Royal Caribbean buys former Crystal Endeavor for $275m

Royal Caribbean Group has received court approval to acquire the luxury cruise ship Endeavor (ex-Crystal Endeavor – IMO 9821873). Originally delivered to Crystal Cruises in 2021 by Germany-based shipbuilder MV Werften, the ship will be renamed Silver Endeavour when it joins the Royal Caribbean subsidiary Silversea Cruises later this month.

The Genting Hong Kong bankruptcy earlier this year occurred while Crystal Endeavor was operating in Antarctica. The purchase price for the vessel was $275m, significantly below the cost of construction, said Royal Caribbean. The vessel was fully financed through a 15-year unsecured term loan, guaranteed by the German export credit agency, Euler Hermes, with no amortization payments in the first two years. Royal Caribbean said that the acquisition was expected to be immediately accretive to earnings, cash flow and ROIC.

The 164 metre-long, 200-passenger ship can operate all of Silversea’s current expedition itineraries and is designed specifically to take travellers to the world’s most remote destinations, including both polar regions.

“The expedition cruising industry is poised to resume accelerated growth driven by demand among high-end, affluent customers for travel to remote and hard-to-access destinations,” according to Roberto Martinoli, president and CEO, Silversea Cruises, noting that. “this ship will be the fourth vessel to join Silversea’s fleet since 2020, which demonstrates our commitment to growth.”

Royal Caribbean Group will protect the deposits of guests who were originally booked on Crystal Endeavor and make a new booking on one of the Group’s global brands – Royal Caribbean International, Celebrity Cruises and Silversea Cruises.

“We believe those Crystal guests will receive back their deposits, but we want to give them added assurance,” Liberty said.

Silver Endeavour is scheduled to begin service during the winter of 2022/2023. It will spend its inaugural season in Antarctica starting November 2022.

2021-built, Bahamas-flagged, 20,449 gt Crystal Endeavor is currently listed as owned by Endeavor Holdings care of manager Crystal Cruises LLC of Los Angeles, California, USA. ISM manager is V Ships Leisure Sam pf Monaco-ville, Monaco. It is entered with UK Club on behalf of Endeavor Holdings Ltd. As of July 19th it was at Gibraltar West Anchorage.