Miami-based Storylines residential ships and Brodosplit shipyard in Split, Croatia, have signed a construction contract to build the world’s first private residence ship that will be powered by LNG.
Brodosplit, part of the DIV Group, has commenced the engineering phase of the 753-foot (229 meters) passenger vessel, to be named MV Narrative . The ship will have 547 private residences on board.
“We are thrilled to be partnering with such a reputable European yard with a long history of delivering high-quality passenger ships,” said Storylines CEO Alister Punton . “Our resident owners can hardly wait to move onboard the state-of-the-art ship so they can travel the world from the comfort of home.”
The ship is different from a vacation cruise ship in that it is purposely built for residential life at sea. It will include a post office, school, library, hospital, bank, pools, and office spaces, among other amenities.
The ship will also feature systems on board that would convert waste into energy and grow produce in the solar-powered hydroponic garden.
MV Narrative is expected to be completed and delivered in 2025. Storylines said that the total sales revenue of the project is valued at $1.5 billion.
“We are pleased to be building this innovative ship with Storylines,” said Brodosplit President of the board, Tomislav Debeljak .
“We always enter into projects that bring development to the industry and include new technologies. This vessel is equipped with various energy-saving features, has dual fuel powered engines (fuel oil and LNG) and will be optimized to have the lowest possible emission of harmful particles and gasses. There are many new green technologies and ship systems we are pioneering, which makes this a very exciting project for us.”
Brodosplit JSC is currently undergoing pre-bankruptcy procedures launched in April 2022, as the yard faced difficulties to withdraw loans from the Russian VTB bank after it came under Western sanctions due to Russia’s invasion of Ukraine. The company’s reported debt stood at around HRK 5.5 billion ($ 0.72 billion) at the time.
The procedures have been put on hold until September 2022, when the company management is scheduled to appear before a court hearing. Around 300 people could lose their jobs if a solution to keep the company running is not found.
Debeljak told local media that Brodosplit’s future is secured for the next 5 years, voicing confidence that the pre-bankruptcy procedure would be completed successfully and that the yard would continue with shipbuilding activities in Split.
Brodosplit recently delivered the expedition vessel ‘Ultramarine’ the SRtP Polar Class 6 vessel, as well as the largest sailing ship with cross masts in the world, ‘Golden Horizon ‘. The shipyard is now completing polar expedition cruise vessels including the sistership of the first PC6 vessel ‘Hondius’ . The shipbuilder wants to secure a dominant position in the mega and super yachts, and residential vessels markets.