Travel and tourism have been some of the hardest-hit sectors by COVID-19. The pandemic has been a massive blow to the cruise ship industry, with operators, shipowners, and shipyards feeling the pinch amid a collapse in sails. Now, a bankrupted cruise ship onwer is set to auction one of its vessels next week as there is no travel recovery in sight.
Bunny’s Adventure and Cruise Shipping Co. Ltd., the registered owner of RCGS Resolute, a five-star ice-strengthened expedition cruise ship that sleeps 184 in 88 cabins, will be auctioned off on Monday, June 22 in Curaçao, a Dutch Caribbean island.
According to Cruise Industry News, RCGS Resolute has been leased over the last several years by One Ocean Expeditions, a cruise operator specializing in polar expeditions that recently filed for bankruptcy in a British Columbia court. The vessel has had at least two different voyages interrupted by authorities attempting to collect unpaid bills.
With new management by Columbia Cruise Services, the vessel has been in Curacao for two months. The ship is operating with a skeleton crew, and ship owners are responsible for debts around $4 million.
Due to the virus pandemic and collapse in travel and tourism, this is probably the worst time to auction off a cruise ship, limited bidders could make the sale of the vessel at a steep discount.
If cheap enough, maybe Barstool Sports’ Dave Portnoy, since he’s such a big fan of cruise ship stocks (as we’ve previously noted Robinhood traders pile into cruise ship stocks), should look into the auction slated for next Monday.
What’s a couple of million to Portnoy, who routinely says he’s a better investor than Warren Buffett and claims trading is easy…