Crystal Cruises Sold to Asia’s Biggest Cruise Line Operator

Nippon Yusen Kabushiki Kaisha (NYK) introduced Tuesday that it has entered into an settlement for the sale of its U.S.-based luxurious cruise line Crystal Cruises to Genting Hong Kong (GHK), the main cruise operator in Asia and a significant shareholder of Norwegian Cruise Line.

The acquisition is predicted to shut within the second quarter of 2015. Under the phrases of the settlement, GHK will purchase Crystal Cruises for US$550 million in money.

Crystal Cruises’ present fleet at the moment consists of two ships, the Crystal Symphony and Crystal Serenity. With the GHK acquisition, Crystal Cruises will likely be increasing its fleet with the the acquisition of a brand new ship, the main points of which haven’t been decided.

NYK has been the guardian firm of Crystal Cruises because it was included in 1988 in Los Angeles, California. The firm was delivered its first ship, Crystal Harmony, in 1990 from Mitsubishi Heavy Industries in Nagasaki, Japan. Crystal Symphony and Crystal Serenity had been later added to the fleet in 1995 and 2003, respectively.

“After 25 successful years with NYK, we are excited to have Genting Hong Kong as the new owner of Crystal Cruises,” stated Edie Rodriguez, President and COO of Crystal Cruises. “The proposed expansion of our fleet will present our loyal Crystal Society members and new luxury cruise guests with more itinerary options, accommodation choices and exceptional vacation experiences, as we continue to position Crystal as the innovative leader in global luxury cruising. Additionally, Crystal’s veteran leadership, management and crew will continue to focus on our award-winning guest service and our strong partnership with the travel agent community – which now has a greater opportunity to grow their business with a larger menu of Crystal product offerings.”

GHK, a part of the Genting Group, was established in 1993 as a world hospitality and leisure firm with enterprise in over 20 nations. GHK wholly owns Star Cruises, Asia’s main cruise line, and is the biggest shareholder of Norwegian Cruise Lines Holdings, guardian firm to the Norwegian Cruise Lines, Oceania Cruises and Regent Seven Seas Cruises manufacturers. Together with these manufacturers, GHK is the third largest cruise operator on the earth with a mixed fleet of 28 ships cruising to over 450 locations and providing roughly 47,400 decrease berths. GHK is a public firm primarily listed on the Hong Kong Stock Exchange and secondarily on the Singapore Stock Exchange.

“Crystal Cruises offers the epitome of luxury cruising and the service standard which all other cruise lines aspire to,” stated Tan Sri Lim Kok Thay, Chairman, CEO and Acting President of GHK. “The current management team and crew will continue to lead Crystal Cruises. Genting will provide financial resources and proven expertise in innovative ship design to build a new ship that will set the highest standard in luxury cruise ships. This new ship, together with Crystal’s legendary six-star service, will reinforce Crystal Cruises’ reputation as the world’s leading luxury cruise line for decades to come.”

About Crystal Serenity

Built in 2003 at a value of $350 million on the Alstom Chantiers de l’Atlantique in Saint-Nazaire, France, the 68,870 gross ton Crystal Serenity has accomodation for 1,070 company in 535 staterooms. The ship underwent main renovations in 2008, 2011 and 2008.

About Crystal Symphony

The Crystal Symphony was in-built 1995 at Kvaerner Masa Yards (later shaped a part of STX Finland) in Turku, Finland for a value of $250 million. The 51,044 gross ton ship can accommodate 922 company in 461 staterooms. Crystal Symphony underwent main renovations in 1999, 2001, 2004, 2006, 2008, 2009 and 2012.