Germany has agreed to pump in 300 m euros (S$483 million) to keep MV WERFTEN afloat, after the pandemic knocked off kilter the shipbuilding subsidiary of Asian tourism and casino giant Genting Casinos.
MV WERFTEN’s three shipyards along the Baltic coast of former eastern state Mecklenburg-Western Pomerania had been forced to reduce the working hours of most of its 3,000 workers since the coronavirus crisis erupted more than a year ago.
With travel still severely restricted, particularly in Asia, the company has seen demand for huge cruise ships or luxury mega-yachts dwindle.
In December, Germany had already offered MV Werften a credit line of 193 m euros.
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