Global Dream II will remain just a dream, to be sold for scrap

The partially built Global Dream II, sitting in the insolvent MV Werften shipyard on the Baltic Coast of Germany, will be sold for scrap, according to a report in An Bord.

Asia-based Dream Cruises collapsed, along with parent company Genting Hong Kong, early this year after a German regional government refused to supply Genting Hong Kong with more cash. That had a domino effect leading to the collapse of the heavily indebted Genting Hong Kong business.

Insolvency administrator Christoph Morgen said in a press conference on Friday June 17th that he had been unable to find a buyer of the Global Dream II as a going concern.

Morgen said that he was focusing on the sale of Global Dream, which is ready to float in the dock in Wismar, MV Werften’s Wismar shipyard was sold to Thyssenkrupp AG’s Kiel-based naval unit, which plans to build military vessels there from 2024.

Thyssenkrupp Marine Systems is understood to want the large dock to be available by the end of 2023.

Sweden’s Stena AB, which wanted to build a cruise product in Asia, was reported to have been the only interested party, but decided against continuing with such a large investment after former Genting owner Lim Kok Thay announced a new cruise brand in Singapore, at almost exactly the same time as China decided to pursue its zero-Covid policy.

If no serious buyer is found in coming weeks then Morgen will have to start a bidding process, which would allow ship brokers with contacts to maritime scrap yards to submit their bids.