‘Golden Dream’ turns into nightmare for German port town

by AFP

WISMAR • The unfinished “Golden Dream” rests quietly in a dock as the Covid-19 pandemic has turned the cruise ship into a nightmare for the shipyard in Wismar along Germany’s windswept Baltic coast.

Destined to have become one of the world’s largest liners, the “Global Dream” will be lucky to ever set sail after the Asian-owned MV Werften shipyard filed for bankruptcy last month.

“We are the classic victims of coronavirus,” said Carsten Haake, MV Werften’s CEO.

The bankruptcy filing meant that construction work on the vessel, which would have become one of the first ships capable of hosting up to 10,000 passengers and crew, was halted.

MV Werften’s fate was decided thousands of km away in Asia, in the offices of Genting HK, the owner of the shipyard and the Dream Cruises operator.

Specialised in tourism and casinos, the company collapsed from the disruption to travel caused by the pandemic and the decision made by Genting Hong Kong Ltd to abandon it.

Without sufficient financial guarantees, the German state, which had agreed to support the shipyard, withdrew. Since then, the 342m-long cruise ship — a little taller than the Eiffel Tower and adorned with a lurid cartoon fresco of astronauts and mermaids — has been waiting for a saviour.

The project with an estimated cost of €1.5 billion (RM7.18 billion), is “75%” complete, according to the shipyard’s management. But it requires €600 million to keep going.

While the ship waits, uncertainty grips the 2,000 employees at MV Werften’s docks in Stralsund, Rostock and Wismar, across the coast of Mecklenburg-West Pomerania in what used to be East Germany.

Christoph Morgen was appointed to be the legal administrator for the company with one goal: “Find a buyer for the Global Dream”.

Administrators are on the clock for March 1, their deadline for finding a viable solution.

The situation is also being monitored closely by local government figures for whom the collapse was a “shock, as it was for the whole city”, the Social Democrat mayor of Wismar Thomas Beyer told AFP.

“Many families depend on the facility, generations have worked there,” he added.

The shipyards are closely linked to the history of the city.

Built after the Second World War, they were first used to service Soviet ships, before branching out in the 1950s.

The fall of the Berlin Wall and the collapse of East German industry led to massive layoffs.

Privatised in the 1990s, the shipyards have since then had a series of owners from both Germany and abroad, but had survived the economic ups and downs until now.

OIf no buyer comes forward, the yards will have to be converted to offshore wind or hydrogen production sites, symbols of the country’s energy transition, the administrator Morgen said.


Recent Posts

Warming above 1.5C likely in near term unless world acts now, UN says

The report published today by the world’s leading climate science body, the UN Intergovernmental Panel…

8 hours ago

Lost radioactive capsule found in Thailand, prompting health fears and anger

A missing radioactive capsule that sparked health fears in Thailand and a days-long search has…

8 hours ago

The World of Tim Burton starts haunting KL

by AZALEA AZUAR THE World of Tim Burton has finally made its way to Pavilion…

8 hours ago

Indonesia’s GoTo has narrower adjusted loss on cost cuts

GoTo Group reported a narrower adjusted loss for the fourth quarter, helped by extensive cost…

9 hours ago

Leform bags RM20m job from IJM Construction

Leform Bhd has secured a RM19.53 million contract from IJM Construction Sdn Bhd to supply…

9 hours ago

The one big winner and many losers of UBS’s Credit Suisse rescue

UBS Group AG is emerging as a rare winner in Credit Suisse Group AG’s crisis…

10 hours ago