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CMV hopeful of securing funding after Barclays loan deal collapses

CRUISE - Marco Polo.jpg
CMV's Marco Polo laid-up in Bristol, Avonmouth
Cruise & Maritime Voyages (CMV) confirmed to Seatrade it is in discussion with potential lenders and investors to secure funding to see it through the COVID-19 crisis.

The company, headquartered in Essex, UK, with offices also in Australia and the US, was unable to secure a £25m loan from Barclays bank under a COVID-19 business interruption loan scheme and is now seeking alternative funding to bolster its liquidity.

CMV operates six ocean-going ships which are currently laid up in London Tilbury (five) and one in Bristol, Avonmouth.

CMV will take delivery of P&O Australia’s Pacific Dawn and Pacific Aria (to be renamed Amy Johnson and Ida Pfeiffer) in Singapore next March and May, respectively, increasing fleet capacity to 9,000 berths and passenger capacity by 30% in 2021.

Suspended operations

It recently further extended the suspension of worldwide cruises from July 1 to Aug. 25.

In a statement CMV said: ‘As the majority of other cruise lines have already done or are presently doing, CMV is also looking for additional financing to improve its liquidity position until sailing will resume again.’

A company spokesman added, ‘CMV is presently in discussions and negotiations with a number of financial institutions and banks — some that are at an advanced stage — and is confident to finalise these discussions very shortly and so is unable to comment on or disclose details of these discussions with individual parties until they are finalised.’

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