KfW Bank arrests Genting Hong Kong’s flagship World Dream in Singapore

Germany-based KfW IPEX-Bank has obtain the arrest of cruise ship World Dream (IMO 9733117), the last cruise ship belonging to Genting Hong Kong’s that was still operating. The vessel moored at Singapore’s cruise terminal on Wednesday March 2nd after its final “cruise to nowhere” and was arrested hours later. The German bank filed a mortgage claim against the vessel. Dream Cruises had announced on Monday that the World Dream would terminate its cruise operations when it returned to Singapore at the conclusion of the cruise ending March 2nd.

A statement on the cruise operator’s website said that mounting creditor pressure posed an immediate threat to the continued operation of the ship. The company said that, despite obtaining emergency funding that allowed the World Dream to complete 16 scheduled cruises after its liquidation filing in January, its liquidity had continued to deteriorate. The cruise ship had been operating short cruises to nowhere out of Singapore since late 2020. It is the fourth of Genting’s fleet of 17 cruise ships that is known to have been placed under arrest. Three ships of the company’s US-based luxury cruise brand Crystal Cruises were arrested in early February. Crystal Cruises filed for a winding down of its operations shortly afterwards.

Genting’s joint provisional liquidators had argued in recent weeks for the restructuring of Dream Cruises, which was considered the most valuable the company’s cruise brands. On Monday they said that negotiations with creditors remained ongoing.

The World Dream had an enviable commercial position in 2021, being one of only two ships being allowed by the Singaporean government to sail from its port. World Dream took 60% of the passengers. 2017-built, Bahamas-flagged, 150,695 gt World Dream is owned by World Dream Ltd of Hamilton, Bermuda. It is managed by Genting Cruise Lines of Kuala Lumpur, Malaysia. It is entered with Swedish Club (Asia Team) on behalf of World Dream Ltd