Jump to content

Recommended Posts

I couldn't find another thread on this subject so thought I would start one; very sad if not unexpected news. I just hope some of the ships, in particular Marco Polo, can survive...

Edited by Ryan_H
Typing error
  • Like 1
Link to post
Share on other sites

Another completely under-capitalised travel firm. A group running on a net profit margin of just about 1.1% on £153m a year with net assets of only £7m has no resilience anyway. 

Then truth is that many people have not been paying the right money to travel for years now and low margin high volume business models, which is what no end of leisure travel is,  always end in tears.

Edited by Millsy
  • Like 2
Link to post
Share on other sites

Barclays turned them down for financing last month and the MCA, after an inspection, prevented all their fleet except one, from leaving UK ports because their crew were being treated poorly..out of contract, not paid, no repats etc..was only a matter of time..

Their fleet are second hand tubs operating at the bottom end of the market..Aliaga beckons I fear

Link to post
Share on other sites

The statement of affairs will be interesting. I'll bet the taxpayer is well down on the deal - again. 

It's all there in the accounts as usual. A positive directors report and a balance sheet to chill the blood. 

Edited by Millsy
Link to post
Share on other sites
22 minutes ago, Paully said:

Barclays turned them down for financing last month and the MCA, after an inspection, prevented all their fleet except one, from leaving UK ports because their crew were being treated poorly..out of contract, not paid, no repats etc..was only a matter of time..

Their fleet are second hand tubs operating at the bottom end of the market..Aliaga beckons I fear

True of some of the fleet perhaps, but I still think it will be a very sad sight if Marco Polo ends up beached. She is one of a kind nowadays, and still only on her second name, 55 years on. 

Not that nostalgia will, or should, count for anything...but still. 

  • Like 2
Link to post
Share on other sites
Just now, Millsy said:

The statement of affairs will be interesting. I'll bet the taxpayer is well down on the deal - again. 

It's all there in the accounts as usual. A positive directors report and a balance sheet to chill the blood. 

Apparently and unusually the Treasury turned them down for a loan..you're right Millsy they were that bad..Ponzi outfit..

I sympathize Ryan re the Marco Polo..still serviceable she was well built by the Russians, for sure but hard economics prevail.. wonder how long they will be allowed to berth at Tilbury?..not cheap

Link to post
Share on other sites
Quote

Their fleet are second hand tubs operating at the bottom end of the market..Aliaga beckons I fear

We travelled on Magellan in December for the Xmas markets in Roen & Honfleur. Brugge was cancelled due to bad weather. Magellan is an old ship but has quite a pedigree as the former Carnival ms Holiday and was a ground breaking design in her day. She was in beautiful condition with proper wood decks and still had lots of character unlike today's self propelled accommodation rafts.

I don't think the ships were owned by CMV so will probably revert to their actual owners but it is unlikely there will be much of a market for them now. I imagine Fred Olsen and P&O will be the main beneficiaries if and when cruising restarts.

A lot of old things are worth keeping and a lot of new things are not as well made as they used to be - Black and Decker Workmate for example.

Quote

.Ponzi outfit

A bit like BF has been behaving then... (and so many other travel operators)

Link to post
Share on other sites

This virus has exposed a massive fault line in the operation of the travel industry..very few have been capitalised, let alone properly. They have existed on borrowed cheap money and using deposits to pay operating costs..running on empty, all the time..

  There must be a realistic realignment in the future if the industry is to survive..the thought you can have a fortnight in Mexico for the same price as Spain is a nonsense..we have to learn to pay more as painful as that is going to be..

  • Like 1
Link to post
Share on other sites

Truly it is a bubble. I knew it was in 1995 when I casually asked a colleague what he was doing over the weekend to get the astonishing reply 'Going to New York' (at a completely impractical price - for any sound business).  At my Bowls club (it comes to us all in the end) there are people on ordinary money - I don't mean to be insulting I am on ordinary money myself - who are never home during the winter. One was moaning at the end of March that his next cruise on the Oceana had been cancelled. Aside from the fact that deposits are what there is of working capital travellers are paying prices so near the bone they pretty well guarantee there will be at least one major collapse a year, which will take the red tops by surprise but only astonish those who can do maths by being so long coming!

  • Like 1
Link to post
Share on other sites
  • 3 months later...

I don't know if others have been keeping up to date with this story, but from what I can gather from sources elsewhere (shipspotting.com amongst other websites) it seems that both the Astor and Marco Polo are going for scrap, in fact the Astor is already on her way to Turkey. In Marco Polo's case this seems an incredibly sad end for an iconic vessel, assuming she is definitely to be scrapped.

From what I can gather, it looks as though the Magellan and Vasco Da Gama might be safe as they have apparently found buyers, but who knows. If anyone else has any more detail would be interested to hear it, especially regarding Marco Polo.

Link to post
Share on other sites

Yes, it is a great shame to see these old classic ships being phased out. They all have character and a more intimate atmosphere than the Carnival type juggernaut floating resorts which are fast becoming the norm.

We had a short trip on 'Magellan' (originally Carnival's 'Holiday') last December. The ship was immaculate with lots of traditional features, teak decks etc. You knew you were on a ship and not in a floating hotel with a roof garden. She and her sisters were groundbreaking designs in their day and, much as with Bretagne, the original quality still shines through. Service standards were pretty decent too for the money. I wouldn't want to have done a round the world on her (I wouldn't want to do that anyway!) but she was fine for up to a week or so.

  • Like 3
Link to post
Share on other sites
4 hours ago, cvabishop said:

We had a short trip on 'Magellan' (originally Carnival's 'Holiday') last December. The ship was immaculate with lots of traditional features, teak decks etc. You knew you were on a ship and not in a floating hotel with a roof garden. She and her sisters were groundbreaking designs in their day and, much as with Bretagne, the original quality still shines through. Service standards were pretty decent too for the money. I wouldn't want to have done a round the world on her (I wouldn't want to do that anyway!) but she was fine for up to a week or so.

Magellan sales from Tilbury at 1830 tomorrow (11th), destination Greece I believe. If she sails on time I'll be taking the pilot off of her around 2230 at the NE Spit pilot station.

Edited by Danim24
  • Like 1
Link to post
Share on other sites
  • 2 weeks later...

I've read that Marco Polo is rumoured to be en route to Dubai. There is some speculation that she might not being going for scrap after all, not immediately at least. But this might just be wishful thinking. 

Link to post
Share on other sites
6 minutes ago, Ryan_H said:

I've read that Marco Polo is rumoured to be en route to Dubai. There is some speculation that she might not being going for scrap after all, not immediately at least. But this might just be wishful thinking. 

Presently down through the Bay of Biscay but no final destination shown on AIS..One to watch. Fine old ship but her future can`t be very bright I fear. Brings me to Sea Jets of Greece who have suddenly bought 5 redundant passenger ships including the P & O Oceana as well as 2 CMV ships. They are experienced in inter Island fast craft but no history of cruising. They bought them all very cheap and have them stached all over Greece at the moment. I suspect they are waiting for scrap prices to rise and despatch them all to Aliaga.

  • Sad 1
Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
×
×
  • Create New...