Genting Hong Kong Ltd., the biggest cruise operator worldwide to seek court assistance to safeguard its assets during the pandemic, is still selling tickets for its "cruises to nowhere." And if not - it's time to hop on the cruise holiday bandwagon with plenty to see and do. The fall of cruise company Genting Hong Kong, once poised to greatly The SuperStar Libra was linked to a scrap sale last November, but the deal was delayed due to problems with the paperwork required for the ship to leave Germany, and later by Gentings liquidation filing. Genting Malaysia, which bought the Equanimity superyacht seized by Malaysia's government from fugitive financier Jho Low for US$126 million in 2019, is gearing up to open a new US$800 million outdoor theme park the country. "The Dream Sub-Group remains valuable, and there are transactions which can be pursued which are likely to realise better value for the Dream Sub-Groups creditors than a formal and terminal liquidation scenario," the announcement said. But whats unique about the ship is that it has a sushi bistro on board as well as a teppanyaki restaurant, bringing you the flavours of Japan. In April, Saverex announced plans to take Exmar private in a deal that would value the company at $720 million, twice its profits last year. With a capacity of 1,856 passengers, she was one of the first modern cruise ships built for the Asian market. The consumption vouchers have a wide coverage, covering in general all local retail, catering and service outlets and their online platforms, as well as purchasing staycations, activities and experiences on Klook. Genting Singapore is conducting a $4.5 billion expansion of its Resorts World Sentosa, one of the largest casino resorts in South-east Asia. Jan 13, 2023 12:53 PM by The Maritime Executive. Destinations. The addition of these two ships brings the number of Genting ships that are being managed by V.Ships to five. Dream Cruises was launched by Genting Hong Kong to be a premium cruise brand focusing on the Asian market. Jul 16, 2023 9:33 PM by The technology is here, but politics may stand in the way. Genting Hong Kong's recent financial troubles began in 2020 . ', The filing continued: 'The joint provisional liquidators are in discussions with both the companys and Dream Cruises management teams in order to assess urgently the financial condition of the company and the Dream Sub-Group, and to identify potential remediation plans.'. In May 2021 the company reported financial losses of $1.7 billion related to its cruise ships, shipyard, and casino operations. Sources close to Genting told TradeWinds that efforts are still ongoing to rescue the Dream Cruises brand, a prominent player in the Asian cruise sector, so no efforts are being made to market the ships for sale. The ETS policy requires large ships over 5,000 gross tons loading and unloading cargoes in the European Economic Area (EEA) to monitor and report their related CO2 emissions. The Maritime Executive. Nothing? How a Hong Kong bankruptcy sent a Miami-bound cruise ship - Fortune From November 1st DN Media Group is responsible for controlling your data on TradeWinds. Lim founded in 1993 the company that would later become Genting Hong Kong,. Its parent company Genting Hong Kong had suspended payments to creditors citing the impact of the COVID-19 pandemic. The United Nations is marking another key step in its efforts to remove the estimated one million barrels of oil from the FSO Safer off Yemen. It bought the Crystal Cruises brand in the United States and set up the high-end Dream Cruises in Asia. Star sold its investments in Norwegian after the company went public, acquiring Crystal Cruises in 2015, starting MV Werften in 2016, and launching the premium cruise brand Dream Cruises in 2016. Genting Hong Kong's shares had plunged more than 60 per cent from a November high before they were suspended on Jan 18. The cruise line is part of the gambling empire of Malaysian billionaire Lim Kok Thay. 24 Best Cycling Routes and Bike Trails in Singapore for a Fun Weekend Adventure. Genting Hong Kong Cruise Line to Liquidate - skift.com Published The company was founded in 1988 by Nippon Yusen Kaisha (NYK). Live from New York and London, analyzing the major market moving stories across the day in Europe, hear from the biggest newsmakers and showcase the unrivaled expertise of Bloomberg News. The performances are not to be missed either, with musicals, rock shows, and game shows available test your singing prowess with the cruises edition of, When we say you'll spend eight nights of grandeur aboard the. From Castles to Temples: Rediscovering the Magic of Hong Kong's Top Tourist Spots. Debt-laden Genting Hong Kong has been ordered by a Bermuda Court to be wound up, marking the start of the last chapter in the history of Asia's largest cruise operator as an independent business . Published The Maritime Executive. With the European Unions Emissions Trading System scheduled to include shipping in 2024, a debate is ongoing over some of its expected loopholes. Read more about DN Media Group here. The fund required 20 percent participation from Genting and in late 2021 renewed negotiations over the package after a report indicated Gentings declining financial strength and the potential inability to repay the loans. Genting Hong Kong argues for Dream Cruises restructuring World Dream sails from Singapore Anne Kalosh | Jan 28, 2022 Genting Hong Kong filed to wind up its Dream Cruises division and appoint joint provisional liquidators while also advocating for the brand's restructuring and continuation. Genting Hong Kong May Have to Forego Casino Cruises Over Financial Go deeper into the business of travel with Skifts new AI chatbot. With some pandemic-related stops and starts based on local health regulations,Explorer Dream has been operating from Taiwan(its July 2020 restart was one of the earliest pandemic cruise comebacks),Genting Dream from Hong Kong and World Dream from Singapore. While the company offered "seacations" as part of a broader trend of cruises to nowhere, it still reported a record US$1.7 billion (S$2.3 billion) loss in May. [7], On July 20, 2015, Crystal announced that it would expand to provide expedition cruises, river cruises, and private jet travel. Jul 16, 2023 9:55 PM by Seatrade Cruise News is part of the Informa Markets Division of Informa PLC. Lloyd Werft sold to German consortium as big-ticket Genting Hong Kong asset disposals begin, The World Dream one of two of Genting Hong Kong's Asia-based ships which has moved under V.Ships management. The local authorities had permitted the former Dream Cruises and later Royal Caribbean International to introduce what was called seacations starting at the end of July 2021. [25], On January 15, 2018, the company cut steel for Crystal Endeavor at MV Werften, part of a family of shipyards known for their passenger-ship, icebreaker, and private-yacht building expertise. Shares of embattled cruise operator Genting Hong Kong plunged more than 50% . Covid-19 Claims a Big Cruise-Line Victim, Genting Hong Kong Resorts World says they will be operating the cruise ship under a charter. Genting Hong Kong cruise line will discontinue most of of its operations after being battered by the standstill impact on the cruise industry from the pandemic while accumulating huge amounts of debt. The writing was on the wall. New Bitcoin ETFs Now? Monaco-based manager takes over two Dream ships, while efforts are made to sell Genting Hong Kong's older ships. Jul 17, 2023 12:00 PM by 10000 VouchersHow to register $10,000 Consumption Voucher Scheme8.7 Phase IIAlipayHK | Octopus | Tap & Go | WeChat Pay HK | PayMe from HSBC | BoC Pay. Genting Hong Kong's troubles may help competitors who choose to focus more on the Asia cruise market, said senior equity analyst Jaime Katz from Morningstar in Chicago. Here Are 5 Reasons Why You Need to Book a Cruise-Cation NOW. We've been a pioneer and a trendsetter in hospitality for 50 years and we know luxury cruising like no other. Planning to visit the exciting world of Super Mario in Universal Studios Japan? "The expansion plans of the other Genting companies should not be negatively impacted," said analyst Samuel Yin Shao Yan fromMaybank Investment Bank inKuala Lumpur. MARKETING-INTERACTIVE is an online publication of Lighthouse Independent Media. 202120748H. Crystal Cruises - Wikipedia Its first ships were all second-hand, and it was only during the Asian Financial Crisis in the late 1990s that it started purchasing new ones. [19] Crystal Symphony and Crystal Serenity were subsequently arrested in Freeport, Bahamas over unpaid bills in February, and the company's headquarters in the United States closed. Crystal Cruises is a cruise line now headquartered in Downers Grove, Illinois, USA. It will discontinue most of its operations except for some business with its Dream Cruises division. For more information and how to manage your privacy settings, please refer to our privacy and cookie policies. Genting Hong Kong CEO Lim Resigns After Winding-Up Filing The Maritime Executive. None of the companies has cross shareholdings with Genting Hong Kong, except for Mr Lim owning shares in each of them. The Labor Market Disagrees, Stocks Took an 18-Month Round Trip From Tech Bear to AI Bull. The UN Development Programme (UNDP) office announced the former Euronav tanker Nautica acquired to act as a replacement for the Safer has departed from Djibouti and is now in Yemen. The ETS policy requires large ships over 5,000 gross tons loading and unloading cargoes in the European Economic Area (EEA) to monitor and report their related CO2 emissions. You have reached your limit of subscriber-only articles this month. Antara to operate Ganges vegan river cruise, Michal Maguire moves up to VP marketing at AmaWaterways, Seatrade Cruise Talks Podcast: Tech Talks | Tech Solutions to Plastic Pollution, New Zealand Cruise Association names keynote speaker for 2023 conference, Explora I delayed due to fire safety concerns (updated), Four Seasons Yachts bolsters shoreside talent with seven new hires, Vantage Travel files for Chapter 11 with sale agreement pending, In Focus: Latest on Genting HK and Crystal Cruises, Explorer Dream has been operating from Taiwan, filed for insolvency earlier this month, triggering cross-defaults in loans, bought a 33% stake in Dream for $459m in 2020, last year pumpedan additional $59m into the company, Alvarez & Marsal Asia Limited in Hong Kong, Allowed HTML tags:

. Here's your sign to book a Genting Dream Cruise! One question is whether Mr Lim may try to bail out Genting Hong Kong with help from other group companies. She will be the first cruise ship in the port in a year and the first international cruise ship to arrive in Hong Kong with passengers since early 2020. Resort World Cruises was started in June 2022 by Tan Sri Lim Kok Thay who had previously been the chairman of Dream Cruises and Genting Hong Kong before resigning at the beginning of 2022 after the financial collapse of his former firms. extended its business beyond Star Cruises. Royal Caribbean Groups Silversea Cruises is expected to be the first cruise line to return to Hong Kong with a port call aboard its cruise ship Silver Spirit scheduled for next week on January 18. [23][24], Crystal Yacht Cruises launched in December 2015 with the Crystal Esprit. Life at RWC. At the time of writing, Dream Cruises' website does not allow any booking although it still offers information about its experiences and discounts. The Maritime Executive. If you're already a fan of cruises like Genting Dream Cruise, you'll want to go through this list of the best IG-worthy cruise holidays around. In 2019, Genting HK rebuilt the ship at a cost of $50 million and renamed her Explorer Dream as part of their plans to expand their more upscale cruise brand Dream Cruises. The company was able to restart Dream Cruises in Asia in 2020 and 2021 and Crystal in mid-2021. Resorts World to Resume Hong Kong Cruises with Former Genting HK Ship

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