Explorer Dream to Resume Cruising in Taiwan

Explorer Dream Cruise 探索夢號 — Ying Wah Travel
Explorer Dream’s stunning painted Hull.

Genting Cruise Lines has announced the restart of cruise operations for Dream Cruises with Explorer Dream operating two and three-night “Taiwan Island-Hopping” itineraries that will start on July 26, departing from Keelung and calling at Penghu, Matzu and Kinmen islands.

“After months of detailed planning with the authorities to ensure the safety and health of guests and crew, we appreciate the approval of Explorer Dream resuming cruise operations in Taiwan. Dream Cruises will be the first cruise line in the world to begin sailing after the global cruise industry was shut down due to the pandemic,” said Tan Sri KT Lim, Chairman and CEO of Genting Hong Kong.

“Our new standard operating procedures to ensure passenger safety draws on our first-hand experience from the charter of two of our ships in Singapore to house foreign workers and cooperating with DNV GL, the world’s largest classification society, for Explorer Dream to receive the world’s first “Certification in Infection Prevention for the Marine industry (CIP-M).”

Genting has 25 years of history with the island as both a destination and as a homeport and because of Taiwan’s popularity among travellers.

Taiwan’s low numbers of COVID-19 cases compared to global figures has also been lauded by experts as one of the most effective response scenarios in the world, Genting said, in a press release.

New Cruise Line Dream Cruises Opens For Sale in Australia and NZ
Genting Dream

Dream Cruises will offer special island-hopping cruises calling into the popular ports and islands of Peng Hu, Matsu Island and Kinmen where Taiwanese guests will again be able to enjoy short getaways.

“We thank Taiwan for its initiatives to re-start their economy and the tourism industry and the trust they have placed in Dream Cruises. As well, we appreciate the support of the travel industry in the restart of our cruise operations. This is truly a remarkable achievement which was made possible by the Taiwan authorities’ swift and effective handling of the COVID-19 crisis and their foresight in resuming the tourism industry to benefit all the ports, the economy and the lifestyle of the people of Taiwan,” said Kent Zhu, President of Genting Cruise Line.

Genting Cruise Lines has also introduced the “Certification in Infection Prevention (CIP) for the Marine industry (CIP-M).

The Explorer Dream will be the first cruise ship in the world to receive the CIP-M certification, which will further verify the procedures and systems in place for the proper prevention, control, and mitigation of infection.

In accordance with Taiwan’s regulations prior to resuming sailing, the Explorer Dream has undergone a thorough deep cleaning and observation of strict quarantine procedures for her crew. The majority of the crew will be from other Genting Cruise Lines ships who have been quarantined for the last three months and all will undergo a mandatory 14-day quarantine on land after the ship arrives in Keelung on June 30.

Upon negative test results, an additional seven-day isolation period onboard the Explorer Dream will provide a total of 21 days of exhaustive preventive procedures before operations begin on July 26.

To safeguard the well-being of guests, stringent health screening processes and guidelines prior to embarkation, disembarkation and social distancing measures onboard, as well as thorough sanitization and disinfection and enhanced hygiene practices for guest cabins and crew member quarters, public areas and recreational facilities, along with safe food and beverage handling procedures will be in place.

Sale and Leaseback Deal for Genting Dream

Genting Dream in Hong Kong

Genting Hong Kong has announced that it has entered into a sale and leaseback agreement for the 2016-built Genting Dream.

The company has sold the ship for $900 million or 80 per cent of the closing market value (whatever is lower), in a deal involving three Chinese banks. The ship was recently appraised at $1,180,000,000 according to a filing from Genting.

The agreement also includes a bareboat charter agreement to lease the ship back to Genting for 12 years.

Genting said in a filing that the agreement would provide working capital at reasonable terms that will help it finance its cruise expansion and newbuild program at MV Werften. 

The company will purchase the ship back once the 12-year charter period has ended.

Of note, Genting said the net profit attributable to the Genting Dream in 2017 was $23,010,000 and in 2018, $19,367,000

Earlier this year, Genting also sold a 35 per cent stake in Dream Cruises.

Genting Hong Kong Sells Stake in Dream Cruises

World Dream

Genting Hong Kong announced that it has reached a deal to sell a 35 per cent stake in Dream Cruises to Canada’s TPG Darting, which is owned by TPG Capital Asia and Growth Funds.

The company said the deal would strengthen its balance sheet as well as its ability to continue to expand its fleet in the cruise industry.

According to the 2019 Cruise Industry News Annual Report, Dream Cruises has 8,800 berths in service with a market capacity of 528,000 guests.

“The Disposal would also reduce the Group’s financial burden in meeting future funding requirements in relation to Dream Cruises’ business,” the company said. “It is intended that the sale proceeds for the Disposal will be used as general working capital and capital expenditure for the Group in relation to the construction of (the Global-class ships) and/or to fund new investments of the Group should suitable opportunities arise.”

According to a Genting statement, the transaction was valued at $488,645,875. Genting also noted that Dream has a current three-ship fleet, the Genting Dream, World Dream and Explorer Dream. In addition, is a contract to build a Global-class ship at MV Werften.

“It also expects to enter into the Global II Shipbuilding Contract in relation to the construction of Global II with MV Werften,” the company said, in a prepared statement.

The agreement also noted options third and fourth Global-class ships.