Cruise company Royal Caribbean Group has agreed to take over the ultra-luxury expedition cruise ship Endeavor for $275m.
The consideration marks a significant discount on the ship’s construction cost, which was around $385m.
The vessel was delivered to Crystal Cruises in 2021. The company halted operations earlier this year after its parent group, Genting Hong Kong, became insolvent.
The latest acquisition secured has received court approval.
Royal Caribbean will now rebrand the ship as Silver Endeavour and add it to the fleet of its Silversea Cruises brand.
The 20,499 gross tonne ship was entirely financed using an unsecured term loan with a duration of 15 years. The loan was guaranteed by German export credit agency Euler Hermes and will be assumed by Royal Caribbean Group.
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Constructed by MV Werften according to PC6 polar class specifications, the cruise ship holds the potential to operate all of Silversea’s current expedition itineraries.
The ship has been specially designed to take travellers to the world’s most remote destinations, including both polar regions.
Silver Endeavour consists of modern expedition amenities, including a fleet of zodiac boats for remote exploration.
Royal Caribbean Group president and CEO Jason Liberty said: “With Endeavour, we are seeking to grow our world-class fleet to meet the exceptional demand for ultra-luxury expedition cruising, while also enhancing our profitability profile and affirming Silversea’s position as the industry’s leading ultra-luxury and expedition cruise line.”
Last October, Royal Caribbean unveiled a comprehensive decarbonisation strategy to reach net-zero emissions by 2050.