Crystal Cruises Ships up for Auction as the Parent Companies’ Liquidation Continues

The Ocean-going cruise vessels, CRYSTAL SYMPHONY and CRYSTAL SERENITY, are auctioned by the Supreme Court Commercial Division of Bahamas. The auction is supposed to begin on June 7th with the winner being notified by June 14th and transfer of possession by June 21st.

The vessels were seized and have been under arrest in Freeport, the Bahamas, since February 5th after Genting Hong Kong defaulted on its debt. The cruise vessels are being auctioned off to reimburse the banks, fuel suppliers, travel agents, and even passengers that are creditors to the company. To put things in perspective, over 30,000 entities have filed claims with Florida authorities overseeing the liquidation of Genting Hong Kong. The auction is held with a sealed tender process where the bids are not disclosed until opening time. However, the banks can petition the court not to make the sale if they feel that the bids are too low, or they may bid for the vessels themselves if they do not find a good offer.

Experts are putting a trading value of $87.4 mn on 2003 built CRYSTAL SERENITY and $18.2 mn on 1995 built CRYSTAL SYMPHONY. The age of the vessels is the primary deterrent to buyers and is driving the prices down. However, the fact that many cruise vessels were dumped not so long ago in scrapyards by Cruise liners has also further reduced the value of cruise vessels in the market. Not discounting any possibility, the scrap value of the vessels is estimated to be $ 22.2 mn for the CRYSTAL SERENITY and $ 17 mn for the CRYSTAL SYMPHONY.

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