The German cruise industry journal An Bord was the first to announce that a big unfinished cruise ship is likely to be sold for scrap after its manufacturer filed for bankruptcy since no one wants to buy it.
An Bord quotes Christoph Morgen, an insolvency administrator at Brinkmann & Partner, as saying at a news conference that attempts are being made to sell part of the fixtures and engines from Global Dream II. The ship’s partially constructed keel, which is only finished in the lower hull region, will thereafter be sold for scrap.
A Brinkmann & Partner spokeswoman confirmed to Insider that the vessels’ individual parts and the partially completed hull are for sale.
The holding firm Genting Hong Kong owns MV Werften, the German shipyard that was building the vessel. In January, both filed for bankruptcy. For Dream Cruises, one of the three cruise lines controlled by Genting, the shipbuilder was constructing the ship as part of a fleet of global-class ships.
The other vessel in the lineup, Global Dream, is likewise unfinished. According to An Bord, it is docked at the MV Werften dock in Wismar, Germany. Earlier this month, the shipyard was sold to a manufacturer of naval vessels, who intends to start producing submarines at the location in early 2024. This leaves a year and a half to shift the two Global Dream ships.
As per Morgen, Global Dream is around 80% complete. NDR is a German radio broadcaster. The vessel is buoyant in its current configuration and may be towed to another location if connected to an ocean tugboat.
However, the ship was made for service in Asia, and if a new owner wanted to use it anywhere around the globe, they would need to spend a lot of money rebuilding the cabin, deck, and propulsion concepts. Reports stated that the Swedish holding firm Stena AB, which runs a ferry service, was considering purchasing Global Dream but decided against it due to market uncertainties in Asia, notably China’s tough travel regulations.
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An Bord stated that Global Dream would be put up for auction and may eventually be purchased for scrap if no serious proposals are made for the ship in the ensuing weeks. The liquidators reportedly refuted these allegations and insisted that they are actively seeking a buyer. The Brinkmann & Partner representative told Insider that it hasn’t been decided if Global Dream will be sold at auction.
Global Dream was slated to make its debut as one of the largest cruise ships in early 2021 when construction on the ship began in March 2018. Over 9,000 guests and 2,200 crew members were supposed to fit in 2,500 staterooms on the 1,122-foot ship.
Dream Cruises said that the rooms will include voice- and face-recognition technologies and be around 15% bigger than those seen on other ships. A theme park was also intended to be on the ship. According to The Maritime Executive, the MV Werften employed close to 2,000 people when it ceased operations in January.
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