Broker sells 627-foot ocean liner for $14 million

Author:
Updated:
Original:

QPS Marine, the brokerage arm of Nautical Ventures Group, is pleased to announce the sale of a 627-foot ocean liner for $14 million.

The 561-passenger ship started life in 1973 as the Norwegian Vistafjord, eventually joining the Cunard family as Corona. Until recently, it remained in active service under Saga Cruise Lines in the United Kingdom as the MV Saga Ruby.

The ship is headed to Yangon, Myanmar — formerly known as Rangoon, Burma — where it will serve the region’s growing infrastructure as a floating luxury hotel.

“The new owners plan to refurbish the interior and update the soft goods to make it more operational as a stationary hotel, but the ship itself is in great condition, requiring mostly cosmetic updates,” QPS Marine commercial vessel sales director Capt. Ken Caine said in a statement.

“We see a growing trend among select countries around the world where retiring cruise vessels will serve as permanently docked hotels so as to quickly add inventory to a shortage of hotel rooms,” Caine said. “The financial world is also recognizing the potential return on large-cap growth funds designated to finance such transactions. All this has generated a network of investment firms, business agents and government intermediaries to help facilitate these complicated transactions. We have become experts in the field.”

Nautical Ventures Group CEO Roger Moore said the company started its commercial sales division knowing the potential of this market.

“There are approximately 200 cruise ships in service worldwide, with many more under construction,” Moore said. “Finding homes for ships retiring from service and placing them in developing regions around the world will be a significant contribution to our annual brokerage sales.”

Related

Distributor Expands ePropulsion Sales Territory

Mack Boring will now offer ePropulsion’s electric outboards in the entire North American and Central American markets.

Registration Still Open for NMMA Webinar

The March 4 State of the Industry webinar includes the presentation of the Marine Industry Customer Satisfaction Index Awards and the Alan J. Freedman Award.

Rollick Secures $8.5 million in Funding

The market strategists said Web traffic in the third quarter of 2020 was up 245 percent on a year-over-year basis.

Time to Cry Foul Over Erie Canal Changes

An act has been introduced in the waning days of New York’s annual budget process that allows no opportunity for public input.

Service to Send $1 Billion to State Wildlife Agencies

U.S. Fish and Wildlife Service will distribute funds to states to bolster conservation projects and recreational opportunities.

Quick Hits: March 1, 2021

Safe Harbor Newport Shipyard adds SF Marina floating dock array.

Patrick Supports Care Camps

The outdoors camps for children with cancer receive a first-time gift and marketing support from Patrick Industries.

Brunswick Creates Autonomy Position

The company promoted Jason Arbuckle to marine autonomy technology lead, with a focus on incorporating autonomous and driver-assist features into its product line.