Disney Adventure accidents and incidents

February 2022Structural and Technical Issues

Soon after Dream Cruises' parent company GHK-Genting Hong Kong Ltd filed for bankruptcy on January 19, 2022, were closed the GHK-owned subsidiaries Crystal Cruises and the two German shipyards (MV Werften, Lloyd Werft).

In February was announced that the unfinished MS Global Dream (which construction at MV Werften was halted) is placed into insolvency and assigned to Dr Christoph Morgen (MV Werften Group's provisional insolvency administrator), who is also responsible for selling the cruise vessel.

Dr Morgen commented that there was a “significant number” of companies looking to buy Global Dream. Reportedly, the vessel's cost was ~USD 2 billion but it needs ~USD 0,5 billion to be completed. According to Dr Morgen, there were "potential buyers looking at an entry package to enter the Asian cruise ship market by buying Dream Cruises as a business" (the brand and its assets) including the three ships in operation - Explorer Dream (1999-built), Genting Dream (2016), and World Dream (2017).

In March was announced that among Global Dream's potential buyers is the billionaire Tan Sri Lim Kok Thay (Genting Group's Chairman and Board Executive). According to Dr Morgen, Mr Lim was looking to buy the ship cheaply and finish it elsewhere.

On May 23rd, the German media NDR MV Live interviewed Christoph Morgen who said that one of the parties interested in the vessel's acquisition - STENA AB (Swedish shipping company and cruiseferry operator/STENA LINE) surprisingly dropped out. According to Morgen, STENA's proposal was officially canceled on May 19th, based on uncertainties in the Asian cruise market, including China's zero-COVID policy resulting in strict lockdowns (full or partial) of dozens of Chinese cities. STENA's drop left two potential buyers for Global Dream - of which only one (the Malaysian billionaire) was confirmed by Morgen.