Royal Caribbean Group has purchased Crystal Endeavor, a luxury expedition cruise ship that entered service with Crystal Cruises in 2021.
The expedition cruise ship will be renamed Silver Endeavour and enter Silversea Cruises’ fleet later this year.
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.
“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 CEO, Royal Caribbean Group.
Built to PC6 polar class specifications, the expedition cruise ship can operate all of cruise line’s current expedition itineraries and is designed specifically to take travelers to the world’s most remote destinations, including both polar regions.
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 traveling with a fleet of zodiac boats for remote exploration.
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.