Genting HK to invest 100m euros in German group of shipyards

GENTING Hong Kong will invest 100 million euros (S$148.8 million) in a group of three shipyards that it acquired in Germany in April.

Genting Group chairman and chief executive, KT Lim, said the 100 million euros will go towards 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 three yards acquired by Genting in April, to be named MV Werften and managed in Wismar, will focus on building large new ships, said a Genting Hong Kong press release.

Mr Lim also announced the appointment of Jarmo Laakso, an industry veteran with more than 35 years' experience in building passenger ships, as the managing director of MV Werften.

"Mr Laakso has a unique yard and owner perspective as he has worked for Meyer Werft from 1998 to 2004 and for Royal Caribbean International from 2005 to 2015," he added.

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. 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.

MV Werften has docks, fabrication halls and painting shops which are all covered and, as a result, is able to produce cruise ships of the highest quality and workmanship, valued at more than 2.5 billion euros, said the press release.

"We will build on the strength of the 1,400 employees of MV Werften," said Mr Laakso. "We have hired and are still hiring more people with cruise shipbuilding experience who, with the current workforce, will make MV Werften one of the most efficient and innovative cruise shipbuilders in Europe."

Genting said Bremerhaven-based Lloyd Werft, which was acquired by the former last September, will focus on its prior business of repairs, conversion and building of megayachts.