Genting Hong Kong, which is the parent company of Crystal Cruises, Dream Cruise and Star Cruises, said it has deferred three newbuilding projects.

“The Group has deferred the construction of the Global II cruise ship and has suspended the construction of the Endeavor II and the Universal Class cruise ships. Management is currently finalising the timing of the shipbuilding plans and is in the midst of discussions with the German Government, the potential lenders and business partners for the financing of the construction of Global II and the revival of the construction of Endeavor II and Universal Class cruise ships,” the company said in a statement.

Global Dream is the first of the 208,000 gross ton ships intended for Dream Cruise, while Crystal Cruises recently took delivery of Crystal Endeavor, the first expedition ship of the line. The Universal class of ships of some 88,000 gross tons has been designed with the charter market in mind. All these ships had been intended to be built at MV Werften, which is part of the group.

“Further discussions with suppliers and contractors will be carried out when the revised shipbuilding plans are finalised. At this juncture, based on discussions with the suppliers and contractors, management is of the view that the Group will be able to defer the capital commitments of Global II amounting to US$458.9 million beyond 2021,” Genting Hong Kong said.

It also has an option to cancel the capital commitments related to the construction of Universal Class cruise ships of approximately $260.6 million for a compensation of approximately $13.4 million.

Genting Hong Kong reported a first half loss of $238.4 million, compared to a loss of $742.6 million in the same period last year. The loss was in line with the company’s recent guidance, according to which the figure should not exceed $330 million. Revenues fell to $182.3 million from $226.3 million.