing to the uncertainties of the Asian cruise market, including China’s restrictions on travel.

If no proper offers are made to purchase the vessel in the next few weeks, Global Dream is going to be sold in an auction where it may eventually be bought for scrap. Liquidators refused such claims and maintained that they are still searching for buyers. The Brinkmann & Partner spokesperson, however, informed Insider that it is not yet decided if Global Dream will be sold at any auction.
The construction of the 1,122-foot Global Dream started in 2018 around March. It was set to debut in 2021 as one of the largest cruise vessels. The ship was expected to host over 9,000 passengers across its 2,500 cabins. It could also accommodate about 2,200 crew members.

Dream Cruises mentioned that cabins would be nearly 15% larger than the ones available on other ships. They would also boast advanced voice- and face-recognition software. The vessel was also expected to feature a theme park.

Before MV Werften put an end to operations in January, it had nearly 2,000 workers.

Reference: Business Insider

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