Tag Archives: Genting Hong Kong

Arrest Warrant Issued for Crystal Symphony

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The Crystal Cruises saga may just be starting as a Miami court has issued a warrant for the arrest of the Crystal Symphony. 

Peninsula Petroleum Far East Pte. Ltd. filed a lawsuit in Miami earlier this week against the Crystal Symphony, Crystal Cruises and Star Cruises for what it says are unpaid fuel bills. 

Parent company to Crystal Cruises, Genting Hong Kong, warned earlier this week it would run out of cash by the end of January. Crystal Cruises also announced it would suspend operations through April. 

The unpaid fuel on the Crystal Serenity dates back to late 2021, according to the supplier. The filing also claims that Star Cruises has not paid various fuel bills dating back to 2017.

Total claims are $1.2 million against the Crystal Symphony, $2.1 million against Crystal Cruises, and $1.3 million against Star Cruises.

The fuel supplier is asking the court to arrest the vessel to secure payment. 

On Thursday United States District Judge Darrin P. Gayles ordered that the court issue a warrant for the arrest of the Symphony.

The ship was set to dock in Miami this weekend but is instead ending its current sailing out of U.S. waters in the Bahamas.

Global Maritime Security has been appointed to oversee the arrest of the vessel.

Crystal Cruises clarifies situation over parent company finances

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Celebrate 25 Years With Crystal Cruises | The Cruise Line Blog

Crystal Cruises has issued a clarification statement after its Asian-based owner revealed doubts over financial restructuring plans.

Covid-19-hit Genting Hong Kong, which also runs Dream Cruises and Star Cruises, disclosed debts of $3.37 billion as it admitted that a fundraising exercise “may or may not be consummated”.

The luxury line, which has paused sailings for the rest of the year due to the pandemic, said in response: “Crystal’s parent company, Genting Hong Kong, is engaged in a financial restructuring and fundraising exercise to address liquidity issues that resulted from its global fleet not operating because of Covid-19.

“It is important to understand that the company is not going out of business.

“Whatever option our parent company pursues, it will allow Crystal to operate its business.”

The cruise line continued: “Additionally, we have always been committed to honouring our contractual obligations with guests and travel partners, including the processing of refunds.

“While we have extended our suspension of global voyages until the end of the year, we are working with government and health authorities in our key markets to resume sailing when it is safe to do so and we look forward to welcoming our guests back on board at that time.”

Sale and Leaseback Deal for Genting Dream

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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.