Up to six cruiseships arrested by creditors in the UK could soon be the subject of judicial auctions.
Banks, shipowners and bunker suppliers are seeking High Court orders in London to sell the vessels owned by Greece's Global Maritime Group and operated by collapsed UK operator Cruise & Maritime Voyages (CMV).
UK admiralty shipbroker CW Kellock told TradeWinds that Australian lender Maquarie Group has filed for a hearing on 3 September over the sales of the 20,700-gt Astor (built 1987), 46,100-gt Magellan (built 1985) and 22,100-gt Marco Polo (built 1965).
On 16 September, a hearing is due over P&O Princess Cruises' bid to auction off the 55,900-gt Vasco da Gama (built 1993) and 63,800-gt Columbus (built 1989).
Global acquired these two ships from a Carnival Corp subsidiary on a bareboat hire-purchase basis, TradeWinds understands.
However, a sale process for the 16,100-gt Astoria (built 1948) may take longer. This vessel is chartered from the administrators of Lisbon-based Portuscale Cruises.
Danish bunker supplier Monjasa has arrested the ship. All are moored in the UK ports of Tilbury or Avonmouth.
VesselsValue, which started publishing generically estimated cruiseship valuations earlier this year, assesses the fleet as being worth $33m, expect for the Astoria.
Coronavirus casualty
CMV cancelled all of its cruises and called in the administrators in July, becoming the largest cruise casualty of the pandemic so far.
Industry insiders said the company had been scouring the financial markets in previous months, seeking additional funding to see it through the pandemic.
Representatives of CMV have been contacted for comment, as has administrator Duff & Phelps.
TradeWinds has also sought a response from Global Maritime Group. Monjasa said it could not comment.
In June, TradeWinds reported that five of CMV’s cruiseships within UK waters were facing claims for unpaid bunker bills.
Bunker supplier KPI Bridge Oil filed claims against the Astoria, Magellan, Marco Polo and Columbus on 29 April, and then against the Astor on 4 June as it entered UK waters, according to filings with London's High Court.
TradeWinds understands that CMV had not been served with the claims at that point.
In the same month, the company’s reputation was badly damaged when Indian crew members, trapped on its ships docked in UK ports due to global travel bans, launched social-media protest campaigns to highlight their plight.
The UK's Maritime and Coastguard Agency stepped into the fray and detained five ships.
GMG's principals are believed to be CMV shareholders.
Meanwhile, Sky News has reported that a number of assets belonging to CMV have been sold to a new vehicle established by Christian Verhounig, its former chief executive.
The assets are said to be the company’s databases and booking systems.
Sources said Duff & Phelps had sought to sell the business and wider assets of CMV, as well as a number of sister companies.
However, this proved impossible in a market devastated by Covid-19.
CMV is the fourth major cruise operator to close in the past number of months. Pullmantur Cruises filed for insolvency in late June, while, a month later, single-ship operators Birka Cruises and FTI Cruises said they were shutting down and selling their ships.
Several smaller coastal cruise operators in the US, Europe and Asia have also announced their permanent exit from the industry.
