MS World Dream ship, one of the prime assets of the bankrupt Genting Cruise Lines (part of GHK-Genting Hong Kong), was set for auction 9 months after she was arrested by KfW IPEX-Bank.
The High Court of Singapore ordered that the 150,700 GT World Dream (2017-built) be sold through a sealed tender auction. Bids are due at the Sheriff of Singapore’s office on December 21st.
The auction is expected to serve as a true test of the value of modern vessels as almost no ships of its size/age have so far been involved in a sales/purchase deal.
VesselsValue estimated the World Dream to be worth in the region of US$654 million, although brokers who work in the cruise sector said it was difficult to gauge whether that was an accurate figure as there were no reference transactions involving a cruise ship of that size.
The closest comparison will be the sale of the identical sistership, the 150,700 GT Genting Dream (2016-built), which Genting sold to a consortium of Chinese banks for US$700 million in a sale and leaseback deal in January 2020.
There is a strong possibility that Singapore-based RWC-Resorts World Cruises, the new line established by former Genting majority shareholder Lim Kok Thay would be actively coveting the vessel. RWC launched in May by chartering Genting Dream from her Chinese lessors.
Court-appointed surveyors who recently conducted a detailed inspection of the World Dream found the ship to be in very good condition despite a prolonged period of lay-up at an anchorage off Singapore. According to their report, which is posted on the Sheriff of Singapore’s website, the ship has been looked after by a 127-strong crew that has maintained the ship in a “ready condition for deployment”.