$1.5 billion cruise ship to be scrapped after company filed for bankruptcy

The “world’s largest” cruise ship which would have been able to carry 9000 passengers is now set to be scrapped before its maiden voyage.

The “world’s largest” cruise ship, which would have been able to carry 9000 passengers, is now set to be scrapped before its maiden voyage.

Global Dream II is a 20-deck vessel which includes an outdoor water park and cinema.

German-Hong Kong shipbuilding firm MV Werften had nearly completed construction of the ship when the company filed for bankruptcy at the start of this year, The Sun reports.

Now, unless administrators can find a buyer to pay the ship’s $1.5 billion price tag, Global Dream II is set to be scrapped.

Stream your news live & on demand with Flash. From CNN International, Al Jazeera, Sky News, BBC World, CNBC & more. New to Flash? Try 1 month free. Offer ends 31 October, 2022 >

Global Dream II looks set to be sold for scrap unless a buyer can be found. Picture: AFP

The ship has so far cost around $2 billion to build – and it still needs $340 million to be spent on it to complete construction.

Its sister ship, Global Dream, is also on the market, but as it is complete it is unlikely it would be sold for scrap.

Both vessels are currently being stored at a German shipyard but time is running out to find a buyer for the pair.

The huge cruise ship had its own outdoor water park. Picture: Dream Cruises

The administrator for MV Werften, Christoph Morgen, told a press conference the company’s shipyard in Wismar had been sold to Thyssenkrupp’s naval unit, which will use it to build military vessels.

That means both Global Dream and Global Dream II will have to be removed by the end of 2023.

Mr Morgen told German newspaper Die Welt that, while Global Dream II is structurally complete, it still needs some equipment and passenger facilities before it could be used as a commercial cruise liner.

Now, unless a buyer can be found, the ship’s engines and other parts will be sold off, while the lower hull will be sold for scrap, according to German cruise industry magazine An Bord.

The enormous cruise liner would have been a 20-deck vessel, able to carry 9000 passengers. Picture: Dream Cruises

One stumbling block to finding a buyer for the ships is that they were designed for the Asian market, according to An Bord, so the “cabin, deck and propulsion system” would reportedly need major changes before the vessels would be suitable for use in either North America or Europe.

However there is still some hope a buyer can be found with cruise ship experts TradeWinds saying Stena is looking to buy the ship in the hopes that it will give its Chinese cruise business a boost.

Parts of the liner could be sold off separately. Picture: Alamy

TradeWinds said: “Global Dream would have no problems finding a buyer in a strong cruise market.

“Faced with the tight deadline to get the Global Dream out of its building dock by the end of 2023, recycling the ship in Turkey is a last resort that Morgen hopes to avoid.”

In terms of passenger capacity, both vessels would have been the largest cruise ships in the world.

The Royal Caribbean liner Wonder of the Seas is the current titleholder with the capacity to hold 6988 passengers.

Coming in at a weight of 208,000 tonnes each, the ships would have been the joint sixth largest by size, behind the Royal Caribbean’s five Oasis-class ships.

This story originally appeared on The Sun and is republished here with permission