Posted on 01/21/2022 12:31:20 PM PST by Capt. Tom
Good journalists are supposed to be impartial. They stay neutral when reporting the news. And even as someone who has built a career writing about the fluffiest of topics — cruising — I have tried to hold fast to such principles.
Alas, every so often a story that I am covering hits me in the gut to such a level that it is hard to stay impartial. The suspension of operations at Crystal Cruises Wednesday in the wake of a financial meltdown at its parent company is just such a story.
Crystal is, without a doubt, the finest cruise line that I have ever experienced — and I have sailed with more than 40 cruise brands. The possibility that it won’t be around to continue to set the bar for what a great cruise line can be fills me with sadness.
I will lay my bias on the table right here, for everyone to see: I really want Crystal to survive.
Whether it does or not seems up in the air.
For now, the suspension of operations at Crystal, which specializes in luxury cruises, is just temporary … at least, that’s what the line is saying. On Wednesday, Crystal said it only canceled sailings of its three oceangoing ships through the end of April. It canceled sailings of its five river ships through the end of May.
But the line’s fate is now in the hands of liquidators for its parent company, Genting Hong Kong.
Genting Hong Kong said on Wednesday that it was nearly out of cash and filed for what is known as a winding-up petition with a court in Bermuda, where it is registered. This clears the way for liquidators to sell or shut down divisions as part of an orderly restructuring.
What happens next is unclear.
In a filing with the Hong Kong stock exchange on Wednesday, Genting Hong Kong said some of its business activities, including (but not limited to) the operations of its Asia-based Dream Cruises division, would continue as its liquidators pursue a financial restructuring “in order to preserve and protect the core assets and maintain the value” of these assets during the process.
However, it said it expected the majority of its existing operations to “cease to operate.”
Genting Hong Kong has a controlling interest in three cruise lines — Dream Cruises, Asia-based Star Cruises and Crystal — as well as shipyards in Germany and a Resorts World casino in Malaysia.
Why I am rooting for Crystal Cruises The luxury corner of the cruise world in North America is dominated by just a few major players, most notably Crystal, Silversea Cruises, Seabourn and Regent Seven Seas Cruises. Together, they operate about two dozen ocean ships.
Over the years, I have sailed with all of these lines many times, and there is no bad apple in the bunch. They all are wonderful cruise operators, with beautiful ships, carefully crafted itineraries and — most importantly — generally impeccable service.
But among them all, Crystal has always stood out. It’s something special.
There is a culture on board Crystal ships that is like nothing I have experienced anywhere else at sea — and this is coming from someone who has sailed on more than 160 cruise vessels operated by 41 different lines. I’ve easily taken more than 200 cruises in all.
The service on Crystal ships is consistently intuitive and flawless at a level that makes it extraordinary. It’s often the little things that tell the tale.
A few months ago, when I was sitting in the Palm Court lounge on Crystal’s new expedition ship, Crystal Endeavor, the room’s bar manager, Ana, arrived with a cappuccino. She quietly placed it on the table in front of me while I was typing away on a story.
I hadn’t ordered the cappuccino, but I was indeed ready for one, which she somehow intuitively knew. She clearly had taken note in the days before that I liked to slowly sip on a coffee as I wrote in a corner of the room. She must have noticed that my coffee orders on board were invariably cappuccinos, not Americanos or lattes.
Ana also struck up conversations with me at times when I visited her bar, but she seemed to know just the right time to do so and just the right time to leave me alone. That’s a fine line to walk, and she walked it like a pro.
I wrote about this at the time, as it was a perfect example of the amazing, anticipate-your-every-need service that is a hallmark of Crystal.
It’s the sort of service that points to a company not only hiring the very best people in the business but also training them extensively and about as perfectly as possible.
Crystal’s crew members are not the only ones who are a delight, though. So are the passengers. It’s a truism of cruising that every line has its own culture when it comes to their regular crowd, and Crystal ships are a second home to some of the most interesting, fun and engaging people you’ll find at sea. I always enjoy being around them.
The best outcome The next few months could go a few ways for Crystal.
In a statement Wednesday, the line said its suspension of operations for the next few months would “provide Crystal’s management team with an opportunity to evaluate the current state of business and examine various options moving forward.”
That leaves open a lot of possibilities. It’s also not clear how much of a vote Crystal’s management will get when it comes to choosing a path forward. Judging from Genting Hong Kong’s filing with the Hong Kong stock exchange on Wednesday, the company’s liquidators will have the biggest sway over what comes next.
In the filing, the company suggested the liquidators would pursue a financial restructuring that could keep at least parts of the company running. However, they also would have the power to “dispose of all or certain of the company’s assets with a view to maximizing value and returns for creditors.”
That could mean that Crystal resumes operations as a division of a restructured Genting Hong Kong. It also could mean it resumes operations under the ownership of another cruise company, hedge fund or other entity that buys it during the liquidation process. It also could mean the brand is shut down completely or sees some of its eight vessels sold off for cash to interested buyers.
I like to think that Crystal has such a loyal following and offers such a unique brand promise that someone either within or outside of Genting Hong Kong will see the value of it as an entity kept whole and make a play to keep it running just as it is.
Given Genting Hong Kong’s not-so-great track record in overseeing the brand, the best outcome to me would be for the line to be sold to a financially sound buyer who won’t make too many changes to what it is now.
That’s my biased hope, at least.
It is a business, and when you owe money, you are at the mercy of your creditors if you can't make the payments. - Tom
All part of Klaus Schwab’s promise that by 2030 none of us will own anything and we will be happy because we will all be dead.
The Points Guy has a good website. American Airlines is suing him because he has an ap to manage AA miles. AA should consider it a perk but apparently they don’t. They need a new PR department.
Carnival sent out Emails about their continuing ‘protocols’ today...
The jabbed rules will continue for cruises in “April and beyond” that includes all of my cruises for 22 and 23 ...
In their website they updated today to include the exemptions will continue until Dec 2022
Boosters are recommended and will eventually be required ...
They claim they are following CDC guidelines but the CDC just said that natural immunity is better than the jab ...
My next cruise is in May so that will come under their “and onward”
They also backed the final date for cancelling 22 cruises from Dec 31 to Feb 15 which makes it harder to decide what to do ...
Well, one reason he might have like it so much was that it was costing them $150 to deliver service that he was paying $100 for.
Crystal Cruises are very expensive, out of reach for the vast majority of people who want to go on a cruise.
Service is obviously world class, and they charge for it. They know that their market is limited, but there are/were enough people willing to pay for it.
He has sailed on FORTY cruise brands? He didn’t say how many actual cruises he’s been on. It must be his profession to go cruising. Maybe he’s a secret shopper.
I’ve been on zero cruises on zero cruise brands. It seems I’ve got some catching up to do.
If we enter into a deflationary economy.
The tourist industry will get butchered, they rely on disposable income from customers. In a deflationary environment(tight money) customers have less income for non essential businesses like cruise ships.
Plus their customer base is old, eventually old people die, which means no more cruise vacation for the dead person.
Crystal sounds very nice. What a shame.
My next cruise is in May so that will come under their “and onward”( Carnival )
They also backed the final date for cancelling 22 cruises from Dec 31 to Feb 15 which makes it harder to decide what to do ...
Anything the cruise lines say about future cruises is just a maybe.-Tom
I wonder if the cheap cruise lines will be next to suspend operations.
Then those booked folks will have to do their own cooking and cleaning.
😂
Sounds like they’re wanting all pax to be boo$ter jabbed, too.
I wonder how that will go over?
Many who took the $hots are now realizing the risks....and, as you posted, that CDC is even NOW saying natural immunity is better than these jabs.
Sad for folks who had to take them, for work, or chose to take them, to travel :-(
From the article- There is a culture on board Crystal ships that is like nothing I have experienced anywhere else at sea — and this is coming from someone who has sailed on more than 160 cruise vessels operated by 41 different lines. I’ve easily taken more than 200 cruises in all.
“Good journalists are supposed to be impartial...”
Lost me right there Hoss as I haven’t seen more than one in my lifetime and wouldn’t exactly know what one looks like anyway. They are hired to represent whoever signs their paycheck. That’s all they are in the business for. If you don’t pay them, they will be gone so fast it was suck all the air out of your office when they depart. Only one I think was close was Rush. But he was also an entertainer and conformed to the conservative platform.
wy69
Wow, I cannot imagine that kind of wealth or being able to take that much time off of work. He must be getting paid for those cruises.
You can tell I didn’t read much of the article!
Hey, I am right there with you, so don’t feel like you’re all alone!
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Oh, I don’t know about that. A cruise on the mid-range Brands is no more expensive than staying at a decent hotel. The great thing about cruising is that you can completely and totally shut your brain off. I will be the first to acknowledge the parts of the industry are kind of garish, but cruises are an excellent value. They are not for everyone, but they are a pretty simple way to have a very low-think vacation.
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