Genting Cruise Lines led the return to service last summer with the Explorer Dream launching service in Taiwan. That was followed by the World Dream in Singapore in November. Next up are Star Cruises, relaunching service in May, and Crystal Cruises cruising in the Caribbean this July.
Here’s a status update on the last year for Genting Cruise Lines:
Pioneering Service Returns
After becoming one of the first to suspend service in Asia, Genting Cruise Lines has been a pioneer in the return to cruising.
While Dream Cruises was one of the first major cruise lines to welcome passengers back last July, Star Cruises is set to resume service in Malaysia from May and Crystal Cruises is coming back with a North America program in July.
Other than the pioneering operation in Taiwan, Dream has also resumed service in Singapore, in November.
Also in Singapore, two Star Cruises ships were used as accommodation for foreign workers recovering from COVID-19.
Shipyard Complex in Danger
Genting acquired a group of shipyards in Germany in 2016 for its expansion plan. Now, the entire complex, which includes four facilities, is in jeopardy.
While the Lloyd Werft shipyard may still be shut down, the MV Werften consortium received a 193-million euro bailout from the German government.
The loan secures the completion of two newbuilds, the Crystal Endeavor and the Global Dream..
Newbuilds Update
The new vessels under construction at the MV Werften have new timelines.
Initially scheduled for an early 2021 delivery, the Global Dream will be finished about a year later. A sister to the 208,000-ton ship is expected in 2023.
The Crystal Endeavor, which was set to debut last summer, is several months behind schedule. The vessel is now poised to be delivered in April.
Debt Restructuring and Equity Partner
In August, Genting Hong Kong cited COVID-19 to seek a debt restructuring plan, suspending all payments to its financial creditors. According to the company, the remaining available cash at the time was to be used to maintain critical services for its operations.
Ten days later, Genting was said to be in the process of seeking additional equity or debt funding from private investors. Letters from investors, expressing an interest to invest in one of the company’s cruise brands were reportedly received.
By the numbers:
Ships:
- Ships shed: -0
- Ships added: +0
Result: No change
Berths:
- Berths shed: -0
- Berths added: +0
Result: No change
