The addition of these two ships brings the number of Genting ships that are being managed by V.Ships to five. Lighthouse Independent Media. From grand regal cruises to a little of that Disney magic on a, A name most of us are well acquainted with, get pampered at the spa, sample drinks from around the world, and party it up at Zouk on the. . The company also snapped up several shipyards in Germany starting in 2015 to build its own vessels. Perfect for cruise lovers and those who are looking to go on a fun and relaxing cruise holiday, here are 10 gorgeous cruises including a Disney-themed one! Covid crisis has pushed company into provisional liquidation, Dream Cruises offering voyages from Hong Kong and Singapore. It was headquartered in Ocean Centre [ zh; zh-yue] (), Tsim Sha Tsui, Hong Kong [1] and listed on the Hong Kong Stock Exchange ( SEHK : 678 ). by Dream Cruises said that its liquidity is continuing to deteriorate and that it had been unable to secure additional external financing. Accordingto Bloomberg, Lim owns 76% of Genting Hong Kong. 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. Life at RWC. With the European Unions Emissions Trading System scheduled to include shipping in 2024, a debate is ongoing over some of its expected loopholes. Markets Credit Markets Covid-19 Claims a Big Cruise-Line Victim, Genting Hong Kong Insolvency of shipbuilding unit put $2.8 billion of company's debt in cross default By Dave Sebastian Jan.. Brian Gicheru Kinyua. The World Dream has 1,686 cabins with a normal passenger capacity of 3,376 (double occupancy). Still, analysts say Genting Hong Kong's woes will notderail Mr Lim's ambitions for the Genting group. [11], In September 2019, Crystal Cruises announced that it would have Broadway-themed cruises available starting in 2020. Published However, opinion is divided as to whether the EU ETS as a regional market-based-measure (MBM) is an effective approach to limit emissions from the maritime sector. A Genting Cruise Lines ship sits berthed at the Marina Bay Sands Cruise Center in Singapore, on Thursday, Nov. 16, 2017. A week at sea surrounded by views unlike any other? They also reported that all the companys independent directors had resigned and asked for a suspension in trading of its stock. We are pleased that Resorts World Cruises will have the first cruise ship to homeport in Hong Kong after the resumption of normal travel with the Mainland and overseas, said Tan Sri Lim Kok Thay, Chairman of Resorts World Cruises. 5% off your 1st booking with code BetterOnApp, Earn Klook credits to save on future bookings, Nearly half a million activities - just taps away, It's one of the best ways to go on a vacation, take a break, and lounge around while still having a ton of fun. Over the years, Genting Hong Kong extended its business beyond Star Cruises, partly by acquiring other cruise lines. "The expansion plans of the other Genting companies should not be negatively impacted," said analyst Samuel Yin Shao Yan fromMaybank Investment Bank inKuala Lumpur. Genting Hong Kongs recent financial troubles began in 2020 when the pandemic forced the suspension of global cruise operations and later led to stopping work at MV Werften. The company started in the cruise industry in the early 1990s establishing Star Cruises based in Hong Kong. The gift link for this subscriber-only article has expired. All rights reserved. It also announced a donation of US$350,000 to cover docking costs through to the end of the year. Singapore. These are the 51,300-gt cruise ship SuperStar Aquarius (built 1993), the 50,800-gt cruise ship SuperStar Gemini (built 1992), the 40,000-gt cruise ship Star Pisces (built 1990) and the 3,370-gt cruise ship The Taipan (built 1991). Mar 1, 2022 4:40 PM by The writing was on the wall. Have a confidential tip for our reporters? Genting Hong Kong warned that the collapse of MV Werften was likely to trigger cross-defaults on its $2.78 billion in debt. MV Werften's bankruptcy administrator, Christoph Morgen of the Hamburg-based law firm Brinkmann & Partner, has stated that finishing Global Dream is his focus. How to Apply for South Koreas Q-Code for your Next Adventure! Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Jul 17, 2023 12:00 PM by 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. All rights reserved. It may not go any further, as the company's shipbuilding arm has filed for bankruptcy in Germany. Theres also a variety of room types to choose from - easily take your pick from cozy staterooms to villa rooms with your very own deck and private pool! TradeWinds is part of DN Media Group AS. [17] Some destinations expressed concerns with the company's announcement, lack of consultation with local stakeholders, and negative impact to their existing tourism economy. Genting Singapore is conducting a $4.5 billion expansion of its Resorts World Sentosa, one of the largest casino resorts in South-east Asia. Family holding company Saverex will reopen the bid for outstanding shares in August in hopes of getting the transaction across the line. For the thrill-seekers, the Genting Dream has six waterslides, as well as a 35-meter zipline and ropes course that lets you glide across the ocean. Join ST's Telegram channel and get the latest breaking news delivered to you. [3] Its first ship was Crystal Harmony. All rights reserved. Jul 16, 2023 9:55 PM by The ships head out to international waters and back, with the cheapest tickets going for HKD$1,188 ($153) or S$153 ($114) a night per person. No. The cruise line is part of the gambling empire of Malaysian billionaire Lim Kok Thay. Follow us on our Telegram channel for the latest updates in the marketing and advertising scene. 2 Night Weekend Getaway Cruise (around Singapore), 3 Night Kuala Lumper (Port Klang to Penang Cruise, P/S: Get exclusive deals when you pre-book your onboard activities on Klook! The Maritime Executive. Iran Brings Back Morality Police Patrol to Enforce Hijab Law, Former BNY Mellon Executive Says He Was Fired for Aiding Friends Complaint, New York Air Quality Drops as Canadian Wildfire Smoke Returns, Congressmen to EPA: Dont Trust Texas to Oversee Carbon Storage, NY MTAs Budget Gap to Grow to $918 Million by 2029, Watchdog Says. Genting Hong Kong, which is part of Malaysia's Genting Group, reported a net loss of US$238 million in the first half of 2021, as operations continued to be affected by the COVID-19. 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. Read up on our step-by-step guide on how to apply for your required Q-Code! Mr Lim has resigned as Genting Hong Kong chairman, chief executive officer and executive director effective Jan21, the company said in a Hong Kong stock exchange filing. Currently, they are not allowed to operate amid the fifth wave of the pandemic in Hong Kong. [5] The sale price was US$550 million in cash, subject to certain adjustment items. Your Ultimate Guide to the 2023 Penghu Fireworks Festival. They plan to start the Hong Kong cruises in March using the former Explorer Dream (75,338 gross tons). 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. 'The company is of the view that a consensual restructuring will present higher recoveries to all creditors and stakeholders compared to a value-destructive liquidation of the Dream Sub-Group, which is the likely alternative outcome,' Genting HK said in a filing. The technology is here, but politics may stand in the way. Even though Mr Lim has been dealt a blow in the cruise business, it is just one part of his sprawling group, which his father started with the hilltop casino resort now called Resorts World Genting more than an hour by car outside Kuala Lumpur. The general trend towards a smaller number of larger and more complex cases enhances that annual variability," said Capt. In January, Genting Hong Kong's wholly-owned shipbuilding subsidiary filed for bankruptcy at a German court. 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. resigned as Genting Hong Kong chairman, chief executive officer. Resorts World One Hong Kong offers cruises around Hong Kong, or to Taiwan, and from Taiwan to Hong Kong, with . Dream Cruises fieldsthree ships: Explorer Dream (the former SuperStar Virgo) as well as the bigger, newer sistersGenting Dream and World Dream. Israel Quietly Embeds AI Systems in DeadlyMilitary Operations, Elon Musk Is Rooting for Safe Superintelligence at Startup xAI, Nigeria Charges Ousted Central Bank Chief for Illegal Firearm Possession, Yellen Says US Investment Curbs Wont Fundamentally Hurt China, Marriott Aimsfor Las Vegas Strip With MGM Resorts Loyalty Pact, Harlan Crows Real Estate Empire Is Thriving Despite Supreme Court Controversy, The 13 Best Sunscreens for Every Need, From Mineral to Kid-Friendly, How to Make the Most of Flying Economy, FromLondons Premier Fixer, Biden DeploysPentagon to Beat Climate Change and China, The Hard Work on Casino Has Barely Even Begun, Passed Over for a Black Man? It was a labour of love, as well as a way to diversify the casino business set up by his father Lim Goh Tong in Malaysia. MCI (P) 076/10/2022, MCI (P) 077/10/2022. The Maritime Executive. Deputy CEO and president, Au Fook Yew, also resigned from his post. 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. Genting Hong Kong owns Star Cruises and Dream Cruises, which operate in the Asia region, as well as the Resorts World theme park in Manila. AI Can Write, But Is It Any Good at Picking Stocks? Nicholas Saverys' bid to take Belgian gas shipping company Exmar private has fallen short of the 95 percent shareholder acceptance rate required to complete it, but the plan is still on. Dream Cruises third ship, the 75,300-gt cruise ship Explorer Dream (built 1999), was recently moved from Taiwan to an anchorage off Port Klang in Malaysia to join the four ships that were last operated by Genting's Star Cruises brand. TradeWinds is part of DN Media Group. With the European Unions Emissions Trading System scheduled to include shipping in 2024, a debate is ongoing over some of its expected loopholes. 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. The cruises were carrying only local residents and not making any port calls, but were later restricted and then suspended during new surges in COVID-19 variants. As the company and the group have no access to any further liquidity under any of groups debt documents, Genting Hong Kong advised shareholders that the board considers that the company will imminently be unable to pay its debts as they fall due. This includes ongoing operational expenditure and potentially required payments of certain liabilities that are expected to be due this month. by Get off the beaten track and explore parts of Singapore that you wouldn't have on foot! The Maritime Executive. The ship is also home to a bionic bar, where you can watch robots make your own customized drinks! Eligible persons may choose AlipayHK, Octopus, Tap & Go or WeChat Pay HK for receiving consumption vouchers. Planning a trip to Thailand and Vietnam? Experience luxury cruising with the Genting Dream. You can read more about how we handle your information in our privacy policy. Genting Hong Kong was founded in 1993 by chairman Lim Kok Thay as an effort to diversify Genting's portfolio away from gaming and resorts by breaking into the cruise industry. However, it failed to reach an agreement with various creditors and other stakeholders. Planning to travel to South Korea? We use your data to ensure you have a secure and enjoyable user experience when visiting our site. Follow us on. Jul 17, 2023 12:00 PM by extended its business beyond Star Cruises. Six weeks after its parent company announced that it had filed bankruptcy, Dream Cruises announced that its cruise ship World Dream currently operating from Singapore will suspend service. [22], On June 22, 2022, it was announced that A&K Travel Group, owned by Manfredi Lefebvre d'Ovidio and Geoffrey Kent had bought the bankrupt line's brand and two ocean vessels, Crystal Serenity and Crystal Symphony, intending to return the ships to service in 2023. All rights reserved. USJ x Mario | All You Need To Know About Super Nintendo Worlds Power-Up Bands in Japan [Updated]. Genting Hong Kong argues for Dream Cruises restructuring, 'Certain business activities of the group, including but not limited to the operations of cruise lines by Dream Cruises Holding Limited, shall continue in order to preserve and protect the core assets and maintain the value of the group; however it is anticipated that majority of the groups existing operations will cease to operate.'. 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. "Economic conditions are challenging and activity and income for our industry is volatile year-on-year. Apollo Global Builds Team to Target Worlds Top Family Offices, Biggest African Port to Be Partially Privatized, Spike in India Inflation Vindicates Rate Setters Hawkish Stance, After Outlier Call Gone Bad, Goldman Has No Turkey Rate Forecast, ECBs Nagel Sees Hike in July But Data to Decide September, Bikeshare Is Still Growing in Popularity After Pandemic CyclingBoom, Detroit of Asia Targets Battery Makers to Stay Ahead in EV Race, FAA to Test Virtual Reality Headsets for HelicopterPilot Training, Microsoft, Activision Watch Hurdles to $69 Billion Deal Fall, Israeli Tech Sector to Grow Despite Unrest, Jefferies Says. A recycling deal involving 42,300-gt cruise ship SuperStar Libra (built 1988) that was in process at the time of Gentings bankruptcy has now been finally concluded, TradeWinds was told by sources familiar with the deal. Brian Gicheru Kinyua. As of November 2017, this aircraft was in storage. Welcome aboard the Genting Dream, the flagship of Resorts World Cruises. "Genting Hong Kong won't be the last cruise operator to run out of money," he said. Discover the top must-visit tourist attractions in Hong Kong, including Hong Kong Disneyland and the Dragons Back with our guide! In January, Genting Hong Kong filed to close down its business as it said it would run out of cash as of January 2022, although it stated that its operations of cruise lines by Dream Cruises will . This article is now fully available for you, Please verify your e-mail to read this subscriber-only article in full. Crystal Cruises is a cruise line now headquartered in Downers Grove, Illinois, USA. MARKETING-INTERACTIVE is an online publication of Lighthouse Independent Media. Brian Gicheru Kinyua, Published It added that a consensual restructuring will present higher recoveries to all creditors and stakeholders compared to a value-destructive liquidation of the Dream Sub-Group, which is the likely alternative outcome. The Maritime Executive. The cruise line is part of the gambling empire of Malaysian billionaire Lim Kok Thay. Genting Hong Kong filed a petition last week to wind up its business in one of the biggest stumbles by a cruise operator since the pathogen pummeled the industry. But as the pandemic forced cruise companies to halt operations, Mr Lim's long-term bet on the industry - and the prospect of growing demand from China and the rest of Asia - started to unravel. 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. Published MV Werften, filed for insolvency in a local court in Germany. Reports indicate that the World Dream accounted for about 60 percent of the passengers that had cruises from Singapore in the past 15 months with the other cruises being operated by Royal Caribbean International. Nick Sloane, ISU's president. Copyright 2023 The Maritime Executive, LLC. Crystal suspended service and disembarked its passengers in the Bahamas in an attempt to avoid the seizure, but ultimately the banks that had financed the ships arranged for the courts in the Bahamas to arrest Crystals two cruise ships. Theres even a ballroom on the ship, complete with a live orchestra with royal-themed balls. As a result, Genting Hong Kong had no access to any further liquidity under any of the groups debt documents. The Explorer Dream was laid up and later moved to the anchorage at Port Klang, Malaysia, where she has remained. Star Cruises owner Genting Hong Kong may file for liquidation as funding dries up, Genting Hong Kong shares plunge 56% on fears of more defaults, ST Explains: Genting Hong Kong woes put focus on billionaire Lim's next steps. Across the union's membership, revenue fell to $241 million from $391 million the year before. At the time of writing, Dream Cruises' website does not allow any booking although it still offers information about its experiences and discounts. Across the union's membership, revenue fell to $241 million from $391 million the year before. Seatrade, a trading name of Informa Markets (UK) Limited. Nicholas Saverys' bid to take Belgian gas shipping company Exmar private has fallen short of the 95 percent shareholder acceptance rate required to complete it, but the plan is still on. From the dining halls to the staterooms, everything is Disney-themed: imagine Mickey-shaped waffles, character latte art, and rooms with that sprinkling of magical Disney charm. All passengers were required to be vaccinated for COVID-19. 3:39 This Article is for Subscribers Only Two Crystal Cruises ships operating under a Genting Hong Kong Ltd. unit have been seized in the Bahamas after a fuel supplier sought their arrest. This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Genting Hong Kong is a stark example of how the virus has brought once-thriving businesses to their knees. It bought the Crystal Cruises brand in the United States and set up the high-end Dream Cruises in Asia. However, opinion is divided as to whether the EU ETS as a regional market-based-measure (MBM) is an effective approach to limit emissions from the maritime sector. Seatrade Cruise News is part of the Informa Markets Division of Informa PLC. Meanwhile, in a previous statement toMARKETING-INTERACTIVE, Michael Goh, president of Dream Cruises and head of international sales, Genting Cruise Lines said the pandemic forced Dream Cruises to ramp up its digital and content marketing efforts, and it is banking on the powers of celebrities and key opinion leaders to create awareness and reinforce its brand positioning. 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. filed a lawsuit in the U.S. seeking to. [8], On February 4, 2016, Crystal Cruises signed a purchase option for the SSUnited States, also providing funding for docking costs for the ship in Philadelphia for nine months while it conducted a feasibility study into returning the ship to service. Genting Hong Kong subsidiary Dream Cruises has filed to wind up its business although the parent company previously said two weeks ago that the cruise operation would continue. Sightsee some of the most famous historical places in United Kingdom. [15] Ports of call within the Bahamas included Harbour Island, Great Exuma, Long Island, and San Salvador. To read more about DN Media Group, In an announcement on the Stock Exchange of Hong Kong, Genting Hong Kong said it had filed a petition in the Bermuda Court for the appointment of joint provisional liquidators (JPL) of the company. Despite several missteps and frequent changes in the operations, Star was viewed as a leader in the development of Asias modern cruise industry. The company said, due to mounting pressure from creditors, it has decided to suspend operations. Taiwan's Cherry Blossom Forecast 2023: 12 Best Places Around Taiwan to See Cherry Blossoms. "Complementing our digital marketing, we will continue to also maximise our exposure through both online and offline media platforms such as print, radio and TV. "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. The fall of cruise company Genting Hong Kong, once poised to greatly benefit from China's forecast luxury cruising boom | South China Morning Post The owner of Dream Cruises, Crystal. The Maritime Executive. "Right now, we are continuing our digital efforts and highlighting the high standards of preventive and safety measures that we have in place to instill confidence and peace of mind," he said. Genting Hong Kong's shares had plunged more than 60% from a November high before they were suspended on Jan. 18. You can redeem vouchers easily by presenting the voucher to the reception when you are onboard and not worry about onboard payment ;), Bistro Set Menu with Dream Boys and Foam Party Bundle, Silk Road and Hot Pot Set Menu with Glow Bowling and Foam Party Bundle, Silk Road, Hot Pot, and Bistro Set Menu with Glow Bowling and Foam Party Bundle.
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