The company that owns the luxury cruise ship filed for bankruptcy at the beginning of the year after failing to find a buyer for the R$7,2 billion vessel.

Na Germany, one of the world's largest cruise ships is stalled in a shipyard as bankruptcy administrators are unable to find a buyer for the luxury vessel valued at £1,2 billion. The cruise ship, which is 7,2 meters long, has 349 decks and has a luxury cinema on board and an outdoor water park as one of its main attractions, is unfinished and should be dismantled even before carrying out its first trip.

Find out what's behind the cruise ship scrapping

According to the specialized magazine On board, the lower hull of the vessel known as the Global Dream II, the second global-class ship from the insolvent shipyard MV Werften off Germany's Baltic coast, is to be scrapped at scrap prices. The objective of the German company MV Werften is to be able to sell parts of the vessel, machinery and equipment. Up to 9 thousand passengers can be transported by Global Dream II.

MV Werften, in January 2022, filed for bankruptcy at the same time as the construction of the cruise ship Global Dream II was almost over. The ship is structurally sound, but the equipment and passenger facilities need finishing. The company sought to be saved from scrap by seeking an investor willing to pay £900m for the ship, but so far no buyer for the vessel has been found.

The cruise ship was not prepared to receive military resources and armaments and, therefore, has to be dismantled and its more than 260 thousand tons will be taken from the marina and sold as scrap.

The Global Dream can be transported from MV Werften to any place in the world by ocean tugs, as its facilities were sold to a German naval unit. If no buyer is found within the next few weeks, a bidding process will be initiated which would allow ship brokers with contacts in marine scrap yards to submit their bids.

The best hope of finding a buyer is in the Chinese market. TradeWinds experts said the Global Dream II would have no problem finding a buyer in a strong cruise ship market. However, with the short deadline to withdraw the ship from the shipyard – end of 2023 – recycling the ship in Turkey will be the last resort.

What are the characteristics of Global Dream II?

The Global Dream II, which will be dismantled, has the capacity to accommodate 9 people, is 349 meters long, 46,4 meters wide and has a draft of 9,5 meters – the submerged part of the ship. It began construction on September 10, 2019, in Rostock, Germany. With the Covid-19 pandemic, the facilities were temporarily closed and the completion of the ship was delayed. Six months after the application for bankruptcy by MV Werften, in June 2022 it was announced that the Global Dream II would be sold for scrap. Its construction was a partnership between the German company MV Werften and Hong Kong.

The Daily Mail guaranteed, last Thursday (8), that the twin ship of the Global Dream II, the Global Dream, is also on the market, but should not be eliminated.

The administrator of MV Werften, Christoph Morgen, revealed, last Thursday (8), that both the 'Global Dream' and the 'Global Dream II', which are stored in a German shipyard in Wismar, must be removed from the site until the end of 2023, as this shipyard was sold to a Thyssenkrupp naval unit for the construction of military ships.

ThyssenKrupp Marine Systems decided to buy the shipyard in order to expand operations for Germany's defense industry, particularly after Russia's invasion of Ukraine.