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14 hours ago, Stickman1990 said:

Not sure how recent this shot is but it shows that externally at least she’s looking pretty complete 


E4C01542-A391-4EEC-AD81-49E53922F079.thumb.jpeg.1ddda37f8ae8c7674a4cd012ce35a9d6.jpeg

 

 

It was my understanding she was 60% complete, interior fittings, when Werften shut down. Assuming those tarps are covering the tender(s)/lifeboat, from the exterior all she needs is her helicopter!! 🙂

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1 hour ago, kent9xxx1 said:

Do they have money to pay for the Endeavor?  

 

I believe she was sold and leased back sometime last year. According to BWIVince, this is a fairly common practice in the travel industry. This was done with both the Ocean ships LONG before NYK sold to Genting. 

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9 hours ago, kent9xxx1 said:

Do they have money to pay for the Endeavor?  

Just want to add to Larry's comments.

 

They did a lease back.  They sell it and then lease it back.

 

It's not only big in the travel industry but in many industries with high growth companies.  I was in telecommunications and when we were growing quickly we would do similar lease backs so that we could use the cash to continue to grow.

 

Keith

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12 hours ago, kent9xxx1 said:

Do they have money to pay for the Endeavor?  


I think one of the biggest barometers of Genting’s overall financial health is that they seem to be making very few changes to their long term strategic spending.  While they’re making the same painful spending decisions in the short term that all of our companies in the industry are to stem spending on excess capacity and resources , the big strategic projects continue -x and that would NOT be happening if Genting felt they didn’t have the cash.  
 

Construction continues at projects like RW Las Vegas, and Symphony’s refit.  Both of these are funded to the point that they would be wasteful to postpone, but they would both preserve some cash in the short term if Genting really needed funds immediately.  Especially the RWLV project, because that’s only going to burn cash faster when it opens (for at least the first 18 months after it finally opens in the future), so that’s a long term commitment to spend before it starts breaking even.  
 

Likewise, if Crystal was really crunched for cash, Genting would mothball Symphony long term (vs. idling her), focus on Serenity and the adjacent markets, and postpone the dry dock until 2021 or 2022 — yet the dry dock continues.  The dry dock is mostly paid for, but there is still cash to be spent and idling her is expensive.

 

So, long story short, they certainly seem to have the money, based on the actions they’re taking.  Logistically, however, building a ship right now in many countries is interesting from regulatory perspective,  it that’s out of Genting’s hands.

 

Vince

Edited by BWIVince
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I was in Asset Based Lending (the buy and "lease" back type of lending ) and you would be surprise at the names of companies that did that.  Sure some had cash flow issues but many just wanted to use their cash for other growth. 

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  • 4 weeks later...
  • 4 weeks later...

Cruise Cancellations: Crystal Endeavor 2021 Voyages - February 19 Through May 1


UPDATED  Wednesday, July 29, 2020  9pm EST 

 

As many of our guests and partners are aware, the global pandemic caused by Covid-19 has affected many businesses and industries all around the world, including the temporary closure of  MV WERFTEN shipyard where Crystal Endeavor is being built. Therefore, it is with regret that we must cancel our February 19 - May 1, 2020 expedition voyages.  (NOTE: Obviously the dates are in error and should be Feb 19 - May 1, 2021)

 

We know that our guests, and the entire Crystal Family, have been looking forward to the introduction of our newest ship and we want to sincerely apologize that their travel plans have been impacted by this unprecedented global health crisis.

 

We are pleased to provide guests booked on these affected voyages with Credits* equal to 125% of the cruise fare paid on fully-paid reservations. For guests who have not fully paid, the credit will then be based on the deposited amount. Credits are valid on any Crystal experience (Ocean, River, Yacht or Expedition) embarking through December 31, 2023 – along with a refund of port charges, taxes and fees paid, and any air and hotel packages booked through Crystal.

 

We encourage our guests to contact their travel advisor to assist them in selecting their ideal future Crystal cruise. Explore all cruises departures via our website's Find A Voyage page to review the voyage collections for each Crystal experience – all are available through 2022, and our full-year 2023 Ocean Collection is available now, too.

 

With more than 30 years of cruising to the far reaches of the world, Crystal has a long tradition of implementing and maintaining the exceptional health and safety policies at sea. While our fleet is paused, the Crystal team has been developing new procedures and policies that will support all public health and regulatory requirements and to ensure our guests’ vacations continue to be not only relaxing and pleasurable but safe and healthy. Building on our stringent protocols already in place, we recently launched Crystal Clean+ 2.0 – an enhanced level of measures to help safeguard the well-being of our guests and crew. Each protocol will be continually evaluated as new information becomes available.

 

Additionally, the inherent design of Crystal ships maximizes personal and public space, offering plenty of options for those who choose to keep a healthy distance during their voyage. All Crystal ships across the fleet including Ocean, River, Yacht and Expedition offer nearly double the space per person than ships of a similar size, which is among the highest space ratios in the industry and will be further augmented through the new measures we will be implementing. Crystal Endeavor and Crystal’s River ships feature all-suite, all-balcony suites and our two Ocean ships feature most staterooms with private verandas for fresh airflow. Please know that our guests’ and crews’ safety is our number one priority and we will resume service only when our expert team as well as global health and government authorities indicate that it is safe to do so.

 

We thank our guests for their continued patience and understanding as we navigate this unprecedented situation. Like our guests, we are eagerly awaiting the day when we can return to sailing the world. When that time comes, we look forward to welcoming our guests aboard and delivering the Crystal Experience they have come to know and love.
 

*The 125% Credits option is comprised of two coupons: a 100% Future Cruise Payment (FCP) representing cruise fare paid, and a 25% Future Cruise Credit (FCC) bonus discount. Credit coupons may be used separately or combined on any non-fully paid, future booking. Credits may be used with Crystal’s 2-for-1 Fares and Book Now Savings.

 

Future Cruise Payment (FCP) may be applied to multiple future bookings and may be used towards deposit requirement on their new booking.

Future Cruise Credit (FCC) may be applied to one booking as a savings; is not available to incentive groups, or guests under charter contracts; not combinable with any other savings – including Flex Fares, Best Available Fares (River) and Advance Purchase Savings; non-transferable, non-refundable, and cannot be used in lieu of the deposit requirement on your new booking.

 

Note: If guests are unable to redeem their Credits by December 31, 2023, they may request a refund of the original cruise fare paid. Please allow a minimum 90 days from submission of request for refunds to be processed.

 

To request a refund, please visit crystalcruises.com/requestrefund to submit the online form.

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  • 2 weeks later...

Yesterday I was checking on our August 18, 2021 Endeavor Arctic voyage and saw those dreaded words: "Call For Availability" next to the website listing.

 

Every other Endeavor voyage before and after was still open for bookings.

 

So what does it mean?  Has the Arctic voyage been completely sold out already (seems unlikely) or is Crystal already planning to completely cancel it?

 

Emily

 

 

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21 hours ago, Mrs. Claypool said:

Yesterday I was checking on our August 18, 2021 Endeavor Arctic voyage and saw those dreaded words: "Call For Availability" next to the website listing.

 

Every other Endeavor voyage before and after was still open for bookings.

 

So what does it mean?  Has the Arctic voyage been completely sold out already (seems unlikely) or is Crystal already planning to completely cancel it?

 

Emily

 

 

 

I suspect it really is sold out. I looked at it a couple of weeks ago, mostly out of curiosity, and there were only two standard suite categories still open for booking. Everything else was "Call For Availability".

Edited by Roland4
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  • 1 month later...

Does anyone have an update on the Endeavor?  I'm booked on that Northeast Arctic trip next August also.  I am so hesitant to make the final payment due towards end of year after already putting a 20k deposit down Feb 2019. My TA did tell me back then that the voyage was sold out right away.

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I am also concerned that the Endeavor will not be able to set sail for the Northeast Passage, as presently scheduled.

 

If there is still no definite information by the end of the year, I will not be making an early final payment on November 21.  (Presuming that Crystal will have begun to accept payments again.)

 

Instead, I will wait until closer to the FINAL final payment date of May 20, 2021.

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41 minutes ago, Mrs. Claypool said:

I am also concerned that the Endeavor will not be able to set sail for the Northeast Passage, as presently scheduled.

 

If there is still no definite information by the end of the year, I will not be making an early final payment on November 21.  (Presuming that Crystal will have begun to accept payments again.)

 

Instead, I will wait until closer to the FINAL final payment date of May 20, 2021.

That is an excellent suggestion and I shall do the same but my final is due in April, 2021. Thanks.

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8 minutes ago, Mrs. Claypool said:

Our T.A. has just informed us that the early final payment date for the Northeast Passage has been changed from November 2020 to February 2021.

 

Six months before the voyage date; just as in times gone by.

 

No word from my TA so appreciate this update.  Thanks. 

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1 hour ago, Mrs. Claypool said:

Our T.A. has just informed us that the early final payment date for the Northeast Passage has been changed from November 2020 to February 2021.

 

Six months before the voyage date; just as in times gone by.

 

Hopefully they will extend this to 2022 voyages as well, or better yet make it permanent.

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1 hour ago, SusieQft said:

Hopefully they will extend this to 2022 voyages as well, or better yet make it permanent.

I'm just hoping it sails in 2021 as scheduled but at same time with their awful refund timeline, not sure of anything with Crystal now.

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