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Reporting narrowed loss, Genting HK eyes Taiwan restart, Singapore capacity increase

Genting Hong Kong reduced its first half net loss to US$238.3m from $742.6m, on lower revenues of $182.3m, down from $226.2m.

The loss was less than projected in a profit warning issued earlier by the company.

Revenues declined mainly due to the suspension of Crystal Cruises' and Star Cruises' operations since the COVID-19 outbreak, offset by the resumption of some of Dream Cruises' operations in the recent half.

EBITDA loss of $171.2m was reduced from $204.1m on the resumption of domestic cruises in Taiwan and Singapore and cost containment at Crystal, Star Cruises and Dream Cruises. This was offset by the slight increase in EBITDA loss in shipyard utilization and pre-operating costs for the preparation of Global Dream's delivery next year. 

Explorer Dream expected to resume from Taiwan Sept. 8

Genting HK started sailing with Dream Cruises' Explorer Dream in Taiwan, at reduced capacity, from July 2020 until May 11, 2021, halting due to a COVID-19 outbreak there. Cruises are expected to restart this month, provided the Phase 2 alert is not extended beyond Sept. 6. Explorer Dream's crew is fully vaccinated and ready for the resumption, the company said.

World Dream has been sailing from Singapore since November 2020. Cruise capacity was reduced from 50% to 25% on May 16 due to Singapore's COVID-19 outbreak and went back to 50% on June 16 as cases came under control.

Singapore vaccination rate may allow increased capacity

This capacity limit is expected to increase since Singapore has reached 80% full vaccination of its adult population and the government looks to reopen the economy toward year's end. Genting HK said the crew will be fully vaccinated by the end of September.

Hong Kong capacity at 50%

Meanwhile, Genting Dream has been cruising from Hong Kong since July 30, carrying fully vaccinated passengers and crew, with a 50% capacity limit.

Crystal restarts

Crystal Serenity resumed sailing July 3 with Bahamas escapes from Nassau and Bimini, and new expedition ship Crystal Endeavor embarked July 17 on a series of Iceland voyages. Crystal  Symphony returned to service Aug. 22 with Bermuda cruises from Boston; beginning Sept. 24 the ship will sail New York-Bermuda.

Genting HK underwent a $2.6n restructuring this year. 

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