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P&O Cruises sells Oceana

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P&O Cruises sells Oceana to 'fit for future growth' | seatrade ...

P&O Cruises ship Oceana has been sold and will not return to service when operations resume following the Covid-19 cancellation of sailings.

The UK line confirmed that Oceana “will leave the fleet from July this year” but the identity of the buyer has not been revealed.

Passengers with bookings on the ship will be offered a 125% future cruise credit or refund, although all the company’s sailings are paused until October 15.

The sale of 1,950-passenger Oceana for an undisclosed sum comes ahead of the arrival of giant new ship Iona, which has been delayed from its original debut in Southampton in May due to the global cancellation of cruises due to the pandemic.

A sister ship to 5,200-passenger Iona is due to join the fleet in 2022.

Parent company Carnival Corporation revealed plans last month to speed up the disposal of ships after registered a $2.4 billion adjusted net loss in the three months to May 31 as the coronavirus pandemic shut down global cruise operations.

The cruise giant said “preliminary agreements” were in place for the disposal of six ships, expected to leave the fleet in 90 days, with others likely to follow.

Oceana originally entered service in 2000 operating for sister brand Princess Cruises as Ocean Princess.

P&O Cruises president Paul Ludlow said: “Whilst we and many of our guests will miss Oceana, her departure will allow us to focus on our remaining ships in the fleet, as capacity expands with the delivery of Iona later this year followed by her sister ship, scheduled for 2022.

“During this pause in our operations, we need to fit the fleet for the future and ensure we have the right mix of ships once we resume sailing.

“I am so sorry to disappoint those guests who were booked on Oceana but I hope they will be able to find a similar alternative holiday, whether that is ex-UK from Southampton or a fly-cruise itinerary.”

U.S. Judge Says Ex-Presidential Yacht Can Be Sold for $0 to Foreign Investors

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Presidential Yacht USS Sequoia (AG 23)

The former Presidential Yacht USS Sequoia (AG 23) served as the Presidential Yacht for 45 years before being sold by President Carter in 1977. U.S. Navy Photo

Story by GCaptain.com

Nov 14 (Reuters) – A Delaware judge on Monday said the former presidential yacht, U.S.S. Sequoia, can be acquired by an investment group for zero dollars, ending a years-long dispute over the storied ship once used by John F. Kennedy.

U.S. presidents for decades entertained dignitaries on the 104-foot wooden Sequoia until it was sold by Jimmy Carter in 1977.

Washington attorney Gary Silversmith bought the yacht in 2000 and used it for private charters. In 2012, Silversmith borrowed $5 million from FE Partners LLC, which is backed by the Timblo family of India, to help fund needed repairs.

The loan set off years of legal wrangling while the historic vessel was neglected.

“The Sequoia, an elderly and vulnerable wooden yacht, is sitting on an inadequate cradle on an undersized marine railway in a moribund boatyard on the western shore of the Chesapeake, deteriorating and, lately, home to raccoons,” wrote Delaware judge Sam Glasscock in his Monday ruling.

Silversmith sued in 2013 to block FE Partners from exercising their right under the loan to buy the yacht.

Glasscock ruled last year the lender had the right to purchase the ship for $7.8 million, minus various costs including the initial $2.49 million loan disbursement, because of a default on the loan. The two sides spent the last year fighting over the final deductions from the purchase price.

On Monday, Glasscock said the purchase option could be exercised for zero dollars, reflecting the extensive work required to make the Sequoia safe to use.

“We remain willing and able to pay off the lender, but unfortunately it appears that we will be denied that opportunity,” said Silversmith in an email, who added he was concerned the yacht was being acquired by foreign investors. “We are concerned that there is nothing to prevent the Sequoia from going overseas.”

FE Partners did not respond immediately to requests for comment.

FE Partners said on its website it is committed to restoring the yacht, which was built in 1926 in Camden, New Jersey, and designed by John Trumpy.

Cruise.co.uk poised to be sold for £50 million

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by Amie Keeley

Cruise.co.uk is reported to be up for sale for £50million.

Private equity firm Risk Capital Partners, which acquired the website just under three years ago, is in talks to sell the company to Bridgepoint Development Capital, according to Sky News.

Sky claims a deal could be announced next week.

The cruise specialist’s business grew by 67% after investment and backing from Risk Capital Partners, which was founded by entrepreneur Luke Johnson.

Other parties rumoured to have put in offers include TripAdvisor; the owner of Lastminute.com; and Inflexion Private Equity.

Bridgepoint has owned French-based Ponant, which specialises in luxury polar excursions.

Sky said both Risk and Bridgepoint declined to comment.