3 March 2016

GHP Group sells German shipyards

GHP Group sells German shipyards

GHP Group is pleased to announce that on 1 March 2016 (German time) it has entered into sale agreement with Genting Hong Kong, a leading global leisure, entertainment and hospitality company in respect of the sale of three shipyards in Wismar, Warnemunde and Stralsund, Germany.

The three German shipyards are unique with covered drydocks and building halls, resulting in high labor productivity and completion quality as cruise ships can be constructed regardless of weather conditions. The Wismar shipyards drydock measures 340m long and 67m wide and the Warnemunde shipyards drydock measures 320m long and 54m wide and are capable of building cruise ships larger than the largest cruise ships currently afloat. The Stralsund shipyard has a ship lift to launch cruise ships and megayachts up to 270m long.

GHP Group considers this transaction to be strategically important for both parties. The sale of the three shipyards enables GHP Group to optimize and refocus its investment portfolio on growth markets. Acquisition of German shipyards will provide Genting Hong Kong  with the means to realize its global cruise ships fleet strategy over the next decade for its three major cruise brands - Crystal Cruises, Dream Cruises, and Star Cruises.