Cruise Ship Arrest

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As Dave Berry would say, "I can't make this stuff up."


Lim, who owns 76% of Genting Hong Kong, stepped down with effect from Jan. 21, the company said in a stock exchange filing. Au Fook Yew also resigned as deputy CEO and president. Neither man has any disagreement with the board, the company said.
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As my wife the attorney says, admiralty law is a mysterious separate universe, an entirely alternate reality. (I wonder though, even if they dock the ship outside US jurisdiction, who's going to extend them credit for fuel, wherever they are? Or extend credit for anything else as far as that goes.)
 
I believe the Bahamas prioritizes debt obligations differently than the US, so it may have been a strategic move to ensure the mortgage holder gets paid before the vendors in a liquidation of the company.
 
I certainly would not book a trip with them.
 
Having lost 1.7 billion a mere 4.6 million brings them down. The unpaid fuel bill started in 2017 so not all pandemic related.

Sounds more like restructuring plan where shell companies are standing by to bail out at pennies on the dollar. Share holders and creditors will lose and the company in whole or in part will carry on. JMO
 
I'm kind of surprised it happened to a Crystal ship though, given their reputation for being higher-end/more expensive. Looks like they suspended all three ships through May and now they're only still running the river cruises:

https://www.crystalcruises.com/advisory-alerts/statement-from-crystal-cruises

We all know the cruise industry has been thrown into a severe crisis by the pandemic but if even the high-end operators are hanging by their fingernails, maybe it's even worse than we think. We're avid cruisers and we live in probably the least-restricted state in the US, but the vax controversy entirely aside, we still won't cruise for quite a while. You listen to the discussions on cautionary measures (masks poolside, "bubble tours" where you're bussed around shore stops like lepers (unclean, unclean!)) -- no thanks, that's no vacation. Wouldn't want to be them lately.
 
kthoennes said:
As my wife the attorney says, admiralty law is a mysterious separate universe, an entirely alternate reality. (I wonder though, even if they dock the ship outside US jurisdiction, who's going to extend them credit for fuel, wherever they are? Or extend credit for anything else as far as that goes.)
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I was an material witness in Admiralty Court under a special master, in New Orleans early in my career. It was a very formal affair. The defendant, a Norwegian Insurance Company representative, actually peed his pants on the witness stand when testifying. Unforgettable.
~A
 
If someone with that name came at me with an "investment opportunity" I would repeat his name to him and politely decline. :lol::lol:
 
I suspect Mr Yew may have some Yorkshire origins. I was in a supermarket in Yorkshire a couple of years ago looking for some nuts (peanuts) and the checkout could not understand me until - finally - she said: Oh, you want noots!
 
I'll be following this closely. We've cancelled a river cruise with Crystal two years in a row now due to Covid. This year is also not looking too good. Maybe it just wasn't meant to be.
 
Genting has shut down their manufacturing facility for cruise ships and they're proceeding to allow the ships to be foreclosed. They say there is no cross ownership so their resorts and other businesses won't be impacted.

At that point, why would they spend more money they don't have getting it to the US. Just stop and park it and it's flagged in the Bahamas so really the best place for it. Now the courts and a foreclosure and auction will proceed. Meanwhile someone will be appointed to oversee it during the interim. The passengers have been shuttled to the US, but what happens to the crew is likely an ugly story.

A note: Last year Genting Hong Kong Ltd sold its entire stake in Grand Banks Yachts to Genting Bhd chairman Tan Sri Lim Kok Thay. Likely very fortunate for Grand Banks but he's still had them on a cost cutting, cash conserving plan. The sale was for far more than the market value. Once again, it appears he has a strong interest in protecting Grand Banks and all his Malaysian holdings as he is from Malaysia.
 
Oh.... this is simple.....


When someone owns your money, just take the ship. Just repossessand throw up an add on Craigslist.... will sell quick.
 
Seevee said:
Oh.... this is simple.....


When someone owns your money, just take the ship. Just repossessand throw up an add on Craigslist.... will sell quick.
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Apparently 300 unwilling passengers included!
 
AlaskaProf said:
Apparently 300 unwilling passengers included!
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I would have loved to have been a fly on the wall on that ship to hear the passengers' reactions. Open your stateroom curtains in the morning -- "Myron, this doesn't look at all like Ft. Lauderdale!"
 
kthoennes said:
I would have loved to have been a fly on the wall on that ship to hear the passengers' reactions. Open your stateroom curtains in the morning -- "Myron, this doesn't look at all like Ft. Lauderdale!"
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Their biggest frustration was only one day prior they'd been told their cruise would be ending early in Miami. They made hotel reservations and travel plans accordingly. Sleep on that and then it's "Surprise" as they were told they'd be stopping in Bimini and delayed a day or two in reaching Miami so they all had to cancel and reschedule plans.

One thing I did read from one passenger was praise of the crew until the end, even though the crew knew they weren't going to be getting paid.
 
I have been at air ports where carriers had to pay CA$H for 50-60,000pounds of fuel.
 
FF said:
I have been at air ports where carriers had to pay CA$H for 50-60,000pounds of fuel.
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I have too. Our corporate pilots carried cash anytime they flew the cargo plane to Europe (which was rare). They had arrangements where they normally flew. I imagine today that's mostly changed though.

In this case, it was clearly an account set up with a huge petroleum supplier. I'm sure there are many suppliers who always supplied the cruise line. Very difficult situation of when you decide the risk has changed and you're likely unable to get accurate information to know. We had to change terms with our largest customer in 2020, not because we knew they were in trouble, but because we couldn't get information we could trust. We had to purchase credit insurance. There are actually A/R puts that were sold on at least 30 major retailers.
 
Greetings,
Mr. G. Visited that place the last time we were over. I don't know the room rates but I strongly suspect they aren't losing any money by offering a mere $300 voucher. I vaguely recall dockage was $4.50/ft and that was about 4 years ago...
Most definitely NOT our style of Bimini experience.


Just checked. $350+/night.
 
Gotwex said:
Talk about can't make this sh!t up, Bimini Marina, owned by Genting HK, is offering a $300 fuel discount to boaters who pre-book!


https://www.rwbimini.com/bimini-marina/
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They are not alone. Right now there are a lot of discounts available. Here's a list of some.

https://www.bahamasmarinas.com/voyager-membership

However, the biggest are when you commit for lodging for multiple days. All the hotels in the Bahamas are suffering and I'd expect to see many change hands. The Grand Lucayan remains in turmoil. Others will follow.
 
I once captained the delivery of a vessel from New Jersey to San Diego with a crew of eight. Some of the crew expected to be employed by the company which had acquired the vessel once it was placed in service in San Diego. Toward the end of the voyage, it became clear that the company was unable to pay the crew wages to their families as had been agreed before the commencement of the delivery. In Cabo San Lucas, some of the crew bailed, and one of the owners came down from San Diego to act as mate to get it the last lap to San Diego. Once there, I departed the vessel and severed all connection to the company even though I was owed back wages. Memebers of the crew wanted to arrest the vessel for their wages, but you cannot do that unless you have the funds to properly berth and care for the vessel and pay the US Marshals their cut. After a few weeks, one of the less well-off crew members did indeed arrest the vessel. I wondered how he managed until I found out from his lawyer, an old family friend of ours, told me that the funds had been provided by a competing company which wanted to quash any potential competition. Some months later I was paid my back wages.
 
I was on Avalon in 2001 when the fairly new jet catamaran called the Catalina Jet running service for Catalina Cruises was impounded as the company had gone into bankruptcy while the boat was on it's way to the island. CC was losing a fight with upstart Catalina Express who had a fleet of faster and more comfortable boats and they had taken a huge market share from CC. All the folks who came over on the big, new catamaran were stranded and Catalina Express had to work hard to get them back on their existing fleet with an already crowded schedule. Catalina Express ended up purchasing the Catalina Jet and continues to run it today. I remember it was a big deal for the little town.

Catalina Cruises never recovered from bankruptcy. Ironically, Catalina Cruises contributed greatly to the demise of the old original SS Catalina steamship which ran till the mid-s70's, just deserts I suppose. I have fond memories riding on that old steamer as a kid.
 
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lwarden said:
I was on Avalon in 2001 when the fairly new jet catamaran called the Catalina Jet running service for Catalina Cruises was impounded as the company had gone into bankruptcy while the boat was on it's way to the island.
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Ha! What goes around, comes around because it was probably CC who provided the money to arrest the California Cruisin' vessel I brought around from NJ! Serves 'em right.
 
Around 4 or 5 days ago, we saw the Crystal ship bow pointed directly towards S Bimini channel. 7’ deep and 50’ wide. We were berthed inside. I’m thinking if they make a kamakasi run for it, us and boat would be trapped for months[emoji15]
Bimini is no place for a cruise ship without a home.
 
I see in news reports that two of the three Crystal cruise ships have been seized by the fuel creditors. Well okay, but if I'm a fuel company, what do I do with a couple giant cruise ships now?
 
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