Malaysia based Genting Group is said to be looking to buy Nordic Yards, Germany, with its shipbuilding assets in Wismar, Warnemünde and Stralsund, German media outlets reported.
Previously, the Genting Group has reportedly taken over Lloyd Werft in Bremerhaven. However, both Genting and Nordic Yards declined to comment. Local media said new companies have been formed, including Star Cruises Wismar Operations GmbH and Star Cruises Wismar Property GmbH.
Cash-strapped Nordic Yards owned by Vitaly Yusufov expected new orders intake for offshore wind power sector and Russian contracts but the hopes were not materialized.
Wismar, Germany based Nordic Yards is one of the world's leading manufacturers of technologically sophisticated and innovative special ships with a strategic focus on the field of Arctic shipping. As a technological leader in high-tech shipbuilding, the shipyard group concentrates on special ships such as ice-breaking and ice-going ships, special tankers, ferries and offshore projects. The independent subsidiary companies Nordic Yards Wismar GmbH and Nordic Yards Warnemünde GmbH also belong to Nordic Yards. Both shipyards have direct access to the Baltic. The shipbuilding companies are some of the most modern, efficient and largest shipbuilders in the world.
Genting Group with its subsidiaries and affiliates operating under the "Genting" name is one of Asia's leading and best-managed multinational corporation. There are currently 5 public companies listed in 3 jurisdictions that operate under the "Genting" name with a combined market capitalisation of over RM99 billion (US$23 billion): Genting Berhad, Genting Malaysia Berhad, Genting Plantations Berhad, Genting Singapore PLC, Genting Hong Kong Limited.