Genting forecasts recovery

GENTING Hong Kong, the owner of Crystal, Dream and Star Cruises, has predicted cruise operations will resume from Jan 2021, while bookings for future cruises are “gradually improving following the recent progressive uplifting of travel restrictions and the stabilisation of COVID-19 cases in many countries”.

The forecast was revealed in the company’s results announcement for the six months to 30 Jun, with a loss of US$742.6 million.

The update confirmed almost all of Genting’s ships are in lay-up, apart from Explorer Dream which has recommenced domestic cruising in Taiwan, and SuperStar Aquarius and SuperStar Gemini which have been chartered by the Government of Singapore to accommodate foreign workers recovering from coronavirus.

Genting said it had been informed by authorities in China that Dream is “welcomed to commence domestic cruise operations starting from Sanya” while the company is also in talks with other regional governments to start domestic voyages.

The group continues to evaluate alternative deployment plans for cruise ships to countries where restrictions have been lifted or relaxed, the update noted.

Genting said it was also in the process of seeking additional equity or debt funding from private investors, with indicative letters expressing interest in putting money into one of the group’s cruise brands.

While work at Meyer Werft shipyard in Germany is currently suspended due to the COVID-19 pandemic, operations are expected to resume in Oct, with Genting currently applying for long-term funding support for the facility from the German Govt.