In the wake of its parent company filing for liquidation, luxury cruise line Crystal Cruises has announced that it will suspend the operations of its three ships currently sailing through end of April 2022.
A statement from the line says management will use the pause in operations to access the current situation and develop future plans.
"This was an extremely difficult decision but a prudent one given the current business environment and recent developments with our parent company, Genting Hong Kong," said, Crystal Cruises' president Jack Anderson.
Anderson is confident of a return, however, saying in his statement that the company looks forward to welcoming back guests in the future.
Crystal operates two oceangoing ships -Crystal Serenity and Crystal Symphony - along with a fleet of five European river ships and the expedition ship Crystal Endeavor.
The company's two larger cruise ships, the Crystal Symphony and Crystal Serenity, are both currently sailing in the Caribbean. Crystal says they will complete their current cruises, disembarking passengers in Florida and Aruba this weekend.
Crystal's third oceangoing cruise ship, the newbuild luxury expedition ship Crystal Endeavor, which entered service last summer, is currently sailing in the Antarctic and due to return to Ushuaia, Argentina, on February 4.
Following these cruises, Crystal says it will suspend operations until the end of April. The line also operates five European river ships. Currently laid-up for the winter months, the normal pause will be extended, with Crystal saying they will return to service in May.
"Suspending operations will provide Crystal's management team with an opportunity to evaluate the current state of business and examine various options moving forward," the company said in a notice posted on its website.
As TravelPulse Canada reported yesterday, Genting Hong Kong, which owns Crystal Cruises as well as Asia-based cruise lines Star Cruises and Dream Cruises, has filed a petition in a Bermuda court that to appoint provisional liquidators. The liquidators will have the power to sell off or shut down parts of the company's operations.
Genting has been hammered by the global pandemic and its far-reaching impact on travel, including a long cruise industry shutdown. Last May, the company posted a record loss of $1.7 billion. It's stock value has dropped by more than half since 2018.
Last week, Genting Hong Kong's MV Werften shipyard in Germany filed for insolvency after the company couldn't come up with 10% of the capital needed for a German government bailout plan. In recent days, it was revealed that Genting Hong Kong is expected to run out of cash by the end of this month.
Crystal Cruises started operations in 1990, funded by Japan's NYK line. In recent years, the company launched ambitious expansion plans, expanding its luxury offering with yacht cruises, charter luxury air travel, and plans for ocean residences on new ships that would have been built by MV Werften.
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