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A new ship is to be added to Crystal Cruises’ fleet of two vessels after the line’s owner agreed to a $550 million takeover by Hong Kong-based global hospitality giant Genting (GHK).

The deal will see Japanese parent Nippon Yusen Kabushiki Kaisha (NYK), which has owned the luxury line since its inception in 1988, sell the line in an arrangement due to be completed by the summer.

Crystal Cruises’ fleet will expand with a new ship with the support of GHK’s financial strength and expertise in ship design, the company said.

GHK owns Asian line Star Cruises and is a major shareholder of Norwegian Cruise Line.

GHK chairman and chief executive Tan Sri Lim Kok Thay said: “Crystal Cruises offers the epitome of luxury cruising and the service standard which all other cruise lines aspire to.

“The current management team and crew will continue to lead Crystal Cruises.

“Genting will provide financial resources and proven expertise in innovative ship design to build a new ship that will set the highest standard in luxury cruise ships.

“This new ship, together with Crystal’s legendary six-star service, will reinforce Crystal Cruises’ reputation as the world’s leading luxury cruise line for decades to come.”

Crystal Cruises' president and chief operating officer Edie Rodriguez said: “After 25 successful years with NYK, we are excited to have Genting Hong Kong as the new owner of Crystal Cruises

“The proposed expansion of our fleet will present our loyal Crystal Society members and new luxury cruise guests with more itinerary options, accommodation choices and exceptional vacation experiences, as we continue to position Crystal as the innovative leader in global luxury cruising.

“Additionally, Crystal’s veteran leadership, management and crew will continue to focus on our award-winning guest service and our strong partnership with the travel agent community - which now has a greater opportunity to grow their business with a larger menu of Crystal product