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NYK Sells Crystal Cruises

NYK Sells Crystal Cruises
The Tokyo-based shipping company Japan Nippon Yusen Kabushiki Kaisha (NYK) has sold its entire equity interest in its wholly owned subsidiary, Crystal Cruises, to Genting Hong Kong Limited (GHK) for USD 550 million.

Crystal Cruises operates two cruise ships, Crystal Symphony and Crystal Serenity, in the North American market, and is a wholly owned subsidiary of NYK Group Americas, headquartered in Los Angeles.

NYK expects to conclude the transfer within the first quarter of the fiscal year ending March 31, 2016.

The company projects sales gains of JPY 26.1 billion (USD 217.9m) as extraordinary income in the consolidated financial results for the quarter.

Tan Sri Lim Kok Thay, Chairman, CEO and Acting President of GHK, said: ”The current management team and crew will continue to lead Crystal Cruises. Genting will provide financial resources and proven expertise in innovative ship design to build a new ship that will set the highest standard in luxury cruise ships.”

The Hong Kong and Singapore-listed Genting Hong Kong Limited is a leisure, entertainment and hospitality enterprise company, operating cruise and resort businesses in over 20 countries in the world.  GHK wholly owns Star Cruises, and is a major shareholder of Norwegian Cruise Line.

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