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Seatrade Cruise Global returns to Miami Beach, 25-28 April 2022

Details: Written by Teijo Niemelä Teijo Niemelä; Category: More News More News; Published: 11 January 2022 11 January 2022

Seatrade Cruise Global, the cruise industry’s leading annual business-to-business event, is returning to the Miami Beach Convention Center, 25-28 April 2022. This year’s conference will celebrate resilience – highlighting the industry's collaborative efforts across sectors to create a safer, more innovative cruising experience adapted to ever-changing times. In addition to its enriching programming and expo components, the show will offer optimized networking opportunities with an all-new AI-enabled matchmaking software and dedicated concierge team.

“Our industry is continuing to shift and implement key learnings towards cruising innovation in every aspect – from health and safety, to technology and sustainability. We’re proud to support the cruise community by providing a platform to unite and share knowledge, insights and solutions across these verticals,” says Chiara Giorgi, Global Brand and Event Director for Seatrade Cruise. “After successfully reuniting in-person last year, and the overwhelming amount of positive feedback we received, we’re eager to continue the momentum, confident that through collaboration our industry is coming back stronger than ever.”

Seatrade Cruise Global 2022 is expected to welcome more than 10,000 attendees, representing 80+ cruise line brands and 500+ exhibitors from over 140 countries. Focusing on resilience as its overarching theme, this year’s conference program will feature more than 45 hours of education, covering leading topics including technological advances, health and safety, global ports and destination updates, as well as sustainability and environmental advances.

With safety continuing to be of utmost importance, Seatrade Cruise Global will be guided by Informa AllSecure standards that ensure a safe, hygienic, productive and high-quality organised event experience. As the host venue, the Miami Beach Convention Center – a GBAC STAR accredited facility – is taking all precautions and supporting with additional offerings to ensure the safety and success of the event. Specific measures related to health and safety will be provided ahead of the event and protocols will adhere to all city and state regulations.

Seatrade Cruise Global offers flexible attendee registration options. Those who register by 14 January 2022, can take advantage of Super Early Bird pricing.

UPDATED - Genting Hong Kong warns of potential fallout of MV Werften collapse

Details: Written by Kari Reinikainen Kari Reinikainen; Category: More News More News; Published: 10 January 2022 10 January 2022

The collapse of its MV Werften shipbuilding unit may have material negative consequences for the Genting Hong Kong group, the company said in a statement.

“Subject to the outcome of the hearing of the Company’s application on 11 January 2022 (Germany time) with respect to the State M-V Backstop Facility and taking into account the relevant counterparties’ refusal to permit the Group to access disbursements totaling approximately US$336,000,000, there is no guarantee that the Group will be able to meet its financial obligations under its financing arrangements as and when they fall due,” the company said.

Genting Hong Kong said it considers that it has exhausted all reasonable efforts to negotiate with the relevant counterparties under its financing arrangements. “If the Group remains unable to meet its obligations to repay any debts as they fall due or to agree with its relevant creditors on the renewal or extension of its borrowings or any related alternative arrangements, there may be a material adverse effect on the Group’s business, prospects, financial condition and operating results,” it said.

The board is currently in discussion with its bankers, its shareholder partner in Dream Cruises Holding Limited, an indirect non-wholly owned subsidiary of the Company, and its professional advisers to evaluate options available to the Group, it pointed out.

Genting Hong Kong’s cruise brands comprise Dream Cruises and Star Cruises in Asia and Crystal Cruises, which has its head office in Los Angeles.

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The crisis at MV Werften took a turn for the worse as a German media report said the company had filed for bankruptcy.

“A dramatic turnaround in the struggle for the financially troubled MV shipyards: The management announced an internal report that it would file for bankruptcy,” the Norddeutsche Rundfunk (NDR) public broadcaster reports on its website.

“The Schwerin District Court confirmed receipt of the application. In the afternoon, the country's finance committee will hold a special meeting to discuss how to proceed,” the report said.

CruiseBusiness.com has been unable to obtain a comment from the shipbuilder that is part of the Genting Hong Kong group or the court..

"A bitter day for all of us, but we have to face this fact,” the management's statement said, according to NDR.

“The insolvency was applied for at noon at the Schwerin District Court, as the court confirmed. In talks between the federal government, the state of Mecklenburg- Vorpommern and the owner Genting from Hong Kong, no solution for further financing was found, said a shipyard spokesman. However, bankruptcy does not have to mean the final end - that could also mean that it will continue,” NRD reported.

Trading in Genting Hong Kong shares suspended, pending announcement

Details: Written by Kari Reinikainen Kari Reinikainen; Category: More News More News; Published: 08 January 2022 08 January 2022

Trading in the shares of Genting Hong Kong were suspended on the Hong Kong Stock Exchange on 7 January at the company’s request, pending an announcement.

“At the request of Genting Hong Kong Limited (the “Company”), trading in the shares of the Company on The Stock Exchange of Hong Kong Limited will be halted with effect from 9:00 a.m. on Friday, 7 January 2022 pending the release of an announcement in relation to an inside information of the Company,” Genting Hong Kong said in a statement.

The company, which owns Dream Cruises and Star Cruises in Hong Kong and Crystal Cruises in Los Angeles, has recently issued a number of statements regarding its MV Werften shipbuilding subsidiary in Germany.

MV Werften’s finances in spotlight

On 2 January, it said that the Delta and Omicron COVID variants have impacted on the recovery of the Group’s cruise operations and to mitigate the risk of the Group breaching the Minimum Liquidity Covenant, the Group proposed to draw down on the loan facility provided by State M-V in the sum of $88,000,000 pursuant to the terms of the Backstop Facility Agreements.

M-V refers to the German state of Mecklenburg-Vorpommern, where the facilities of MV Weften are located.

Since 17 December 2021, the Company has satisfied all drawdown conditions under the State M-V Backstop Facility, including having obtained backstop funding of $30,000,000 from the company’s controlling shareholder Golden Hope Limited.

“Accordingly, on 17 December 2021, the company delivered a utilisation request under the State M-V Backstop Facility to State M-V in respect of the sum of US$88,000,000 in accordance with the Backstop Facility Agreements,” Genting Hong Kong said.

On 23 December 2021, Genting Hong Kong received correspondence from State M-V imposing additional pre-conditions to drawdown under the State M-V Backstop Facility not provided for under the terms and conditions set out in the Backstop Facility Agreements.

Legal proceedings against state

Accordingly, on 27 December 2021, the company applied to the District Court -Landgericht in German- of Schwerin to commence legal proceedings against State M-V seeking an interim injunction to require State M-V to comply with the terms and conditions of the Backstop Facility Agreements including to satisfy the utilisation request and permit drawdown under the State M-V Backstop Facility (the “Legal Proceedings”).

On 28 December 2021, the Court handed down its judgement and ordered State M-V to immediately fund in full the sum of $88,000,000 in accordance with the Backstop Facility Agreements. However, on 29 December 2021, the Court amended its order to limit the immediately enforceable payment amount to $6,300,000, with the balance of the contractual amount to be paid on a later date.

Further amendment, payment to be withheld until hearing

On 30 December 2021, the Court further amended its order such that no amount is immediately payable but that the matter is to be listed for hearing on 11 January 2022.

On 30 December 2021, State M-V released a press release1 stating that State M-V and the Finance Committee of the Parliament of State M-V still agree to make available the State M-V Backstop Facility but only if certain additional pre-conditions are met.

“These pre-conditions include further agreement from the German Federal Government and the Company with respect to certain terms of a bridge loan to MVWH, the Company’s subsidiary, to fund the ongoing costs of the construction of the “Global One” vessel. State M-V stated that such a negotiated solution remains its priority, and that it will continue in the coming days to negotiate,” Genting Hong Kong said.

Photo: the 208,000 gross ton Global Drama is currently under construction at MV Werften

Covid-19 continues to hamper cruise operations

Details: Written by Kari Reinikainen Kari Reinikainen; Category: More News More News; Published: 06 January 2022 06 January 2022

Several cruise operators have been forced to amend their itineraries and cancel cruises as the Covid-19 pandemic continues to hamper operations.

In Germany, TUI Cruises, Hapag-Lloyd Cruises, Phoenix Seereisen and AIDA Cruises have been forced to take such measures following the detection of positive cases onboard some of their ships.

The Norwegian Cruise Line Holdings group has amended its plans to bring some ships to service with have not yet done so and the itineraries of some other vessels have been impacted.

Marella Cruises in the UK had to cancel a sailing in the Caribbean following people testing positive for the virus as well, media reports say.

Photo: Marella Discovery of Marella Cruises is one of the ships recently impacted by the pandemic

Hong Kong suspends cruises to nowhere until 20 January

Details: Written by Kari Reinikainen Kari Reinikainen; Category: More News More News; Published: 06 January 2022 06 January 2022

The Hong Kong government has ordered cruises to nowhere from the self governing region of China to be suspended after a Covid-19 scare on Spectrum of the Seas, South China Morning Post reports.

Nine passengers had been in a close contact with a suspected Covid-19 case. There were 2,500 passengers and 1,200 crew on board the Royal Caribbean International ship at the time.

All onboard were tested and all test results came in as negative.

Bars, restaurants and gyms are among the 15 types of premises that the government has demanded to close for two weeks to curb the spread of the virus, the report said.