Royal Caribbean announced today that it has received court approval to obtain the luxury cruise ship Endeavor.
Originally delivered to Crystal Cruises in 2021, the ship will be renamed Silver Endeavor when she officially joins the fleet of Silversea Cruises, a wholly-owned subsidiary of the Group, this month.
The ship’s purchase price was $275 million, well below the cost of construction. The vessel was fully financed through a 15-year unsecured loan, guaranteed by the German export credit agency, Euler Hermes, with no amortization payments for the first two years. The acquisition is expected to be immediately accretive to earnings, cash flow, and ROIC.
“With Endeavor, we seek to grow our world-class fleet to meet the exceptional demand for ultra-luxury expedition cruises, while enhancing our profitability profile and reaffirming Silversea’s position as the leading ultra-luxury expedition cruise line in the industry,” said Jason Liberty, Chairman and CEO of Royal Caribbean Group.
Built to PC6 polar class specifications, the ship can handle all of Silversea’s current expedition plans and is specifically designed to take passengers to the world’s most remote destinations, including both Polar Regions.
“The expedition cruise industry is poised to continue its rapid growth driven by demand for travel to remote and hard-to-reach destinations among high-end and wealthy customers,” said Roberto Martinoli, president and CEO of Silversea Cruises. “This ship will be the fourth ship to join Silversea’s fleet from 2020, demonstrating our commitment to growth.”
Silver Endeavor offers the highest industry standards in terms of space per guest and crew per guest ratios, as well as superior accommodations and public areas. The ship’s state-of-the-art expedition facilities offer guests some of the most immersive and luxurious experiences available, including traveling with a fleet of Zodiac boats for remote exploration.
“Responsibly providing the best vacations in the world is the purpose of Royal Caribbean Group,” said Liberty. “Although our acquisition only covers the physical ship, we want all of our guests to know that we do our best to take care of them.”
As part of the ongoing RCL Cares program, Royal Caribbean Group will protect the deposits of guests who originally booked with Crystal Endeavor and will rebook with one of the Group’s global brands: Royal Caribbean International, Celebrity Cruises, and Silversea Cruises.
Silver Endeavor is scheduled to begin operations in the winter of 2022/2023 and will spend its inaugural season in Antarctica beginning in November 2022.