Genting’s shipbuilding units in Germany file for bankruptcy

A general view of the shipbuilding hall at the Wismar location of the MV-Werften shipyards which file insolvency, in Wismar, Germany January 11, 2022. - Reuters

Frankfurt: Asian tourism and casinos giant Genting’s shipbuilding subsidiaries in Germany filed for bankruptcy on Monday, which one union leader described as a “dark day” for the country’s dockyards.

With travel still severely restricted during the coronavirus pandemic, particularly in Asia, the company has seen demand for huge cruise ships or luxury mega-yachts dwindle.