The Greek line and its parent Louis Group on Monday (29 November) announced a new strategic investment agreement with Searchlight Capital Partners.

Searchlight will invest in a new holding company, Celestyal Holdings; the line said it would use the cash to build its brand globally, expand its operational footprint, and renew and grow its fleet.

It will continue to operate its two-ship fleet out of Piraeus in Greece, while its current global management team will remain in place.

"Searchlight’s infusion of capital will propel our growth strategy and accelerate our fleet renewal plan,” said Celestyal Cruises chief executive Chris Theophilides.

“We are extremely pleased to have Searchlight as a strategic partner, and are eager to join forces with them to build on our positive momentum, amplify our global brand awareness and elevate our award-winning guest experience, taking it to new heights.

"Our 2022 season is already looking solid and with this significant development, we are extremely excited about Celestyal’s journey ahead.”

Searchlight partner Ralf Ackerman hailed the cruise industry’s resilience, and said lines like Celestyal would play a "pivotal role" in the recovery of Greece’s tourism industry.

"We are excited to support Chris and his management team and to work with the Louis Group to be involved in the next chapter of Celestyal’s growth," said Ackerman.

"We believe this partnership will help to reinforce the company’s position as the leading cruise operator in the eastern Mediterranean region and enhance its uniquely authentic experiences and operating footprint.”

Costakis Loizou, Louis Group executive chair, added: “Celestyal Cruises has always been a strong and robust regional expert, and a key component of our tourism portfolio.

"With the added financial resources of Searchlight, Celestyal is destined for an even brighter future, and we look forward to being part of realising Celestyal’s full potential.”