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Genting Hong Kong expects smaller first half loss

Details: Written by Kari Reinikainen Kari Reinikainen; Category: More News More News; Published: 23 August 2021 23 August 2021

Genting Hong Kong, parent company of Dream Cruise, Crystal Cruises and Star cruises, forecast that its losses for the first six months of this year will be narrower than in the same period last year.

The company is expected to record a consolidated operating loss (before finance costs) of not more than $280 million and a consolidated net loss of not more than $330 million for the six months ended 30 June 2021.

This compares to a consolidated operating loss (before finance costs) of $323 million and a consolidated net loss of $743 million for the corresponding period in 2020.

The anticipated decrease in the unaudited consolidated net loss of the Group is mainly attributable to the following:

 cruises resumption: Explorer Dream in Taiwan since July 2020 till early May 2021 and World Dream in Singapore since November 2020;

 continued efforts to control the headcount and burn rates for vessels in layup;

 reduction in depreciation expense due to lower carrying amount of the Group’s assets following

impairment losses recorded against these assets in 2020;

 reduction in finance costs from debt restructuring;

 share of profit of Travellers International Hotel Group, Inc., an associate of the Group, in the

amount of approximately US$25 million was recorded in 1H2021; and

 lower impairment losses in respect of the Group’s assets in 1H2021 as compared to the first

half of 2020.

“The information in this announcement is based only on the preliminary review of the unaudited consolidated management accounts of the Group for the six months ended 30 June 2021 and information currently available to the Company. Such information has not been reviewed by the independent auditors or the audit committee of the Company,” Genting Hong Kong said in a statement.

AIDAcara reported sold to Russian interests

Details: Written by Kari Reinikainen Kari Reinikainen; Category: More News More News; Published: 23 August 2021 23 August 2021

AIDAcara, which the Carnival Corporation & plc group recently sold to an undisclosed buyer, has been acquired by Russian intersts, Tradewindsnews.com reports.

The ship has been renamed Astoria Grande and is belived to have been acquired by private investors and managed by Mester Commercial in Limassol on Cyprus, the report said.

AIDAcara was the first ship of the Rostock based AIDA Cruises and entered service in 1996, when it was simply known as AIDA. It is measured at about 38,500 gross tons and was built in Finland.

“The Russian outbound travel market is huge, and many Russians cruise with foreign cruise lines, although they are always in the minority on board. It absolutely makes sense to have a ship dedicated exclusively to the Russian-speaking passengers,” a senior executive at a US-based cruise operator was quoted by Tradewindsnews as saying.

The ship has large food market type restaurants and only smaller table service facilities, which means that it has a smaller crew than a traditional ship of the same size.

Royal Caribbean Group refinances existing debt at lower rate

Details: Written by Kari Reinikainen Kari Reinikainen; Category: More News More News; Published: 20 August 2021 20 August 2021

Royal Caribbean Group, the world’s second largest cruise shipping group, said it would use part of the $986 million senior note offering to refinance existing debt at a lower rate of interest.

The senior secured notes due 2026 the company has just issued carry a coupon of 5.50%.

The company said it would redeem 40% of the senior secured notes due in 2025 that carry a coupon of 11.50% by the proceeds of the latest note offering.

The 11.50% notes were offered in May last year and the principal amount of the offering was $2.32 billion, according to a statement the company issued at the time.

Fred. Olsen Cruise Lines’ flagship Bolette enters service

Details: Written by Kari Reinikainen Kari Reinikainen; Category: More News More News; Published: 19 August 2021 19 August 2021

Bolette, the new flagship of Fred. Olsen Cruise Lines (FOCL), has sailed for its maiden voyage for the company from Dover, the company said in a statement.

Built as Amsterdam for Holland America Line in 2000 by Fincantieri, the 62,375 gross ton ship follows Borealis, the former Rotterdam, into service with FOCL.

The 1998 built Borealis that is measured at 61,849 gross tons started cruising from Liverpool last month.

The two ships replaced Black Watch and Boudicca, both built in the early 1970s, both of which had a gross tonnage of about 28,000.

EU demands emission free port calls from passenger ships from 2030

Details: Written by Kari Reinikainen Kari Reinikainen; Category: More News More News; Published: 19 August 2021 19 August 2021

Passenger ships must use shore power when calling at ports in the EU from 2030 unless they can prove that they use another zero emission technology as propulsion.

This is part of a package called “Fit for 55” that the European Commission presented last month and which aim at reducing greenhouse gas emissions in 2030 to at least 55% compared to 1990 levels.

The package also includes an emissions trading system for the shipping industry, a maximum limit on the greenhouse gas intensity of energy used on-board and introduction of a minimum tax rate on certain fuels.