Silverseas Acquires Crystal Endeavour for $275 Million

Silversea Cruises has received court approval for the purchase of the ultra-luxury cruise ship Crystal Endeavor. 

Originally delivered to Crystal Cruises in 2021, the ship will be renamed Silver Endeavour when it officially joins the Royal Caribbean Group subsidiary later this month.

 

The purchase price for the vessel was $275 million and 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 fifth expedition ship in Silversea’s fleet of 11, the vessel is scheduled to begin service in winter 2022/2023, spending its inaugural season in Antarctica starting November 2022.

 

"With Endeavour, we are seeking to grow our world-class fleet to meet the exceptional demand for ultra-luxury expedition cruising, while also enhancing our profitability profile and affirming Silversea’s position as the industry’s leading ultra-luxury and expedition cruise line," said Jason Liberty, president and chief executive of Royal Caribbean Group. 

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

 

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 its 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 number of their lost deposits from Crystal.