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Genting Hong Kong completes restructuring

Details: Written by Kari Reinikainen Kari Reinikainen; Category: More News More News; Published: 02 July 2021 02 July 2021

Genting Hong Kong, parent company of Crystal Cruises, Dream Cruise and Star Cruises, said it has completed a restructuring programme after the counter parties of the company have given their final approval to the programme.

The agreement includes an €240 million subordinated secured loan facility plus a €60 million silent participation - in a form of lending which takes effect via provision of a limited-recourse equity stake to the lender in exchange for contribution of funding - which will be provided by the Wirtschaftsstabilisierungsfonds to MV Werften Holdings Limited.

This is an indirect wholly-owned subsidiary of the company that owns shipyards in Germany and/or certain of its subsidiaries in order to fund the completion of the partially-completed Crystal Endeavor and Global Dream vessels and certain overhead costs.

New funding, amended terms and extended maturities

Provision of a new committed €313.6 million post-delivery financing facility on substantially standard market terms in respect of the Crystal Endeavor vessel by certain existing lenders to the group also forms part of the package.

In addition to new funding, the package includes amendments to existing agreements that amount to $981.05 million and which represents all material existing financial indebtedness of the company.

It also includes a material extension of maturity of the facilities until no earlier than 31 July 2026, a reduction in, and the harmonisation of, interest margins for up to 24 months plus retention of all guarantees and security under the group’s existing financing arrangements, along with the implementation of appropriate limited credit enhancement arrangements including granting of new security and assignment of rights.

Furthermore, continued provision for drawdowns under existing pre-delivery financing arrangements available to the Group in order to fund completion of construction of the partially-completed Global Dream vessel.

The agreement allows suspension of amortisation payment requirements under $1.49 billion of separate secured financing arrangements entered into by Dream Cruises, Crystal Cruises and Star Cruises entities until the earlier of (a) 29 June 2023 and (b) the date falling 24 months after the Restructuring Effective Date along with consequential adjustments to each affected amortisation schedule.

Equity financing of the company for a value of not less than $30 million and entry by the company and certain wholly-owned subsidiaries of MV Werten into conditional, committed standby loan facilities provided by the State of Mecklenburg Vorpommern and the WSF in an aggregate amount of $118.0 million. This shall be secured by, inter alia, second and third ranking mortgages over the World Dream vessel.

American Queen Steamboat Company becomes only fully vaccinated U.S. river cruise line

Details: Written by Teijo Niemelä Teijo Niemelä; Category: More News More News; Published: 01 July 2021 01 July 2021

American Queen Steamboat Company, part of the Hornblower Group, announces guests will no longer be required to wear masks on board or receive pre-cruise testing and can once again enjoy unrestricted hop-on hop off shore excursions beginning with all Mississippi, Ohio and Cumberland river sailings embarking after today. This policy update is a result of the cruise line’s vaccination requirement for both guests and crew, first announced in February 2021, making American Queen Steamboat Company the first and only fully vaccinated U.S. river cruise line. To celebrate this significant milestone, the company is rolling out the FREEDOM sale, a bonus savings of up to $2,000 on select 2022 bookings made by August 31, 2021.

“I want to thank our tireless crew, loyal guests, valued travel advisors and supportive port partners for their efforts as we have navigated this unique time in travel together,” shares Shawn Bierdz, president, American Queen Steamboat Company. “Thanks to their unwavering commitment, we have been able to evolve our policies to further deliver an authentic river cruise experience without confusing restrictions.”

The brand-new American Countess and boutique riverboat American Duchess began sailing in March under SafeCruise protocols, calling on ports including New Orleans, Memphis, Louisville, and Pittsburgh. The American Empress, sailing the Pacific Northwest on the Columbia and Snake rivers, welcomed her first guests as the first 100% vaccinated U.S. riverboat on June 14. American Empress guests will continue to participate in a PCR test at the pre-cruise hotel per Washington state guidelines.

“As we re-introduce our hop-on-hop off tours, it is exciting for guests to once again take in the cafés of Natchez, visit the antique shops of Cape Girardeau and stroll the Cincinnati waterfront ‘bubble-free’,” shares Kari Tarnowski, senior vice president of marketing, American Queen Steamboat Company. “We can now see guests’ smiles onboard and I encourage cruisers to take advantage of our FREEDOM sale to secure a 2022 sailing with these savings.”

In order to adhere to the 100% vaccination policy onboard, all guests must show proof of Covid-19 vaccination by uploading an image of their vaccination card prior to the pre-cruise hotel check-in. Guests who fail to provide proof will be denied boarding and subject to full cancellation penalties. Masks are no longer required onboard after embarkation, but a face covering must be worn during boarding and on shore excursion motorcoaches per CDC transportation guidelines.
The SafeCruise health and safety procedures will continue throughout the entire cruise experience, and feature pre-boarding, boarding and onboard processes to enhance health and safety. Guidance may change at any time without notice based on local regulations. For additional questions, please visit the American Queen Steamboat Company website for ongoing health and safety protocols.

The FREEDOM sale is also applicable to Victory Cruise Lines’ 2022 itineraries. Charting all-new routes in addition to returning favorites, Victory Cruise Lines guests will travel to some of North America’s most desirable destinations on immersive and educational itineraries. Guests who book by August 31, 2021, can maximize savings and enjoy up to $2,000 off per stateroom on select 2022 Victory Cruise Lines itineraries, including the Ocean Victory and its inaugural season in Alaska, as well as new itineraries to Mexico and the Yucatán Peninsula and sailings along the U.S. southeastern seaboard.

Former Viking Sun becomes Zhao Shang Yidun for China joint venture

Details: Written by Kari Reinikainen Kari Reinikainen; Category: More News More News; Published: 01 July 2021 01 July 2021

The former Viking Sun of Viking has been renamed Zhao Shang Yidun as the 2017 built ship prepares to enter service in the Chinese market for a joint venture set up by Viking and China Merchants Group.

The vessel’s new name translates to China Merchants Eden and it was renamed by China Merchants Group Director Duan Xianghui. After the ceremony, the guests were invited to tour the cruise ship before it began its first coastal cruise. According to China Merchants, the event “marked the beginning of a new era for China’s cruise industry.”

China Merchants Eden becomes the first five-star luxury cruise ship solely dedicated to the Chinese market and marks China Merchants enter into the cruise industry. The 745-foot-long ship has accommodations for 930 passengers in 465 all-verandah staterooms. China Merchants said that it would add Chinese elements to the vessel while maintaining its Nordic design and decor.

The cruise ship will use Shenzhen as its homeport to launch a coastal route centered on the experience of domestic tourist destinations. The company said it plans to provide in-depth cultural tours for domestic tourists who have a strong interest in nature, history, folk customs, and food culture. While the focus is similar to the marketing for Viking’s cruises, China Merchants emphasized that the cruise ship will be independently operated and managed by China.

Princess Cruises cancels Australian cruises up to December 19

Details: Written by Kari Reinikainen Kari Reinikainen; Category: More News More News; Published: 01 July 2021 01 July 2021

Due to continued uncertainty regarding the timing for the resumption of cruise holidays in the region, Princess Cruises said it is cancelling cruises in and out of Australia through December 19, 2021.

“For guests booked on a cancelled cruise, Princess will move guests to an equivalent cruise in 2022. The rebooking process will have the added benefit of protecting the guests' 2021 fare on their replacement cruise,” the company said in a statement.

Alternatively, guests can choose a future cruise credit (FCC) equivalent to 100% of the cruise fare paid plus an additional non-refundable bonus FCC equal to 10% of the cruise fare paid (minimum $25 USD) or a full refund to the original form of payment.

Meanwhile, parent group Carnival Corporation & plc said that Carnival Corporation purchased 183,000 Carnival plc ordinary shares at a volume weighted average price paid of £16.41 per share, in accordance with an earlier announced programme. The highest price paid was £16.67 per share and the lowest price paid was £16.06 per share, Carnival said.

Vard delivers Hanseatic Spirit to Hapag-Lloyd Kreuzfahrten

Details: Written by Kari Reinikainen Kari Reinikainen; Category: More News More News; Published: 29 June 2021 29 June 2021

Vard, the Norway headquartered unit of Fincantieri group and one of the major global designers and builders of specialised vessels, delivered Hanseartic Spirit, the third ship and final unit in a series of luxury expedition cruise vessels for Hapag-Lloyd Kreuzfahrten, which is part of the TUI Cruises group

The ship has a gross tonnage of about 15,800 and it is 138 metres long and it follows Hanseatic Nature and Hanseatic Inspiration that both entered service in 2019.

The vessel, like the others of the series, mixes quality with environmental care alongside energy efficient hull design and technology, has accommodation for 230 passengers, Fincantieri said in a statement.