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KfW IPEX-Bank arrests World Dream in Singapore

Dream Cruises' World Dream was arrested in Singapore on Wednesday by KfW IPEX-Bank, Seatrade Cruise News has confirmed with the bank.

1 Min Read
Credit: Seatrade Cruise News

KfW IPEX-Bank is a 100% subsidiary of Germany's KfW, a creditor of Genting Hong Kong. 

Arrest was presaged

The arrest was presaged last week when Dream Cruises said World Dream would cease operation Wednesday on completion of its current sailing, due to 'mounting creditor pressure which poses an immediate threat to the operation of the vessel.'

Dream Cruises is under the control of joint provisional liquidators Edward Simon Middleton and Wing Sze Tiffany Wong of Alvarez & Marsal Limited in Hong Kong and Edward Alexander Niles Whittaker of R&H Services Ltd. of Bermuda.

 

About the Authors

Frederik Erdmann

German Correspondent

Frederik Erdmann is Seatrade's German cruise correspondent since 2002. Following secondary school graduation he joined the port agency network, Sartori & Berger, on a vocational training program. After subsequent studies of Business Administration, Frederik Erdmann held various positions at Sartori & Berger until 2010. After a period of working with the Flensburg Chamber of Commerce, he was appointed Designated Person Safety/Security, Environment and Quality of the coastal ferry operator, Wyker Dampfschiffs-Reederei. As a maritime trade press correspondent and visiting lecturer of the Flensburg University of Applied Sciences,

Frederik Erdmann concentrates on ferry and cruise ship management, port development as well as safety and security in passenger shipping. He is also a member of the Flensburg Chamber of Commerce's Tourism Committee.

 

Anne Kalosh

Editor, Seatrade Cruise News & Senior Associate Editor, Seatrade Cruise Review

Anne Kalosh covers global stories, reporting both breaking and in-depth news on cruising's significant people, places, ships and trends. A sought-after expert on cruising, she has moderated conferences around the world, including the high-profile State of the Industry panel at Seatrade Cruise Global. She created and led the acclaimed itinerary-planning case study for Seatrade's cruise master classes held at Cambridge and Oxford universities. She has been the cruise columnist for AFAR.com, and her freelance stories have appeared in a wide range of publications, from The New York Times to The Miami Herald.

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