Shares of Royal Caribbean Group RCL, +6.50% hiked up 2.7% in premarket trading Monday, after the cruise operator said it received court approval to buy the “ultra-luxury” cruise ship Endeavor for $275 million. The company said the purchase was being made “significantly below” the cost of construction, with the purchase fully financed through a 15-year term loan. The ship, which was originally delivered to Crystal Cruises in 2021, will be renamed Silver Endeavour when it officially joins the fleet of Royal Caribbean’s Silversea Cruises this month. “The expedition cruising industry is poised to resume accelerated growth driven by demand among high-end, affluent customers for travel to remote and hard-to-access destinations,” said Silversea Cruises Chief Executive Roberto Martinoli. “This ship will be the fourth vessel to join Silversea’s fleet since 2020, which demonstrates our commitment to growth.” The stock has plummeted 59.7% over the past three months through Friday, while the S&P 500 SPX, +0.69% has declined 12.0%.
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