Intended to become one of the world's largest ocean liners, the "Global Dream" will be lucky to set sail after the Asian-owned shipyard MV Werften filed for bankruptcy last month. The bankruptcy declaration halted construction of the vessel, which would have been one of the first ships capable of accommodating up to 10,000 passengers and crew.
The fate of the MV Werften was decided thousands of kilometers away, in Asia, at the offices of Genting HK, owner of the shipyard and operator of Dream Cruises. Specializing in tourism and casinos, the company collapsed due to the disruption of travel caused by the pandemic and the decision of its Malaysian parent company, Genting, to abandon it. And without sufficient financial guarantees, the German state, which had agreed to support the shipyard, withdrew.
Since then, the 342-meter-long cruise ship has been awaiting rescue. The project, with an estimated cost of €1.5 billion, is “75 percent” complete, according to shipyard management. But it needs €600 million to move forward. While the ship waits, uncertainty grips the 2,000 employees at the MV Werften docks in Stralsund, Rostock, and Wismar, across the coast of Mecklenburg-Western Pomerania.
Christoph Morgen was appointed legal administrator of the company with the aim of finding a buyer for the Global Dream. Although some investors have expressed interest, Morgen said it is difficult to get a good offer for such a large ship, especially while the coronavirus pandemic continues.
Administrators are waiting until March 1, the deadline for finding a viable solution. If no buyer emerges, the shipyards will have to be converted into offshore wind or hydrogen production centers, symbols of the country's energy transition, said Administrator Morgen.
