Last updated: 04:34 PM ET, Fri September 18 2015

Genting Hong Kong to Acquire Germany's Lloyd Werft Shipyard

Cruise Line & Cruise Ship | Patrick Clarke | September 18, 2015

Genting Hong Kong to Acquire Germany's Lloyd Werft Shipyard

PHOTO: The Norwegian Sky being built at Germany's Lloyd Werft shipyard. (courtesy Lloyd Werft)

Cruise and resort operator Genting Hong Kong announced Friday that it's agreed to acquire Germany's Lloyd Werft shipyard.

The Hong Kong holding company will acquire 70 percent of the shipbuilding business and 50 percent ownership of the land in exchange for 17.5 million euros ($19.9 million). Genting Hong Kong's completed acquisition of the Bremerhaven-based shipyard will be subject to the company's fulfilment of select final purchase conditions, the company announced in a news release.

Keep in mind that Genting Hong Kong is no stranger to the shipyard and has teamed with it to produce successful cruise ships in the past.

"Lloyd Werft has already built and lengthened six ships owned by an affiliate of Genting Hong Kong and has the expertise to build a series of world class cruise ships for the company, which will include the 'Exclusive Class' vessels for Crystal Cruises," Genting Hong Kong chairman and CEO Tan Sri Lim Kok Thay said in a statement. "Ownership in Lloyd Werft will enable Genting Hong Kong to leverage on the shipyard's technical expertise as well as their well-established and long track record in the shipbuilding industry."

The announcement comes on the heels of Genting Hong Kong signing a letter of intent in July to build Exclusive Class cruise ships at Lloyd Werft. Meanwhile, Genting Hong Kong-owned Crystal Cruises has plans to build new luxury river ships at the German shipyard.

Genting Hong Kong's Star Cruises is currently the world's third-largest cruise line behind Carnival Corporation & plc and Royal Caribbean Cruises Ltd.

In addition to possessing an equity stake in Norwegian Cruise Line Corporation Ltd., the company recently added to its portfolio with the acquisition of Los Angeles-based Crystal Cruises, a leading luxury cruise line. 

Lloyd Werft shipyard dates back to the mid 19th century and has been in the newbuilding business for the past four-plus decades. The shipyard has notably constructed vessels for Norwegian Cruise Line and also converted the Cunard Line's Queen Elizabeth 2.

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