Genting Hong Kong said it has acquired three German shipyards from Nordic Yards for 231 million euros (about $250 million).

The yards are located in Wismar, Warnemunde and Straslund. Genting said that together with the purchase of the Lloyd Werft yard last year, the acquisition will enable it to realize its shipbuilding strategy for the coming years.

“The rapid growth of the world cruise industry, especially in China, has led to cruise ship order books reaching an all-time high,” said Tan Sri Lim Kok Thay, chairman and CEO, Genting Hong Kong. “In order to ensure that the company can build the required number of cruise ships in the next decade for our global fleet expansion, it is strategic that we acquire shipyards that can build our cruise ships in a timely basis and in a more cost-effective manner.”

He said ownership of the shipyards will free Genting from both the delivery timing and pricing uncertainties associated with the cruise ship order book cycle, and allow management to focus on strategic planning and operations.

Genting’s brands include Crystal Cruises, Star Cruises and Dream Cruises, which is in development.

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