Genting Hong Kong raises $900m via Genting Dream sale and leaseback

16 January 2020 (Last Updated January 16th, 2020 12:09)

Genting Hong Kong has generated $900m through the sale and leaseback of Genting Dream, one of the Dream Cruises' cruise ships.

Genting Hong Kong raises $900m via Genting Dream sale and leaseback
Built in 2016, Genting Dream cruise ship has a gross tonnage of 150,000. Credit: Sapphire Jasper.

Genting Hong Kong has generated $900m through the sale and leaseback of Genting Dream, one of the Dream Cruises’ cruise ships.

Genting Dream is the first ship built under Genting Hong Kong’s premium cruise line brand Dream Cruises. Launched in 2016, the ship has a gross tonnage of 150,000.

The transaction was carried out with a consortium of four Chinese companies, including Bank of Communications Financial Leasing, CMB Financial Leasing, CCB Financial Leasing and China Development Bank Financial Leasing.

The proceeds from the transaction were used to repay Genting Dreams’ existing $502m outstanding bank loan.

Dream Cruise’s passenger ship fleet includes Genting Dream, World Dream and Explorer Dream.

Genting Hong Kong chairman and CEO Tan Sri Lim Kok Thay said: “We are very appreciative of the consortium for supporting Genting Hong Kong in the refinancing of Genting Dream, which allows a longer repayment period with a balloon payment at the end of 12 years.

“With the completion of this transaction, the group is now focusing on launching new summer itineraries for Dream Cruises, which will showcase the best of Southeast Asia with exciting new destinations, including Christmas Island and Belitung in addition to popular destinations such as Palawan and Kota Kinabalu.

“As well, we are looking forward to the highly anticipated debuts of Crystal Endeavor in August this year and of Global Dream in 2021.”

In December last year, marine technology firm ABB secured a €157m ($175.5m) contract from Genting Hong Kong to power its six cruise ships.

According to the contract, the company delivered power, Azipod electric propulsion and digital solutions for the Universal Class vessels.