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Cruise News for the Corporate Travel Professional

September 2010 Edition

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Sea Cloud Hussar languishes unfinished at bankrupt yard

Now the summer holidays are drawing to a close, German owner Sea Cloud Cruises is hoping that the Spanish courts will appoint a receiver for bankrupt shipyard Factoria de Naval Marin and that construction work can soon resume on Sea Cloud Hussar, heralded as the world's largest full-rigged three-mast passenger ship which was originally due for delivery in spring 2010.

Following repeated delays in delivery, the Vigo-based shipyard, which filed for bankruptcy on June 19, is still unable to offer a completion date for the vessel, informs Sea Cloud. 'There will definitely not be a delivery in 2010,' a company spokesperson announced.

To safeguard its interests, the Hamburg-based shipping company has demanded reimbursement of the down payments secured via bank guarantees. Sea Cloud is now in the process of examining how construction of this vessel could be finished.

It says the three-masted ship is completed and basically ready to launch. However the interior fitting come to a halt earlier this year when one large supplier filed for bankruptcy.

Despite the financial difficulties experienced by the shipbuilding yard, Sea Cloud Cruises remains 'very interested' in the completion of the vessel and is working with all parties involved in the process towards finalizing this project.

A new delivery date for Sea Cloud Hussar will only be confirmed once construction work has resumed, the company says. Until a date has been fixed, some employees will work in other shipbuilding areas of the growing Hansa Treuhand Group which has eight new merchant ship scheduled for delivery from 2011 to 2013.

Worldwide Travel & Cruise Assoc., Inc.

150 S. University Dr. Ste E, Plantation, FL 33324 - USA

Tel: +1 954 452 8800 Fax: +1 954 252 3945

EMail: sales@cruiseco.com

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