Royal Caribbean Group to acquire the ultra-luxury cruise line Endeavor

Tuesday, July 19, 2022

Royal Caribbean Group today announced its receiving a court approval to acquire the ultra-luxury cruise ship Endeavor.


Originally delivered to Crystal Cruises in 2021, the ship will be renamed Silver Endeavour when it officially joins the Group’s wholly owned subsidiary, Silversea Cruises’ fleet, this month.

The purchase price for the vessel was $275 million, significantly below the cost of construction.

The vessel was fully financed through a 15-year unsecured term loan, guaranteed by the German export credit agency, Euler Hermes, with no amortization payments in the first two years.

The acquisition is expected to be immediately accretive to earnings, cash flow and ROIC.

Jason Liberty, President and CEO, Royal Caribbean Group said that with Endeavour, they are seeking to grow their world class fleet to meet the exceptional demand for ultra-luxury expedition cruising.

At the same time they are also enhancing their profitability profile and affirming Silversea’s position as the industry’s leading ultra-luxury and expedition cruise line.

Built to PC6 polar class specifications, the ship can operate all of Silversea’s current expedition itineraries and is designed specifically to take travellers to the world’s most remote destinations, including both polar regions.

Roberto Martinoli, president and CEO, Silversea Cruises said that the expedition cruising industry is poised to resume accelerated growth driven by demand among high-end, affluent customers for travel to remote and hard-to-access destinations.
This ship will be the fourth vessel to join Silversea’s fleet since 2020, which demonstrates our commitment to growth.

Silver Endeavour offers the highest standards in the industry in terms of space-per-guest ratio, and crew-to-guest ratio, as well as top-notch accommodations and public areas.

The ship’s state-of-the-art expedition amenities offer guests some of the most immersive and luxury experiences available, including travelling with a fleet of zodiac boats for remote exploration.

Delivering the best vacations in the world, responsibly, is Royal Caribbean Group’s purpose, Liberty said. While their acquisition only covers the physical vessel, they want all of their guests to know they go above and beyond to take care of them.

As part of the ongoing RCL Cares program, Royal Caribbean Group will protect the deposits of guests who were originally booked on Crystal Endeavor and make a new booking on one of the Group’s global brands – Royal Caribbean International, Celebrity Cruises and Silversea Cruises.

To the extent the Crystal Endeavor guests do not receive their deposits back from Crystal or other sources, the Royal Caribbean Group will refund any amount paid on their new booking up to the amount of their lost deposits from Crystal. Complete terms of the offer will be provided on each brand’s website soon.

Silver Endeavour is scheduled to begin service winter 2022/2023, spending its inaugural season in Antarctica starting November 2022.

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