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Genting Hong Kong says Star Cruises, Crystal Cruises notice toughening competition

Genting Hong Kong, the listed parent of the luxury cruise brand Crystal Cruises, Asia-Pacific focused premium market unit Dream Cruise and the Asia-Pacific focused Star Cruises contemporary market brand, said that the first and last named companies are facing the effects of toughening competition.

“Crystal Cruises faces significant competition in 2017, as competitors have launched new luxury ships, leading to approximately 16% increase in berth capacity in the luxury sector,” Genting Hong Kong said in a statement.

“The arrivals of new and large ships of competitors have caused smaller and older ships to relocate to ports where Star Cruises ships are positioned, creating downward pressures on occupancies and yields,” Genting Hong Kong said, adding that the situation is expected to improve as competitors have announced approximately 18% reduction in capacity by the end of this year.

Dream Cruises, launched slightly more than a year ago is performing well with improving occupancies and net yields in both the Hong Kong/Guangzhou and Singapore markets, Genting Hong Kong said.

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