By Kyunghee Park (Bloomberg) –Singapore will lose one of the two ships offering cruise-to-nowhere trips from the city, after Genting Hong Kong Ltd.’s Dream Cruises said it no longer has the financial capacity to keep the service going, the Straits Times reported.
World Dream will cease operations Wednesday after its final trip, the report said, citing a statement from Genting Hong Kong. The parent company, which had been operating cruises to nowhere in Hong Kong as well as Singapore, filed a petition to wind up its operations in January. Provisional liquidators were appointed last month for Dream Cruises.
Genting Hong Kong’s financials deteriorated after the Covid-19 pandemic prompted travel restrictions that have led to restructurings and insolvencies across the global tourism industry. The company reported a net loss of $1.7 billion last May.
People who have paid deposits for voyages on World Dream will have to submit refund claims to the company, although it’s unclear whether they will be reimbursed, the Straits Times report said.
Singapore’s cruises to nowhere started in November 2020, providing a way for residents to travel outside the city even as the pandemic kept borders largely closed. Royal Caribbean International’s Quantum of the Seas has been operating a similar service and in total more than 82,000 people had sailed on these ships by early March last year, the Straits Times reported.
Also read: Bahamas Arrests Two Luxury Cruise Ships For Unpaid Fuel Bill
© 2022 Bloomberg L.P.
This article contains reporting from Bloomberg, published under license.
Sign up for gCaptain’s newsletter and never miss an update
Essential maritime and offshore news, insights, and updates delivered daily straight to your inbox
Carnival Corp cut its annual profit forecast on Friday, as higher fuel costs pressure the cruise operator's margins amid rising geopolitical tensions.
Cruise operators face choppy waters as rising oil prices lift fuel costs, with analysts warning Carnival Corp CCL.N could take the biggest hit to its 2026 profit as it is the only major U.S. cruise line that does not hedge fuel.
Norwegian Cruise Line Holdings has ordered three new cruise ships from Fincantieri—one each for Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises—with deliveries scheduled for 2036–2037. The deal secures valuable European shipyard capacity through 2037 and brings NCLH’s total orderbook to 17 vessels, supporting a projected 4% annual capacity growth through the next decade.
Subscribe to gCaptain Daily and stay informed with the latest global maritime and offshore news
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
