The Stuttgart-based Nicko Cruises GmbH, a river cruise specialist, has applied for insolvency proceedings at Amtsgericht Stuttgart. Alan Lam reports.
With notable presence on the Danube, the Rhine, the Yangtze, the Ganges, the Mekong and most other well-known rivers around the world, Nicko has been the leading river cruise operator in the German-speaking market.
Formerly known as Nicko Tours, Nicko Cruises employs about 100 direct employees. According to the company, which was founded in 1992 as an organiser of tours to Russia, the political crisis in Russia and Ukraine has contributed to its downfall.
Nicko has also struggled to balance its book after the devastating floods in the spring of 2013. Both of these factors have helped to bring about a sharp decline in bookings and they in turn have led to its current over-indebtedness.
This latest in a series of cruise business insolvencies that highlight a possible structural problem in the German cruises market, the second biggest in the world and the fastest growing in Europe. It may suggest that the river cruise sector in Germany may have over-exerted itself in its recent unbridled expansion.
