A $1.4 billion super cruise ship is for sale for scrap even though it has never been used

Global Dream II is about 80% complete but cannot be put into use.

Before 2020, the yacht industry is developing very well, yacht tours are sought after and always sold out, then most of the ships are in a state of sailing in the ocean with the task of bringing passengers explore regions of the world. But now, those luxury yachts are forced to stop indefinitely and face abandonment at sea because of the current difficult situation.

The world's largest yacht that has never been used is about to turn into scrap

The cost of owning a yacht is not low, companies will try to take advantage of all ways to get back the final revenue. When a ship is unusable, the first thing the owner thinks about is to find a way to sell it to smaller companies. Some yacht wrecks will be redecorated and become a tourist attraction for tourists to visit. In case the need to buy ships is reduced, the ship will be dismantled into parts to sell scrap.

The MV Werosystem shipyard in Warnemunde, Germany, marks the end of the Global Dream II ship. This is one of two cruise ships expected to break records operated by Dream Cruises. It is worth mentioning that this ship has not been completed but has been moved to the scrap yard.

Global Dream II can accommodate 9,000 passengers at a time, installed by a German-Hong Kong company called MV Werften. The investment for the boat building stage amounted to nearly $1.4 billion. Because this company went bankrupt in early 2022, the ship was forced to be dismantled.

The ship is expected to break the world record.

The giant ship is located at the MV Werworthy shipyard in Warnemunde, Germany. Part of the hull has been completed, and the basic machinery and systems have been installed. MV Werosystem filed for bankruptcy in early 2022.

Faced with the current situation, project managers are forced to cut losses as quickly as possible. According to the report, because the ship cannot find a buyer, the machinery and accessories will be sold, while the hull will most likely be sold as scrap.

The yacht selling scrap is no longer a strange thing

The cruise ship industry has been hit hard by the Covid-19 pandemic, with many shipping lines forced to file for bankruptcy due to restrictions on travel to control the disease globally.

In the early stages of the pandemic, large cruise ships often became Covid-19 outbreaks because passengers and crew easily contracted the virus by living in the same space.

Carnival Fantasy is a yacht famous for its exotic decoration with a capacity of 2,000 guests. Right from the time it was put into operation in 1990, the yacht has been impressed by its unique Egyptian-themed design.

Carnival Fantasy Cruise.

In 2020, this 30-year-old yacht returns to the Aegean Sea in Turkey to finish its final journey at the capital of Aliaga dismantling. Its "rest" is a dismantling workshop for old cargo ships, oil tankers and survey ships, reaching retirement age. Now, this shipyard is receiving a series of yachts that are retired before their age due to lack of customers during the epidemic season.

Surrounding some of Carnival Fantasy's dismantling interiors are a host of buyers from a variety of industries, looking for bargains on everything from artwork to kitchen appliances. to electrical wires and stainless steel tanks.

Everything on the yacht is for sale

Since the market for buying and selling used yachts for reuse is limited, the greatest value of yachts lies in the iron block that makes up their huge structure. For example, the Carnival Fantasy yacht, which has up to 15,000 tons of steel, can be sold for more than $4.7 million.

In addition to the risk of iron and steel price fluctuations, buyers of used yachts are not sure how much steel can be recovered. Yachts built before the 1990s often have a lot of steel in the body and bottom cladding, but yachts built in the 1990s and later can contain more durable and lighter alloys.

Steel and scrap will be sent to smelters to produce rebar for construction projects around the world. Steel from a number of other retired ships could be supplied to the Turkish auto industry, where they will be used to make parts for Toyota or Ford vehicles. Aluminum, copper, stainless steel along with other valuable goods will also be recovered and resold to customers in Turkey.

According to Orbay Simsek, vice president of Simsekler Ship Recycling Company in Aliaga, there are even marketplaces for retiring ships' kitchenware, wardrobes and blankets. Basically, everything on board is marketable.