Genting Hong Kong secures €2.6 billion financing for Dream Cruises’ two new Global Class ships
Genting Hong Kong (GHK) announced that it has signed loan agreements of EUR 2.6 billion with a consortium led by KfW IPEX-Bank for construction and post-delivery financing for Dream Cruises’ two new Global Class ships. The financing package will be backed by export credit guarantees of the Federal Republic of Germany and the Finnish export credit agency Finnvera, as well as by a guarantee from the state of Mecklenburg-Western Pomerania. At an overall cost of EUR 3.1 billion, the two new vessels are currently being built at GHK owned MV Werften in Germany.
Having worked in close cooperation with GHK for over 20 years, KfW IPEX-Bank developed the overall pre and post-delivery financing for the Global Class Ships over the course of the last three years since GHK’s purchase of MV Werften. The banking consortium also includes BNP Paribas, Citibank, Crédit Agricole, Credit Suisse and DNB while a substantial portion of the loan amount will be further syndicated to more than ten other German and international banks.
“We are very appreciative of KfW IPEX-Bank, the bank consortium, the Federal Republic of Germany, the state of Mecklenburg-Western Pomerania and Finnvera for supporting GHK in the financing of the Global Class ships,” says Tan Sri KT Lim, Chairman and Chief Executive of Genting Hong Kong. “Dream Cruises’ focus now is to launch the Global Class ships at IBTM China in Beijing on 28 August, building on the foundation established by Explorer Dream in East and North China this year.”
The Global Class ships have been designed for the fast-growing Asian cruise market, which will see the largest increase in the number of middle-income households in the world over the next decade.
The Global Class ships will also be the largest cruise ships ever built in Germany and the world’s largest cruise ships in terms of passenger capacity. Each 204,000 gross ton ship will feature 2,500 suites and cabins providing 5,000 lower berths. Accommodating up to four passengers in each cabin, the ships will have a maximum capacity of up to 9,000 passengers, serviced by 2,500 crew during peak holiday seasons. Design features such as escalators and the deployment of the most advanced digital technology will ensure smooth movement of passengers.
The two Global Class ships will enter into service in early 2021 and early 2022, joining the current Dream Cruises fleet of three vessels. Both Dream Cruises’ Genting Dream and World Dream have been recognized as two of the top 10 large cruise ships by the Berlitz Guide to Cruising 2019 and are the only two highest-rated cruise ships to be deployed in Asia. Dream Cruises’ third ship, Explorer Dream, commenced service this year in Eastern and Northern China and has enjoyed record occupancies. At the end of the year, Explorer Dream will be repositioned to Australia and New Zealand for Asian sourced passengers who are looking to escape the northern cold winter to enjoy summer cruises in the southern hemisphere.
By 2022, Dream Cruises will consist of five ships that will be the youngest and most modern fleet in the world. The only global cruise line with all “Made in Germany” cruise ships, Dream Cruises’ fleet features the highest safety standards, build quality, speed, power and luxury finishes. Coupled with the Genting Group’s over 50 years of experience in the Asian hospitality industry, Dream Cruises provides its Asian-sourced guests with the best food, entertainment and service standards on board the finest vessels sailing to all the popular destinations in the world.
The official launch of the first Global Class ship will take place at IBTM China, the nation’s largest MICE and hospitality show, in Beijing on 28th August. During the event, the new name of the first Global Class ship will be announced and a special large-scale Dream Cruises exhibition will showcase its star attraction, a full-scale reproduction of a typical 20-square-meter Global Class cabin. The display cabin will come complete with a king-size bed, a large sofa, LED mood lighting, voice and app activation to control light, audio functions and air-conditioning, along with other refinements. At approximately 15% larger than standard cabins found on most other cruise lines, the Global Class cabin offers a luxurious environment for two yet can comfortably accommodate a family of four with its unique two bathroom design and a large sofa which can transform into a king-size bed for an additional two guests.
This will be followed by the official launch for other Asian markets at ITB Asia in Singapore on 16-18 October this year.