Cruise Talk: The World of Residensea in financial crisis

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Topic: The World of Residensea in financial crisis

Anders
First Class Passenger
Member # 2227

posted 08-28-2002 02:06 PM

Hello everyone

The Swedish newspaper "Dagens Industri" has today an articel about The World and her financial crisis. 81 of the 110 apartments where sold before the ship was delivered, but only 1 apartment afterwards, so there are 29 apartments avalible, if anyone are interested.
The banks has now taken control over the board of directors, they also changed MD. Westdeutsche Landesbank and Centre Solution are the banks that have the largest claims.

Anders

Posts: 25 | From: Jonkoping Sweden | Registered: Jul 2001 | IP: Logged

cruiseny
First Class Passenger
Member # 2928

posted 08-28-2002 02:12 PM

Hmm... Saw the same thing reported by a Norwegian newspaper earlier today.

If I had the money, I could find better things to do with it than buy a residence on this ship... I'd choose to cruise on many different vessels as well!

I and many others have been very sceptical about this from the beginning... Remember, the ship was originally supposed to be much larger, and was then scaled down... And it is not as though Knut Kloster has the very best record when it comes to managing things like this.

I guess the second ship he wanted to build won't be coming anytime soon !

Maybe this has something to do with the ship's incredibly hideous exterior ?

Posts: 4730 | From: New York, USA | Registered: Mar 2002 | IP: Logged

Cambodge
First Class Passenger
Member # 906

posted 08-28-2002 04:27 PM

Hmmm...

That didn't take long, did it?

Why are we cruisetalkers so much smarter than the big-bucks money people?

Most here said it would not make it, and I suspect it will not.

Now, which line is likely to buy the ship? Or am I reading ahead in the script?

HEY..Just noticed this is No. 500!! Tempus do fugit when you're haaving fun!

[ 08-28-2002: Message edited by: Cambodge ]

Posts: 2149 | From: St. Michaels MD USA , the town that fooled the British! | Registered: Nov 1999 | IP: Logged

cruiseny
First Class Passenger
Member # 2928

posted 08-28-2002 04:31 PM

I don't know who would want to buy the ship... It would need a great deal of conversion to pull out all of those huge opulent apartments and put in at least semi-normal cabins... Even ones the size of the guest cabins (which are very large in their own right).

Another silly move was ditching Silversea as the marketing people... As then they have an established name behind them, people with experience in actually running a cruise line, as supposed to running a cruise line into the ground (what Kloster did with NCL).

Posts: 4730 | From: New York, USA | Registered: Mar 2002 | IP: Logged

bases5
First Class Passenger
Member # 3270

posted 08-28-2002 11:11 PM

im' kinda new here but love the imfo I have been reading. just wondering how big are the rooms and how much do they cost?

Posts: 13 | From: Ft Myers | Registered: Aug 2002 | IP: Logged

cruiseny
First Class Passenger
Member # 2928

posted 08-29-2002 12:11 AM

quote:
Originally posted by bases5:
im' kinda new here but love the imfo I have been reading. just wondering how big are the rooms and how much do they cost?

http://www.residensea.com

The apartment info is there... Cost is in the millions...

Posts: 4730 | From: New York, USA | Registered: Mar 2002 | IP: Logged

Britanis
First Class Passenger
Member # 2912

posted 08-29-2002 02:46 PM

They could do what was done to Lydia and Minghua- tie The World up at a pier, and fill in earth all around the ship, literally making her a building. She would make a great luxury apartment building, she already looks the part. Maybe along Lower Manhattan? A nice addition to the skyline- something for passengers on approaching cruise ships to gawk at.

As an alternative, she could be moored in the centre of a harbour somewhere and made into a giant floating billboard a la Great Eastern.

Posts: 944 | From: Philadelphia, USA- former home of International Merchantile and Marine Co. | Registered: Mar 2002 | IP: Logged

cruiseny
First Class Passenger
Member # 2928

posted 08-29-2002 02:59 PM

Hmm... You're right, perhaps she'd do well as a permanently moored luxury apartment building...

Posts: 4730 | From: New York, USA | Registered: Mar 2002 | IP: Logged

vg5157
First Class Passenger
Member # 3182

posted 08-30-2002 07:51 AM

quote:
Originally posted by Cruiseny:
Hmm... You're right, perhaps she'd do well as a permanently moored luxury apartment building...

Cruiseny,do you think is possible "The World" become part of a any cruise line fleet,as one of the solutions ?

Posts: 152 | From: Miami,Florida | Registered: Jul 2002 | IP: Logged

cruiseny
First Class Passenger
Member # 2928

posted 08-30-2002 08:30 AM

quote:
Originally posted by vg5157:
Cruiseny,do you think is possible "The World" become part of a any cruise line fleet,as one of the solutions ?

If you mean that another cruise line take her over and run her as what she is - perhaps.

Converting her to a regular cruise ship - no. There are a few reasons:

- the tennants (these people actually "bought" use of their "apartments" for 20 years) have to agree to sell the ship - and lose their apartments.
- as I mentioned above, a great deal of conversion work would be needed.

So, yes and no.

Posts: 4730 | From: New York, USA | Registered: Mar 2002 | IP: Logged

Fairsky
First Class Passenger
Member # 781

posted 08-30-2002 12:21 PM

Cruiseny, you are right. There is no way the World could ever be converted into a cruise ship (it simply is not economical). And if Residensea cannot make the condo-at-sea concept work, I doubt another management company could (unless they change the concept into a time-share idea).

I predict that someday the World will indeed become a permenantly stationed floating apartment complex- probably in some European or Asian city.

If this idea of condos on a ship is ever attempted again, my guess would be that ratio of condos and traditional cabins would be reversed from the World's design. I could imagine a true cruise ship offering a handful of condos for purchase... a luxury ship like QM2 or something from Radisson or Silversea (something with world wide itineraries)... but not another ship dominated by condos with only a few passenger cabins.

Posts: 1685 | From: Chicago, Illinois | Registered: Jul 99 | IP: Logged

PamM
First Class Passenger
Member # 2127

posted 08-31-2002 08:51 AM

The BBC had an article on this yesterday, read here.

The boss of a cruise ship selling homes at sea to the super-rich tells BBC News Online that rumours the company is on the brink of failure are untrue.

She calls at Boston on tuesday if any of you are that way.

Pam

Posts: 12176 | From: Cambridge, UK | Registered: Jun 2001 | IP: Logged

cruiseny
First Class Passenger
Member # 2928

posted 08-31-2002 09:19 AM

Interesting article Pam... For one thing, it is in English

Interesting what Mr. Riley (the CEO) says:

quote:
"In the aftermath of September 11 and the late delivery of the boat [from the shipyard], there were some hitches in the sales.
But that is behind us now."

What I find rather interesting, is that he refers to The World as a boat! At 40,000 GRT, I would say she is a rather large boat !

It is not a huge mistake, but the CEO of the company surely should know better ...

And about the previous CEO resigning:

quote:
Mr Riley maintains that the former chief executive Fredy Dellis "made a determination to resign".

And that means ...? Sounds to me like he's just saying, "he decided to leave"!

Posts: 4730 | From: New York, USA | Registered: Mar 2002 | IP: Logged

Cambodge
First Class Passenger
Member # 906

posted 09-01-2002 12:38 PM

Ve-r-r--ry interesting - the BBC report that is.

Living in the environs of DC I am used to spin, possibly more than most.

But I think there is much substance in the quotes from Residensea management. It is really far too early to assess success/failure on the project.

But I believe that bringing experienced cruise-line management has merit, and could yet save the day.

And in regards to "ship vs boat,"

I took the "boat trains" from London and Paris to the ports of embarkation - not "ship trains;" on the Great Lakes they are "Ore Boats" not "Ore Ships;" and submarines are known as "boats."

The positions of former naval types and purists is rapidly fading from the realm of proper semantics, that a "boat" is only a floating vessel that is carried upon a "ship."

Sic gloria transit mundi!
[trans: "Convince Gloria to take the subway on Monday"]

Posts: 2149 | From: St. Michaels MD USA , the town that fooled the British! | Registered: Nov 1999 | IP: Logged

PamM
First Class Passenger
Member # 2127

posted 09-01-2002 01:47 PM

There's also a report in the NY Times today, here. [You have to register to read the pages if you're not already]
Pam

Posts: 12176 | From: Cambridge, UK | Registered: Jun 2001 | IP: Logged

cruiseny
First Class Passenger
Member # 2928

posted 09-01-2002 03:20 PM

quote:
Originally posted by PamM:
There's also a report in the NY Times today, here. [You have to register to read the pages if you're not already]
Pam

Interesting article...

Doesn't mention anything about the financial situation though ...

It may have been in the paper today because the ship is supposed to come to New York soon I think?

Posts: 4730 | From: New York, USA | Registered: Mar 2002 | IP: Logged

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