Crystal’s three-ship order backed by $1.728 billion in financing
The cruise line’s planned deliveries are scheduled for 2028 and 2030, with final shipbuilding payments due in 2034.
The Lefebvre d’Ovidio family, which bought a majority stake in Abercrombie & Kent for $521.1 million in 2019, later acquired Crystal Cruises out of bankruptcy. The family subsequently restarted the cruise line and ordered three new ships.
According to the report, the ship orders are backed by $1.728 billion in export-credit financing from SACE. The reported financing structure also includes bank facilities, an S&P B+ rating and a $700 million bond carrying a 7.5% rate.
The report said A&K wrote off $247.3 million in loans to Crystal and reported a $202 million loss in 2025, following a $75 million operating profit in 2024. The company said the write-off reflected a financing restructuring rather than an operational failure at Crystal. Crystal reportedly reached EBITDA breakeven in 2025.
The new ships are planned for delivery in 2028 and 2030, according to the report. Final payments for the shipbuilding program are due in 2034.