“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.
The purchase price for the vessel was $275 million, significantly below the cost of construction, according to a company press release.
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.
“The expedition cruising industry is poised to resume accelerated growth driven by demand among high-end, affluent customers for travel to remote and hard-to-access destinations,” added Roberto Martinoli, president and CEO, Silversea Cruises, in a prepared statement. “This ship will be the fourth vessel to join Silversea’s fleet since 2020, which demonstrates our commitment to growth.”