Cruise operator Dream Cruises is winding up. This comes after its parent company Genting Hong Kong failed to net in funding to stay afloat and has filed to wound up.
The subsidiary, which is one of the operators running “cruises to nowhere” in Singapore had previously said it would continue operating cruises here two weeks ago. In a u-turn of events, it had temporarily suspended new bookings on Jan 23 and the suspension was supposed to end on Friday, Feb 4.
Booking openings taken down
A check on Dream Cruises’ website showed that there are no bookings available, even though marketing materials to promote its Valentine’s Day sea tours are still up.
Another check on travel booking site Klook also revealed that bookings via the platform for the cruise are also no longer available.
Genting Hong Kong’s German shipbuilding subsidiary filed for insolvency earlier last month. The troubled cruise operator is controlled by Malaysian tycoon Lim Kok Thay, and the operator had warned of more defaults after what happened to its German subsidiary.
Cruise industry in the doldrums
The cruise industry has been severely battered by the pandemic since 2020, due to a string of travel restrictions imposed to curb the spread of the virus. Two years on, travel is still restricted in Asia, as governments continue to grapple with pandemic resurgences and the evolving new variants.
Genting Hong Kong halted debt payments to creditors totalling US$3.4 billion in Aug 2020, and was in default of that amount as of Dec 31, 2020. It reported a record loss of US$1.7 billion last May.
The firm has been offering “cruises to nowhere” and “seacations” in a bid to revive its business.
Genting Hong Kong owns other cruise brands – Star Cruises, which operates in the Asia-Pacific region, and Miami, Florida-headquartered luxury brand Crystal Cruises.
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Featured Image Credit: Dream Cruises
