sasejm Posted October 8, 2020 #1 Share Posted October 8, 2020 See link: https://www.cruiseindustrynews.com/cruise-news/23632-genting-gets-german-government-bailout-for-mv-werften.html Link to post Share on other sites
Psoque Posted October 8, 2020 #2 Share Posted October 8, 2020 9 hours ago, sasejm said: See link: https://www.cruiseindustrynews.com/cruise-news/23632-genting-gets-german-government-bailout-for-mv-werften.html I read about this a few days ago. It is my understanding that the German government did this to help those local workers in Germany who are adversely affected by the (partial/complete?) closure of the shipyard. I guess this will help Genting HK a bit, but I don’t see this as a long-term solution, especially when it is highly improbable that this outbreak will be contained by March of next year. Also, this money is specifically earmarked for the shipyard, so I am not sure how this will help Crystal Cruises keep afloat. Link to post Share on other sites
sasejm Posted October 8, 2020 Author #3 Share Posted October 8, 2020 I was thinking it might help get the Endeavor completed a little sooner than otherwise. That is certainly only a guess on my part. 1 Link to post Share on other sites
FlyerTalker Posted October 9, 2020 #4 Share Posted October 9, 2020 Cash not spent on the shipyards is cash that can be allocated elsewhere. Finance 101. Link to post Share on other sites
Host Jazzbeau Posted October 9, 2020 #5 Share Posted October 9, 2020 After Scenic's troubles dealing with a bankrupt shipyard, this is a major worry off Crystal's back. Link to post Share on other sites
nancygp Posted October 9, 2020 #6 Share Posted October 9, 2020 Posted this morning on Seatrade-Cruise News...some positive news!!!😀 https://www.seatrade-cruise.com/finance/mv-werften-gets-state-aid-complete-crystal-endeavor-keep-operating Nancy 1 Link to post Share on other sites
mrlevin Posted October 9, 2020 #7 Share Posted October 9, 2020 I think they only got a third of what they requested; will see if anymore is forthcoming. Link to post Share on other sites
H2O Polo Willie Posted October 9, 2020 #8 Share Posted October 9, 2020 Substantial concerns were expressed by some German sources in a previous article that was posted on another thread that giving money to a foreign entity might allow them to send the money offshore to fund non German operations. So, I believe that they have pretty much tied this money up to the shipyard operation. The money originally sought was 570 million euros which I believe was looked at as enough to finish not only endeavor but also the first Global Dream. The money provided appears enough to complete Endeavor but not the other ship which will have to be funded by a second tranche if it is forthcoming. Even the union representatives who favored the first credit extension expressed some reservations in the previous article about a possible second tranche should it be necessary. For the cruise operations to survive they need to start sailing. So the best news in the Seatrade article in my opinion is this:P "Yesterday Singapore announced that World Dream, built in Germany, will restart domestic cruises Nov. 6. This will be followed by Genting Dream resuming cruises from Hainan, China, in mid-November. " Unfortunately nothing about Crystal but at least they might start making some money in Asia which could hold help Genting - if not Crystal - together. Link to post Share on other sites
nancygp Posted October 9, 2020 #9 Share Posted October 9, 2020 (edited) Here’s an updated article from computer industry news dated today...October 9th...emphasis on Completion of the crystal Endeavor. https://www.cruiseindustrynews.com/cruise-news/23645-mv-werften-secures-loan-to-complete-new-crystal-ship-and-more.html this is not the same as the one from the thread starter/original poster!!!!!! Nancy Edited October 9, 2020 by nancygp Link to post Share on other sites
Psoque Posted October 10, 2020 #10 Share Posted October 10, 2020 On 10/8/2020 at 9:57 PM, FlyerTalker said: Cash not spent on the shipyards is cash that can be allocated elsewhere. Finance 101. This only works if Genting HK is actually interested in spending that “extra money,” if that actually can exist, even after this temporary bailout of the shipyard, on Crystal. Also, the money is a temporary fix, and if the outbreak and the economic impact from that continues beyond March of 2021, Genting HK will be in the exact same position as now, or worse. Link to post Share on other sites
TER777 Posted October 13, 2020 #11 Share Posted October 13, 2020 And another article. https://www.cruisehive.com/asias-cruise-giant-receives-payment-from-germany/42487 Link to post Share on other sites
Keith1010 Posted October 14, 2020 #12 Share Posted October 14, 2020 Yes this is real and the money will be spent on Endeavor. You know in the USA several companies (not cruise lines) that pay very little to no taxes got stimulus money. Kept people employed. Kept companies in business. When times were good things like building Endeavor at this ship yard employed many people so it Germany's way of keeping Endeavor and Genting afloat. All around good news for Genting and for those of us who want to see Endeavor launched. One can spend lots of time criticizing all sorts of companies. You know companies who got money in 2008 and 2020 in the USA where heads got big bonuses and other benefits and some workers lost out. In the case of Genting the pain hit everyone to some extent no matter what position you held. As someone who wants to see Crystal survive and come back strong happy to see the investment being made here. I hope many of you might feel the same way. If you don't so it goes. Keith 3 Link to post Share on other sites
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