Genting Hong Kong, a major shareholder in Norwegian Cruise Line Holdings (NCLH), and its indirect wholly owned subsidiary Chinese Dream (CDL) have entered into a €707.2m contract with German shipbuilder Meyer Werft for the construction of a new cruise ship for its Asian markets.

The contract price also includes an allowance of €57m for buyer’s items.

The construction of the new vessel is in line with the company’s long-term strategy to expand its fleet for continuing business development.

The 1,682-passenger-cabin cruise ship will be designed to cater to the demands of Asian clientele, including mainland China, Hong Kong and Taiwan.

The deal, which is subject to the reporting, announcement and shareholders’ approval, will be effective from 14 January 2014.

The vessel is scheduled to be delivered on 12 October 2016.

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By GlobalData

Genting Hong Kong believes the vessel, upon delivery and operation, will strengthen the company’s cruise brand, enable it to compete effectively in the cruise industry and allow it to take advantage of growing demand for cruise business in the Asia Pacific market.

The project will also boost the port infrastructure developments in Hong Kong and Asia, which allow large cruise ships to dock, while improving the operating efficiency and revenue potential of the company.

In Hong Kong, a $1.1bn cruise terminal was recently opened at the former Kai Tak airport, with the capability to accommodate the world’s largest cruise ships.