Death of a Dream: How the pandemic’s biggest cruise casualty could cost passengers millions

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Commissioned at Genting Hong Kong global dream and Global Dream II Six years ago they were supposed to be among the largest liners in the world, with space for up to 9,000 passengers and 2,200 crew members.

The construction of both ships – announced as a new ship in the Global class – excited many cruisers. After all, they were built in Germany by Asia’s first domestic luxury cruise company, which already operated two mid-size ships in Singapore and Hong Kong, and was backed by the region’s richest gaming company, which also bought Crystal Cruises, the world’s most awarded line.

Each ship was estimated to cost $1.8 billion to build, with construction beginning as early as 2018. They would have the very first theme park at sea, with the world’s longest roller coaster at sea.

This week, the German shipbuilder involved in the Dream Cruises disaster announced that one ship may have to be scrapped and the future of the other is not yet settled.

Dream Cruises went into administration – although its two Asian ships now operate under a new Genting brand.

The Crystal ships were bought out of liquidation and will sail again next year. The two Dream ships will depart Asia under a new cruise brand, Resorts World Cruises.

What will happen to passengers who booked Dream and Crystal and have waited years to know the fate of an estimated $100 million in deposits and airfare? Nobody is sure of that.

According to trading site Cruisehive earlier this year: “According to former Crystal Cruises CEO Jack Anderson, the company owes more than 100 million in outstanding deposits. If you’ve paid by credit card for upcoming cruises, you shouldn’t have a problem with that. Those with FCCs now worthless and those who paid cash for a cruise will likely never see their money. ”

In Singapore, where world dream sailed, 36 cases were investigated by CASE for the closure of Dream, and the body told local news outlets: “As Dream Cruises’ parent company, Genting Hong Kong, is currently in liquidation, consumers seeking a refund from Dream Cruises should first submit proof of guilt to the insolvency practitioner. CASE sympathizes with the consumers affected by the discontinuation of Dream Cruises’ World Dream.”

More than 30,000 creditors reportedly filed claims against the line’s various companies, including customers demanding money for canceled cruises, agents owed commissions and vendors such as fuel suppliers who have not been paid.

According to a report by the German cruise magazine An Bord, insolvency administrators cannot find a buyer for the ship Global Dream II.

Insolvency administrator Christoph Morgen announced at a press conference this week that attempts were being made to resell some of the engines and systems. The ship’s semi-finished keel, finished only in the lower hull area, will be scrapped.

Both ships will also have to be outsourced from MV Werften’s shipyard by the end of 2023, as the shipyard has been sold to Thyssenkrupp’s naval unit. The unit plans to build military ships, including submarines, at the site starting in 2024.

Sister ship at 80% completion global dream was saved from the scrap yard for the time being. According to An Bord, no reasonable offers have been received to complete her construction. Sweden Stena AB, which is active in shipping worldwide, was the only interested party. The company expressed interest in building a cruise product in Asia.

However, it got out after former Genting owner Lim Kok Thay announced new cruise brand Resorts world cruises in Singapore. At the same time, the Asian cruise market continued to be characterized by uncertainty China continue to enforce strict travel restrictions.

At the moment, global dream is ready enough to be towed as an attachment on a deep-sea tugboat anywhere in the world. If no buyer is found in the coming weeks, your insolvency administrator decides to hold an auction in a bidding process. Shipbrokers with contacts to shipbreaking yards are invited to place their bids. Given that the ship’s scrap value has increased as a result of an increase in scrap and metal prices worldwide, the ship could ultimately be bought for scrap.

German news agency Ostsee-Zeitung also reported the possibility that Meyer Werft could help complete the construction global dream in the Wismar shipyard, after which the ship could be mothballed until a suitable buyer is found.

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