Dream Cruises and parent company Genting Cruise Lines look set to end the sort-lived era of a luxury Asian line, with the line set to cease all operations after entering administration.
Despite positive hopes, Genting Cruise Lines could not secure the financing needed to continue Dream Cruises, which was one of the big lines to resume service after the pandemic, sailing out of Singapore from late 2020.
Court appointed liquidators will now take over and sell the line’s assets.Â
The World Dream will finish its final sailing on March 2 and then there will be no more ships operating across the line. Genting Dream had already previously ceased operations due to a spike of COVID in Hong Kong.Â
A statement from Genting Hong Kong read: “Despite the continued efforts to source and introduce external funding, the group’s liquidity continues to deteriorate given the absence of sustainable operational income under current challenging circumstance and in the face of mounting creditor pressure which poses an immediate threat to the operation of the vessel.”
If you are looking to claim a refund you need to attach your booking confirmation and payment records to an email to ProjectGenting@alvarevandmarsal.com where it will be assessed.Â
This follows the collapse of Crystal Cruises, which is also under the Genting brand.Â
Dream Cruises first said it would suspend ticket sales for two weeks on Jan 23 after its parent company Genting Hong Kong was wound up at the Supreme Court of Bermuda.
Those who have paid deposits for scheduled sailings after Wednesday will have to submit their claims to the company, although whether these will be successful is as yet unknown.
“Despite the continued efforts to source and introduce external funding, the group’s liquidity continues to deteriorate given the absence of sustainable operational income under current challenging circumstance and in the face of mounting creditor pressure which poses an immediate threat to the operation of the vessel.”
In the first year of the pandemic, the line’s cruises to nowhere were launched in November 2020 along with Royal Caribbean’s Quantum of the Seas.
Over 82,000 people sailed by March last year, and Dream Cruises’ World Dream accounted for about 60 per cent. But restricted numbers meant the itineraries were far from profitable.
Devestating news. One of the best large cruise lines out there. Will only have fond memories now.