Another step in the saga of Genting Hong Kong, Crystal Cruises, and Dream Cruises is coming to an end, as World Dream will cease operations at the end of her current cruise. The vessel is currently the only ship sailing for Dream Cruises, and due to the ongoing challenges of the company, will no longer continue with future cruises.
Dream Cruises to Stop Sailing
Dream Cruises is a division of Genting Hong Kong, which filed for bankruptcy in January 2022. Joint provisional liquidators were appointed to oversee the company’s restructuring in an attempt to salvage operations, but that has proven less successful than hoped.
According to a statement released by Genting Hong Kong, ongoing difficulties have determined that “liquidity continues to deteriorate given the absence of sustainable operational income under current challenging circumstance and in the face of mounting creditor pressure which poses an immediate threat to the operation of the vessel.”
Because of the lack of income, operational expenses cannot be met and “World Dream will cease upon
completion of its current sailing on 2 March 2022.”
The Genting-class ship is currently scheduled to debark her passengers in Singapore on March 2, and there have been no announced changes to that plan. Future cruises, however, have been canceled. Booked guests are being contacted about their deposits and payments for future sailings, and can request refund claims through the company’s liquidators.
While no guarantees have been made about how refunds may be processed or whether the company will be able to meet those financial demands at all, guests are urged to submit booking confirmation numbers and payment records with their requests.
What Will Happen to Dream Cruises?
Dream Cruises does have two additional ships, Genting Dream and Explorer Dream, but neither ship is currently operating. Genting Dream had been offering short cruises from Hong Kong earlier this year, but stopped sailing in mid-January due to local COVID-19 restrictions. Explorer Dream had been offering short cruises from Taiwan, but has also stopped sailing.
It is possible these ships, or other assets from the company, may be sold in order to meet remaining financial obligations. This may include vessels from Crystal Cruises, also owned by Genting Hong Kong, or other assets the company holds, such as Star Cruises, Resorts World Manila in the Philippines, and the MV Werften and Lloyd Werft shipyards in Germany. Crystal Cruises ceased operation and shut down earlier this year, after its vessels were arrested in The Bahamas.
At the moment, all operations for the company are on hold, and significant debt is owed not only to booked passengers, but to different creditors. It may take months or even years for the financial knots to be untangled.