If so, it doesn't surprise me, as they had huge problems with VAN GOGH (remember the Travelscope fiasco), FLAMENCO I is lying idle in Singapore and they are still in legal talks with Vision Cruises over JULES VERNE (now AVHII).

It was only just over a year ago that owner Gerard Van Leest confirmed he was planning to order six 20,000gt cruise ships in Europe. How times change and the mighty fall!!

Anyway, Club Cruise is now in default on its loans and it appears it is going to be forced to sell its ships and shut down.

Here are PDFs of financial documents about Club Cruise:

2008/10/20 - Announcement of Votes on Proposals to Defer Loan Payments - Includes 2Q 2008 Results
2008/10/30 - Announcement of Failure of Proposal to Defer Loan Payments (Bond 1)
2008/10/30 - Announcement of Failure of Proposal to Defer Loan Payments (Bond 2)
2008/11/03 - Announcement of Inability to Pay Interest on Loan
2008/11/17 - Announcement of Votes on Proposal to Default Loans - Includes 3Q 288 Results
2008/11/26 - Announcement of Passage of Proposal to Default Loans

A sad end to a rather interesting company (though the plan for six new ships always struck me as crazy). One wonders how this will affect Phoenix Reisen, who currently have ALBATROS and ALEXANDER VON HUMBOLDT on charter.

[ 11-27-2008: Message edited by: dougnewman ]

quote:

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One wonders how this will affect Phoenix Reisen, who currently have ALBATROS and ALEXANDER VON HUMBOLDT on charter.

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Indeed, Doug. Particularly because with "Maxim Gorkiy's" retirement also coming within the next few days, the Phoenix fleet of ocean-going ships could be down from four in 2008 to one in 2009.

"Alexander von Humboldt" was scheduled to arrive in Bremerhaven two days ago for disembarkation of her passengers and a wet-docking at Bredo Werft. Instead, passengers were disembarked in Ijmuiden and the ship is still in Ijmuiden at this time.

Best,

quote:

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Only a very brave (or foolish) cruise line would think about adding new tonnage in the near future.

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Well, apart from the ones with new ships arriving over the next year or so.

Let me see: there's P&O (Azura); Celebrity (Solstice just delivered, Equinox building and due for delivery August 2009, and a third one after that); RCI (Oasis of the Seas; is there another one committed-to after that?); MSC (Fantasia? more in that class? more in the Musica class?); NCL (at least one F3, we still assume).

quote:

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Originally posted by Tom Burke:
Let me see: there's P&O (Azura); Celebrity (Solstice just delivered, Equinox building and due for delivery August 2009, and a third one after that); RCI (Oasis of the Seas; is there another one committed-to after that?); MSC (Fantasia? more in that class? more in the Musica class?); NCL (at least one F3, we still assume).

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LOL...I assume they made these newbuild decisions BEFORE the predicted economic downturn was on the agenda?

I believe cruise industry expansion predictions were very good a year ago, so have the financial boffins revised their predictions downwards now?

[ 11-27-2008: Message edited by: Malcolm @ cruisepage ]

you forget quiet a lot of newbuildings...

2009
01 M S C: Splendida 133,500 3.300
02 AIDA: AIDAluna 69,200 2.060
03 Costa: Costa Luminosa 92,700 2.260
04 Seabourn: Seabourn Odyssey 32,000 450
05 Celebrity: Celebrity Equinox 122,000 2.850
06 Costa: Costa Pacifica 114,500 3.004
07 Carnival: Carnival Dream 130,000 3.652
08 R C I : Oasis o/t Seas 220.000 5.400
N C L: cancelled / delayed 150.000 4.200
09 Silversea Spirit 36,000 540
10 MSC: MSC Magnifica 92,600 2.550

2010
01 Costa: Costa Deliziosa 92,700 2.260
02 AIDA: AIDAblu 71,000 2.174
03 Seabourn: Seabourn Sojourn 32.000 450
04 P & O: Azura 116,000 3.076
05 Celebrity: Celebrity Eclipse 117.000 2.850
06 Holland America:Nieuw Amsterdam 86,000 2.100
07 N C L: TBA cancelled ?? 150,000 4.200
08 Oceania: Oceania Marina 65,000 1.260
09 R C I : Allure o/t Seas 220.000 5.400
10 Cunard: Queen Elisabeth 92.000 2.060
11 Iles du Ponant: L'Austral 10,700 264
12 Iles du Ponant: Le Boreal 10,700 264
this year we'll see MSC Fantasia in action

I understood they still owned Flamenco which is in Singapore ?

I cannot fully agree with that. I'm sure the cotract Saga has signed is for a ship with working engines. So if Club Cruises fails to have "Astoria" repaired, Saga might not take delivery of her.

Best,

I was under the impression the company currently owns four:

ASTORIA (to be sold to Saga assuming all repairs are carried out)
FLAMENCO I (laid up in Singapore for a couple of months)
VAN GOGH (laid up in Piraeus for the winter in between charters to Metropolis Tur)
ALBATROS (operated by Phoenix and currently en route to Bremerhaven)

quote:

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Originally posted by ahrpd:
Can someone please clarify exactly how many vessels Club Cruise (not Cruise Club) owns. There seems to be some difference of opinion on this thread with one suggestion of 3 and another of 5 vessels.

I was under the impression the company currently owns four:

ASTORIA (to be sold to Saga assuming all repairs are carried out)
FLAMENCO I (laid up in Singapore for a couple of months)
VAN GOGH (laid up in Piraeus for the winter in between charters to Metropolis Tur)
ALBATROS (operated by Phoenix and currently en route to Bremerhaven)

Tony

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quote:

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Originally posted by adriana & norway lover:

and ALEXANDER VON HUMBOLDT (operated by Phoenix and currently in Ijmuiden)

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Of course! Thanks! So that makes five.

quote:

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Originally posted by ahrpd:
Can someone please clarify exactly how many vessels Club Cruise (not Cruise Club) owns. There seems to be some difference of opinion on this thread with one suggestion of 3 and another of 5 vessels.

---

Best,

"NORWEGIAN loan trustee Norsk Tillitsmann has been given the green light to start forced sales of Netherlands-based Club Cruise’s ships after meetings in Oslo.

Bondholders met this week to decide whether to call in bonds following a default by Club Cruise Entertainment & Travelling Services, operator of the cruise ship Van Gogh.

Norsk Tillitsmann obtained authority from bondholders to default three Club Cruise loans and start recover proceedings.

Club Cruise operates a number of vessels including Van Gogh, Astoria, Alexander von Humboldt and Albatros. Bremen-based operator Transocean Tours has cancelled a world cruise for the 18,591 gt Astoria following engine problems.

Alexander von Humboldt was arrested this week in Ijmuiden but released following payments by charterer Phoenix Reisen.

Alexander von Humboldt and Albatros are set to be dry-docked in Bremerhaven, while the Van Gogh has been under charter during the past few months to Russia’s Metropolis Tur.

Club Cruise subsidiary Van Gogh Cruises hit the headlines in April this year when the Van Gogh was arrested in Madeira.

Third quarter results showed Club Cruise posting a lost of €12.4m ($15.9m) compared to profits of €4.1m for the same period last year. The company also posted a loss in the second quarter after the sale of the Da Vinci at significantly below book value.

The cruise line’s problems follow on from the collapse of Travelscope last December, after which Club Cruise set up Van Gogh Cruise Line. Van Gogh subsequently became embroiled in a dispute with the Association of British Travel Agents over insurance bonds and ceased trading in April."

Van Gogh ended her charter on 8 Nov and has been sitting in Piraeus Roads since 12 Nov and the new charter to Metropolis Tur isn't set until Feb. No mention of the sale of Flamenco I.

I also wonder if Astoria's world cruise was cancelled by Transocean as they knew this was going to happen and the engine problem was an excuse.

Bad times

Fo what it's worth, "Alexander von Humboldt" is still in Ijmuiden. Bredo Werft reported yesterday that the ship was expected to arrive at the yard Nov. 25th and that the dry-dock had been booked for eight days only (it will be occupied by another ship after that). So it appears that the dry-docking is unlikely to happen - at least at Bredo Werft. I understand that "Albatros" will be put in a dry-dock rented from nearby MTW Werft as her draft and size are too large for Bredo Werft's own docks.

Best,

Easy cruises website is only showing easyCruiselife as sailing in 2009 !

Best,

quote:

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Originally posted by r.fiebig:
German trade publication FVW reports that "Albatros" was detained in Vigo, yesterday. Reportedly Phoenix Reisen was able to have her released and she was expected to continue her cruise today.

Best,

Raoul

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Raoul

How much more is this episode likely to affect Phoenix financially? They bailed out AVHII from Cuxhaven and now ALBATROS from Vigo. If Club's creditors seize the ships, what next?

However, they won't be able to buy the ships outright, particularly in the current world financial climate.

I guess we will have to wait and see what happens.

I wonder, however, whether we might see a temporary "Maxim Gorkiy" comeback in case the two Club Cruise vessels become unavailable.

Best,