Jump to content

Vantage Travel's Ocean Explorer, Ocean Odyssey go into layup


Host Jazzbeau
 Share

Recommended Posts

New article on SeaTrade:

Vantage Travel's Ocean Explorer, Ocean Odyssey go into layup

 

The news may not be as bad as we have been expecting (yet).  The article says that the layups were at Vantage's request (i.e. SunStone did not repossess the ships).  It also quotes a tour operator who said they placed Vantage on a pre-paid basis in 2022 but that Vantage's account is current.  Finally the article says that Vantage is looking for investors (which could be good news, except that it says they have been trying to raise capital since late 2021).

  • Like 1
Link to comment
Share on other sites

On 6/1/2023 at 1:12 PM, Host Jazzbeau said:

New article on SeaTrade:

Vantage Travel's Ocean Explorer, Ocean Odyssey go into layup

 

The news may not be as bad as we have been expecting (yet).  The article says that the layups were at Vantage's request (i.e. SunStone did not repossess the ships).  It also quotes a tour operator who said they placed Vantage on a pre-paid basis in 2022 but that Vantage's account is current.  Finally the article says that Vantage is looking for investors (which could be good news, except that it says they have been trying to raise capital since late 2021).


My understanding is that SunStone owns the ships and charters them to Vantage. . Wouldn’t that mean that they can’t be repossessed? Not knowing the specific charter terms, it would seem like a lay up would, ant a minimum, eliminate or reduce costs of maritime crew and ongoing maintenance. 
 

The tour operator that put Vantage on a prepaid basis isn’t positive news. It means that vendor doesn’t trust Vantage to pay for services and requires advance payment before delivering their service. They don’t want to be “stiffed.”

  • Like 1
Link to comment
Share on other sites

26 minutes ago, CPT Trips said:


My understanding is that SunStone owns the ships and charters them to Vantage. . Wouldn’t that mean that they can’t be repossessed? Not knowing the specific charter terms, it would seem like a lay up would, ant a minimum, eliminate or reduce costs of maritime crew and ongoing maintenance. 
 

The tour operator that put Vantage on a prepaid basis isn’t positive news. It means that vendor doesn’t trust Vantage to pay for services and requires advance payment before delivering their service. They don’t want to be “stiffed.”

They could if Vantage has stopped paying the charter fees, right?

Link to comment
Share on other sites

11 hours ago, Host Jazzbeau said:

They could if Vantage has stopped paying the charter fees, right?


Repossession implies an ownership stake secured by a lien/mortgage. But it’s all just details, the ships owner now has the ships. 

Link to comment
Share on other sites

Please sign in to comment

You will be able to leave a comment after signing in



Sign In Now
 Share

  • Forum Jump
    • Categories
      • Welcome to Cruise Critic
      • ANNOUNCEMENT: Set Sail Beyond the Ordinary with Oceania Cruises
      • ANNOUNCEMENT: The Widest View in the Whole Wide World
      • New Cruisers
      • Cruise Lines “A – O”
      • Cruise Lines “P – Z”
      • River Cruising
      • ROLL CALLS
      • Cruise Critic News & Features
      • Digital Photography & Cruise Technology
      • Special Interest Cruising
      • Cruise Discussion Topics
      • UK Cruising
      • Australia & New Zealand Cruisers
      • Canadian Cruisers
      • North American Homeports
      • Ports of Call
      • Cruise Conversations
×
×
  • Create New...