Genting HK to pump in additional S$148.7 million into 3 German shipyards

Genting Group chairman and chief executive Lim Kok Thay.
Genting Group chairman and chief executive Lim Kok Thay.PHOTO: CRYSTAL CRUISES

SINGAPORE - Mainboard-listed Genting Hong Kong announced on Monday (July 11) it would invest another 100 million euros (S$148.7 million) in three shipyards in Germany acquired in April for 230.6 million euros.

The shipyards in the German state of Mecklenburg-Vorpommern will be named MV Werften, will be managed in Wismar and will focus on eventually building three cruise ships a year.

Said Genting Group chairman and chief executive KT Lim: "To make MV Werften into one of the world's most modern and efficient cruise shipyards, we will invest 100 million euros in a thin plate laser welding line, a cabin module factory, a new covered section block building hall, the modernisation of manufacturing control systems and new executive and employee offices and facilities."

The company also named Mr Jarmo Laakso as MV Werften's managing director. It said Mr Laakso has more than 35 years of experience building passenger ships, including the latest generation of mega cruise ships such as the Quantum of the Seas. He worked for Meyer Werft from 1998 to 2004 and for Royal Caribbean International from 2005 to 2015.

MV Werften will deliver the first of four luxury Crystal River ships in 2017, the first of a series of 20,000 gross ton Crystal Endeavor Class polar expedition yachts in 2018 and the first of a series of 201,000 gross ton Star Cruises Global Class cruise ships by 2020, said Genting HK.

The planned annual output of MV Werften will be stepped up in future years to eventually build two Neo-Panamax cruise ships of over 200,000 gross tons each and one Panamax cruise vessel, sad the company.