Seatrade Cruise News is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Crystal Symphony, Serenity reported sold for $128m

Article-Crystal Symphony, Serenity reported sold for $128m

Crystal Symphony, foreground, and Crystal Serenity
Crystal Symphony went for $25m and Crystal Serenity for $103m at auction in the Bahamas, The Tribune reports.

The paper cited an attorney for the ships' mortgage holder DNB, the Norwegian bank.

The buyers were CSY Ltd. and CSE Ltd., after the names of the vessels, and are likely special-purpose companies set up for the acquisition. So the actual identity of the owners or owner — since it's possible one party bought both ships — are still to be revealed.

It is understood that multiple parties were bidding on both vessels.

No comment from Lefebvre's Heritage Group

As recently as late March, Manfredi Lefebvre d'Ovidio's Heritage Group confirmed to Seatrade Cruise News that 'Heritage maintains a strong interest and we hope to be successful in acquiring [the] Crystal ocean fleet and brand.'

However, contacted this week, Heritage could not comment.

Crystal Symphony was built in 1995 for $250m and has 904 berths, while Crystal Serenity was built in 2003 for $350m and has 1,040 berths.  

A broker's view

A broker told Seatrade Cruise News $25m for Crystal Symphony is 'a bargain' and $103m for Crystal Serenity 'sounds right.' He noted it's a buyer’s market now for a number of reasons including banks' reluctance to extend financing. 

Both ships are currently in Freeport, Bahamas, where they've been since their arrests in early February.

Creditors' hearings

The Tribune said Bahamas Admiralty Marshal Berne Wright confirmed the payment for both vessels had been made to him and that hearings will take place to determine the order of payment to creditors.

Custodial fees and maritime liens — necessities like crew wages, fuel supplies, etc. — have priority.

According to The Tribune, DNB's attorney said the splitting of proceeds among creditors wouldn’t happen for at least 30 days.

Hide comments


  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.