Lloyd Werft Files For Bankruptcy

Genting Group is primarily invested in leisure from cruise lines, including Star, Crystal and Dream cruises, to resorts and casinos, including all the Resort Worlds and major US resorts like Foxwoods and Seneca Niagara Falls where they've made capital loans. Resorts World Bimini has been short of funding for a long time. They have 46 Casinos in the UK. And we've already seen the impact of their concerns in the Bahamas where they owned Lucayan Beach Resort with the Bahamas Government and basically just turned it over to the government to sell.

They were also the primary reason Grand Banks survived and is still in Malaysia. Now Grand Banks is so small it doesn't show up in their investments and you just hope it won't be impacted.

Genting also has had a lot of planned resorts never to come to fruition, like Resorts World Miami. I wouldn't be at all surprised to see more Genting properties foreclosed.

A group of us rented condos in Resorts World Bimini a few years ago. Genting had opened the casino and were building a hotel next to it. We had a good time but the Resort was a bit sad -- most of the central village section was closed, including all public toilets; the casino was eerily empty; the condos were poorly maintained and falling apart; the marina was far from full in April --prime Bahamas season; and the resort sewage treatment facility wafted sewer smells right as you entered the resort from Alice Town.

However, the beaches and pools were well maintained and lovely, although there was annoying techno music blasted at the main Resort beach. Overall it felt like the whole place was deteriorating before it was even finished.

Another arm of Genting fails under pressure.

https://www.cruiseindustrynews.com/...iles-to-wind-up-company-cash-running-out.html

U.S. Ready to Seize Genting Cruise Ship on Unpaid Fuel Bills
U.S. district judge ordered ship’s seizure after lawsuit filed
Crystal Symphony was to be seized to repay $1.2 million in unpaid fuel bills when it made port in Miami Saturday.
With notice of the pending arrest, the ship was diverted to Bimini. Passengers will be ferried back into the states through Ft. Lauderdale on Sunday.

And up to the end, they'll lie and dodge. They first announced to the passengers that they were ending the cruise in Miami, due to "non-technical reasons." Then, as soon as passengers made new plans to get home, they told them "surprise", now stopping in Bimini, but we'll get you to Miami, just later than we said. No employees know if they'll be paid and ultimately the passengers aren't sure what will happen.

Crystal Symphony is flagged in the Bahamas. Peninsula Petroleum, from Singapore, has also filed on other cruise ships they own. This is going to hurt a lot of people badly, just not the owners as they're bailing completely on these ships.

With all the financial stress the cruise business have been in, including real early retirement of some good ships and delays in new builds.
Storage/dock rent not cheap either, then still minimum crew, maintenance, insurance and a list of more expenses, still (with zero income);
I wonder, If anybody expected this to happen? Or the better question,, Been waiting for this to happen a while ago, how did they last so long before this?? The inevitable??

Going back a few years before, that one cruise ship drifting with out power (or sanitation) for several days. A couple of fires on other people packers. A few other bugs spreading quickly thu the ships before Covid,, Then Covid,,
Amazing there was any business for them at all.
For you old pharts, my last cruise ship was the Bahamas Star, before she was lengthened.
Swore never to ride on another (cruise ship) again.

But then, some people like crowds.
I understood all were having a good time, before that chunk of ice got in the way.

The cattle ship business has degraded the atmosphere of most Paradise Island's we have visited.

I enter into this fray with great trepidation.
I first crossed the Atlantic with my grandmother, aunt and cousin to attend the Coronation Parade of Elizabeth II. We travelled 2nd class from New York on the Queen Mary. It was 1953 and I was 7. I was bedazzled. By the ship more than the parade. I was well hooked and have crossed oceans, Atlantic, Mediterranean, Baltic, Pacific and Indian 34 times since.
All in ships under 100,000 GRT. Some fairly small. I have absolutely no interest in mega ships with 3000+ passengers, waterslides, bump'em cars and ice rinks. Or casinos for that matter.
I learned as well that I have no interest is small, scrubby, sandy tropic islands. I get why people who like them do but I don't. Madeira is about as small as I go. Sand never did interest me. Beaches bored me even as a child.
My idea of heaven is mid ocean in a storm. Not a hurricane, just a storm. Perverse you might say and perhaps you are right. But that is me.
Now I have owned several lake boats in my day but I have never had the resources to afford a boat capable of crossing oceans at all let alone in a storm. So I must rely on the cruise industry.
The world is overpopulated. The population has doubled in my lifetime. The newly minted middle class hoards of Asia have washed through the tourist sites of Europe like a tsunami making many of them unbearably crowded.
Now many cruisers like me seek bargains and avoid the small tropic paradises beloved of yachtsmen but most do not and love the same things you yachtsmen do.
Any many hundreds of thousands of them, perhaps millions, have the money to own their own boats. Thank your lucky stars that they do not.
Otherwise the marinas of the world will become unbelievable nightmares and your beloved Exumas will look and smell like Coney Island on a busy Sunday.
Would I rather cross the pond in my own boat? You're darn right I would. Or at least I think I would. But it will never happen and I do what I have to do.
But be careful what you wish for. Let the masses enjoy their megaships. Its good for you.

I understand your reasoning Mapism and I probably should have considered that in 1965 when I was 19. But other opportunities beckoned and I did not. Now at 76 my options are more limited.

Not to nitpick but OP stated that he was 7 in 1953.

P.S. I enjoy your many insightful responses to other queries on this forum. Thank you.

Riknpat & Mapism,
76 not too old to grab a gig on ocean liners. An old friend around 74 yrs old who has led a interesting life of ocean liner cruises with his family as a youngster, years of ocean racing as a sought-after navigator for big name racers, followed by teaching at an Ivy league university, has discovered a good way to get back to sea. He gives talks on a wide array of topics aboard cruise ships, and has managed to cruise all over the globe for free. He enjoys it immensely. He's onboard a cruise ship for a month or so right now.

Genting is now blaming all the problems on the German government. They accuse Germany of failing to provide them the $620 million credit line they promised. Germany says they offered the loan of $670 million with the provision of $67 million additional from Genting plus guarantees.

So the real gist of it is the German government wanted their loans guaranteed and Genting refused.