Tuesday, January 25, 2022

Bow Wow - Crystal Crunch

 As a sort of footnote to the ongoing series related to the appearance of ships, centered on the look of their bows, I refer to the latest news  in the beleagured cruise industry.

 Referred to as "one of the key luxury brands" of the cruise industry, Crystal Cruise Lines has been placed in receivership. The company recently diverted its Crystal Symphony to the Bahamas to avoid arrest. The ship was to be seized on arrival in Miami for unpaid fuel bills, so terminated its cruise in Bimini January 22 and transferred passengers by ferry to the US.

 Crystal's ships have always been attractive, and mercifully free of extraneous hull graphics.

Crystal's situtation is tied to the financial woes of its parent company Genting Hong Kong, including its insolvent German shipyards MV Werften Group and Lloyd-Werft. The huge Wismar and Rostock yards were building large cruise ships, but work has been suspended.

Genting Hong Kong, could not satisfy creditors with its latest restructuring plan, and announced January 22 that it would be winding up its operations, which also include Star Cruises and Dream Cruises and will be appointing liquidators.

Genting's founding family have casino and resort businesses based in Malaysia and Singapore, and operating world wide. They are not included in the Genting Hong Kong collapse. They also have interests in many other businesses which are also not included in the shut downs.


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