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Dream Cruises' World Dream to stop sailing after liquidation; request for refunds must be submitted

SINGAPORE - Dream Cruises' vessel World Dream, one of two ships that began cruises to nowhere pilots here in 2020, will cease operations after it returns to Singapore shores on Wednesday (March 2), with the operator saying it no longer has the financial capacity to keep it going.

The death knell sounded on Monday (Feb 28) has been anticipated and dreaded for more than a month, after Dream Cruises first said it would suspend ticket sales for two weeks on Jan 23 after its parent company Genting Hong Kong filed to be wound up at the Supreme Court of Bermuda.

Following Genting Hong Kong's statement on Monday, 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.

"The company is currently assessing the impact of the cessation of operation of the World Dream, in particular its ability to meet potential refund claims," Genting Hong Kong said.

"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 cruises to nowhere, called as such because they made round trips on the ocean with no port of call, were one of Singaporeans' first opportunities to partially satisfy their wanderlust.

Launched in November 2020, with the other cruise to nowhere vessel Royal Caribbean International's Quantum of the Seas , more than 82,000 people had set sail on these two vessels by early March last year.

Of the total cruise to nowhere passengers, Dream Cruises' World Dream accounted for about 60 per cent. But Covid-19 restrictions continued to limit capacity and passenger numbers still remained a far cry from when the ships could make port calls at nearby islands.

Genting Hong Kong owns the Star Cruises and luxury Dream Cruises lines, which ply the Asia-Pacific, and the luxury Crystal Cruises line headquartered in Miami, Florida.

Those who wish to submit their claims must attach their booking confirmation and payment records and e-mail [email protected] for assessment.

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Follow our news, recent searches, dream cruises’ world dream vessel to cease operations on mar 2, advertisement.

Dream Cruises' World Dream. (Photo: Dream Cruises)

SINGAPORE: Cruise operator Dream Cruises said that its World Dream vessel will cease operations after its current sailing returns to shore on Wednesday (Mar 2).

In a statement on Tuesday, Genting Hong Kong, which owns Dream Cruises, said it "has become impossible" for it to make the further financial commitments necessary to enable the World Dream to continue to operate.

Dream Cruises had said earlier on Jan 23 that it would suspend bookings for an initial period of two weeks after its beleaguered parent company, Genting Hong Kong, applied to be wound up. The suspension was extended on Feb 4.

Customers who have paid deposits for sailings after Wednesday may submit their claims for refunds, said Genting Hong Kong.

However, it added that it is still "assessing the impact of the cessation of operation of the World Dream, in particular its ability to meet potential refund claims".

"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," it said.

Those who wish to submit their claims should attach their booking confirmation and payment records and email them to joint provisional liquidators ProjectGenting [at] alvarezandmarsal.com for assessment.

Dream Cruises' World Dream is one of two vessels allowed to offer cruises to nowhere in Singapore . The other is Royal Caribbean's Quantum of the Seas.

The joint provisional liquidators have been identifying potential remediation plans and facilitating the restructuring of the group including Dream Cruises since their appointment on Jan 20, said the cruise operator.

It added that it had obtained "certain emergency funding" which had enabled the World Dream to complete 16 scheduled cruises after the appointment of the joint provisional liquidators.

Genting Hong Kong's CEO Lim Kok Thay resigns less than a week after cruise operator files to wind up

Cruise operator Genting Hong Kong files to wind up company

Genting Hong Kong, which is part of Malaysia's Genting Group, reported a net loss of US$238 million in the first half of 2021, as operations continued to be affected by the COVID-19 pandemic. It reported a net loss of US$1.7 billion in 2020.

The company owns the Star Cruises and Dream Cruises lines which serve the Asia Pacific region, as well as the luxury Crystal Cruises line based in Miami. 

The cruise operator warned earlier in January that it faced potential cross-default amounting to US$2.78 billion, following the  insolvency of its German shipbuilding subsidiary.

Its chairman and CEO Lim Kok Thay, along with deputy CEO Au Fook Yew, resigned in January .

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Dream Cruises' World Dream to cease operations; company currently assessing its ability to offer refunds

SINGAPORE - Dream Cruises' vessel World Dream, one of two ships that began cruises to nowhere pilots here in 2020, will cease operations after it returns to Singapore shores on Wednesday (March 2), with the operator saying it no longer has the financial capacity to keep it going.

The death knell sounded on Monday has been anticipated and dreaded for more than a month, after Dream Cruises first said it would suspend ticket sales for two weeks on Jan 23 after its parent company Genting Hong Kong filed to be wound up at the Supreme Court of Bermuda.

Following Genting Hong Kong's statement on Monday, 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.

"The company is currently assessing the impact of the cessation of operation of the World Dream, in particular its ability to meet potential refund claims," Genting Hong Kong said.

"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 cruises to nowhere, called as such because they made round trips on the ocean with no port of call, were one of Singaporeans' first opportunities to partially satisfy their wanderlust.

Launched in November 2020, with the other cruise to nowhere vessel Royal Caribbean International's Quantum of the Seas, more than 82,000 people had set sail on these two vessels by early March last year.

Of the total cruise to nowhere passengers, Dream Cruises' World Dream accounted for about 60 per cent. But Covid-19 restrictions continued to limit capacity and passenger numbers still remained a far cry from when the ships could make port calls at nearby islands.

Genting Hong Kong owns the Star Cruises and luxury Dream Cruises lines, which ply the Asia-Pacific, and the luxury Crystal Cruises line headquartered in Miami, Florida.

Those who wish to submit their claims must attach their booking confirmation and payment records and e-mail [email protected] for assessment.

ALSO READ:  Dream Cruises files winding-up application amid parent company woes

This article was first published in The Straits Times . Permission required for reproduction.

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Dream Cruises' World Dream to stop sailing after liquidation; request for refunds must be submitted

Tuesday, 01 Mar 2022

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Dream Cruises' vessel World Dream will cease operations after it returns to Singapore shores on March 2. - ST

SINGAPORE (The Straits Times/Asia News Network): Dream Cruises' vessel World Dream, one of two ships that began cruises to nowhere pilots here in 2020, will cease operations after it returns to Singapore shores on Wednesday (March 2), with the operator saying it no longer has the financial capacity to keep it going.

The death knell sounded on Monday (Feb 28) has been anticipated and dreaded for more than a month, after Dream Cruises first said it would suspend ticket sales for two weeks on Jan 23 after its parent company Genting Hong Kong filed to be wound up at the Supreme Court of Bermuda.

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World Dream Cruise Ship Heading to Auction

• November 29, 2022

How much is a 2017-built megaship worth? The world is about to find out as the World Dream is heading to auction via the Singapore Sheriff following the demise of Genting Cruise Lines earlier this year.

The 3,500-guest Dream Cruises ship will be sold via sealed bids due by 3:00 p.m. Singapore time on Dec. 21, 2022.

The ship is currently in a state of warm lay up and remains in Asia near Singapore.

A surveyor’s report is available for interested bidders here.

The ship is said to come with approx. $1.2 million in fuel, and all bids need to include a deposit of $50,000.

The surveyor’s report said the vessel is in sound serviceable condition.

As for the rest of the Dream Cruises fleet. the Genting Dream remains in service for Resorts World Cruises on a charter deal, while the Explorer Dream also remains out of service and in the hands of creditors.

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Dream Cruises' World Dream to cease operations on March 2

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SINGAPORE — Cruise operator Dream Cruises said that its World Dream vessel will cease operations after its current sailing returns to shore on Wednesday (March 2).

Dream Cruises' World Dream cruise ship docked at the Marina Bay Cruise Centre in Singapore in July 2021.

In a statement on Tuesday, Genting Hong Kong, which owns Dream Cruises, said it "has become impossible" for it to make the further financial commitments necessary to enable the World Dream to continue to operate.

Dream Cruises had said earlier on Jan 23 that it would suspend bookings for an initial period of two weeks after its beleaguered parent company, Genting Hong Kong, applied to be wound up. The suspension was extended on Feb 4.

Customers who have paid deposits for sailings after Wednesday may submit their claims for refunds, said Genting Hong Kong.

However, it added that it is still "assessing the impact of the cessation of operation of the World Dream, in particular its ability to meet potential refund claims".

"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," it said.

Those who wish to submit their claims should attach their booking confirmation and payment records and email them to joint provisional liquidators  ProjectGenting [at] alvarezandmarsal.com  for assessment.

Dream Cruises' World Dream is one of two vessels allowed to offer cruises to nowhere in Singapore. The other is Royal Caribbean's Quantum of the Seas.

The joint provisional liquidators have been identifying potential remediation plans and facilitating the restructuring of the group including Dream Cruises since their appointment on Jan 20, said the cruise operator.

It added that it had obtained "certain emergency funding" which had enabled the World Dream to complete 16 scheduled cruises after the appointment of the joint provisional liquidators.

Genting Hong Kong, which is part of Malaysia's Genting Group, reported a net loss of US$238 million (S$323 million) in the first half of 2021, as operations continued to be affected by the Covid-19 pandemic. It reported a net loss of US$1.7 billion in 2020.

The company owns the Star Cruises and Dream Cruises lines which serve the Asia Pacific region, as well as the luxury Crystal Cruises line based in Miami. 

The cruise operator warned earlier in January that it faced potential cross-default amounting to US$2.78 billion, following the insolvency of its German shipbuilding subsidiary.

Its chairman and CEO Lim Kok Thay, along with deputy CEO Au Fook Yew, resigned in January.

For more reports like this, visit cna.asia .

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Dream Cruises' ship World Dream resumes sailings from June 14

Following the latest announcement from the Singapore government, Dream Cruises revealed that effective from June 14, 2021, its World Dream ship will resume sailings at the permitted 50% guest capacity where passengers from different households may enjoy the option of traveling in a group size of up to 5.

Additionally, from June 21 onwards, passengers may indulge in a feast where they may explore and enjoy dining in at 35+ F&B concepts around the cruise ship including Asian, Halal-certified, and international cuisine and enjoy live performances including magic shows, singing, and ballroom dancing by international performers.

With the well-being of its passengers and crew members its number one priority, Dream Cruises is maintaining the highest standards in safety with precautionary measures in place. Since the restart of operations in November 2020, the World Dream ship has enjoyed 7+ months of COVID incident-free cruises in Singapore and has received positive feedback on social media from passengers on their experiences onboard the ship.

As part of the Japan- themed voyages on World Dream from June 20 through September 18, guests can begin their journey aboard via strolling through the breathtaking torii tunnel that is surrounded by pink sakura trees, and a lavender field specially created and inspired by destinations like Hokkaido Japan. Vacationers will also be able to enjoy Lavender sachet and crepe paper-making workshops, relax with a Lavender Spa treatment or experience traditional Geisha culture.

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World Dream opens Singapore sailings to international travellers

Dream Cruises has opened sailings aboard its World Dream ship to non-residents in Singapore and international travellers for the first time since the onset of the Covid-19 pandemic, in accordance with the latest guidelines by the local authorities.

This development follows the launch of vaccinated travel lanes by the city-state, allowing quarantine-free entry for fully vaccinated travellers from selected countries.

In a statement, Dream Cruises called the move “a new milestone” for the cruise line “that will help to fuel the recovery of the cruise industry in Singapore and regionally”.

All embarking guests will need to be fully vaccinated and undergo a pre-boarding antigen rapid test at the cruise terminal and present a negative test result for Covid-19.

“World Dream has carried over 200,000 guests since cruising resumed in Singapore on November 6, 2020 and celebrated its first anniversary earlier this month,” said Michael Goh, president of Dream Cruises.

“With cruise bookings now open to non-residents in Singapore and international travellers, it is indeed fantastic news, as we have been working hard towards this goal with the demonstration of safe cruises over the past year.”

“Our progression to the next phase of cruising is timely and we are highly optimistic that demand will continue to rise with the contribution of the fly-cruise segment.“

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