Showing posts with label Travel Dynamics. Show all posts
Showing posts with label Travel Dynamics. Show all posts

Tuesday, 20 January 2015

Ponant Takes Over Travel Dynamics

#expeditioncruising

Last December, Ponant announced that it had acquired several key assets of Travel Dynamics International of New York, which has provided educational programs on small cruise ships since it was founded in 1972 by brothers George and Vasos Papagapitos from Rhodes, who specialised in finding group travel for university alumni associations from such illustrious institutions as Stanford and Yale Universities.

The 1998-built 90-berth Le Levant
The entire Travel Dynamics team in New York has since been invited to join Ponant Cultural Cruises and Expeditions, which will be based in New York. The new Ponant New York office will handle all Ponant bookings originating from the North American market.

Ponant already has existing partnerships in the US with Abercrombie & Kent, Tauck Tours and Gohagan & Company of Chicago. Since last autumn it has also operated the 114-berth Corinthian for Grand Circle of Boston and the company has also been active in promoting cruises on the small ships of Variety Cruises in Greece.

The company first did business with Ponant when it chartered the 1998-built 90-berth Le Levant for cruises in the Great Lakes.

Travel Dynamics’ first ship, the 130-berth Illiria
Travel Dynamics’ first ship was the 130-berth Illiria, which they operated to Antarctica and in the Canada/New England trade as well as in Europe in the early 1980s. A model of the Illiria is still on display in Travel Dynamics’ headquarters in Manhattan.

by Kevin Griffin - The Cruise Examiner

Tuesday, 19 August 2014

Arrest of MV Yorktown in Florida. Bank forecloses.

#expeditioncruising

2350GRT, 68m, 1988-built Yorktown is rated two stars by Berlitz.

The murky behind-the-scenes dealings of banks, venture capitalists, owners and management companies is something few cruise passengers are ever aware of. The recent change of ownership with Orion is a case-in-point where background shenanigans between banks, owners and charter operators are largely invisible to regular travellers who just want to get aboard and have a great experience.

The quiet arrest of the former Cruise West vessel, Yorktown (IMO: 8949472)* in Jacksonville Florida last month is the latest incident where a bank has seized a vessel in order to reclaim funds owed.

The bank in question, KfW IPEX-Bank, a specialist financier for the German and European export industry and regular financier of newbuild ships, is the 'Export and Project Finance' arm of the larger KfW Group which announced a total business volume of EUR 31.7 billion in the first half of 2014.

Money problems began for Explorer Maritime Cruises LLC when they ordered Orion in 2003.
KfW IPEX-Bank claims it is owed a reported US$9.85m by Explorer Maritime Cruises, controlled by Vasos Papagapitos, co-president of Travel Dynamics (TD). TD was the operator of Clelia II (IMO: 8708672) before it became Orion II. Now, after that sad chapter, TD is operating the vessel again as Corinthian, but only after selling it to Boston-based Grand Circle Cruise Line which converted its charter into a purchase in March this year for an undisclosed amount.

According to reports in both TradeWinds and SeaTrade, KfW IPEX-Bank originally issued the loan to Explorer Maritime Cruises so it could order the original Orion (IMO: 9273076) at Cassens Werft in 2003.

KfW had the vessel seized in Florida and auctioned July 30 in Jacksonville, where it was acquired through credit bid. The German bank is now trying to sell the vessel. Asking price is believed to be around US$1.5 million.

If this convoluted chain of events sounds like a massive, multimillion-dollar, domino effect, then you'd be right.

What happens when a ship is arrested?


Ships are arrested or impounded for several reasons which could include illegal activity like smuggling or safety violations, but often it is unpaid bills. Money could be owed to the bank which financed the build, like in the convoluted case of Orion, Yorktown, KfW and Explorer Maritime Cruises, or simply staff wages as with the now vanished, presumed sunk, MV Lyubov Orlova.

In the case of Yorktown, cash problems for Explorer Maritime Cruises caused her to be laid up, and ...

“KfW formally demanded payment, accelerated the obligation and declared the entire amount of indebtedness under the loan obligation to be immediately due and owing,” wrote Michael Moore, the lender’s lawyer at Florida law firm Moore & Co.

In other words, the mortgage was foreclosed by the bank.

*An IMO number is like a car's VIN. Even if the name and owner change, the IMO (International Maritime Organization) ID remains linked to that ship's hull for the life of the vessel.


Compiled from the following sources:  Marine Traffic, TradeWinds, Marine Insight, SeaTrade Insider


Monday, 24 March 2014

Grand Circle Cruise Line Acquires the M/V Corinthian

#expeditioncruising 

 
MV Corinthian in former Orion II livery. Now sold.

 

New owner for former Orion II

Acquisition underscores Grand Circle's commitment to expand its small ship fleet and itineraries to meet high demand of American boomers and seniors
 
Vince Cook, CEO of Grand Circle Cruise Line, the leader in small ship and river cruising worldwide, announced today that the fleet has acquired the M/V Corinthian, a 98-passenger, ocean faring vessel that currently operates in Antarctica.  Grand Circle Cruise Line had chartered the ship for the past year and will expand the Corinthian's operations with the launch of three new small ship cruise itineraries in 2015. 

The ship was acquired for an undisclosed price from Travel Dynamics International, a leading operator of high-caliber educational programs aboard small cruise ships. Travel Dynamics will continue to operate the Corinthian throughout 2014, with Grand Circle Cruise Line assuming operational control when the ship returns to Antarctica in the fall.  In addition, Grand Circle Cruise Line and Travel Dynamics have entered into a long-term agreement through which Grand Circle Cruise Line will provide small ship itineraries on the Corinthian and its other small ships for Travel Dynamics' educational programs.

"Small ship cruising is a rapidly-growing trend among baby boomers and seniors who want the ease, comfort and affordability of small ship cruising along with access to local communities, cultures, and experiences," said Cook.  "We are committed to expanding our small ship fleet and to creating affordable, new small ship itineraries that provide travelers with an intimate experience of a destination.  Our travelers to Antarctica have had an amazing experience on the Corinthian, and we feel extremely proud that this spectacular ship has joined our growing fleet."

The Corinthian is an ice-strengthened vessel with the latest navigational, communications, and safety equipment. The ship is 297 feet long and carries 98 passengers in 49 outside-facing suites—each at least 225 square feet in area. All suites feature individual climate control, mini-refrigerator, safe, telephone, TV, DVD/CD player, a sitting area, and a private bath. An elevator serves all passenger decks. The ship's well-appointed common areas include a restaurant, two lounges—including one with panoramic windows—and a library with Internet access.

Grand Circle Cruise Line will launch three new itineraries for the Corinthian in 2015, including an 8-night, roundtrip cruise (Lisbon, Portugal; Portimao, Algarve; Casablanca and Tangiers, Morocco; and Gibraltar and Seville, Spain); a 12-night Baltics cruise (Copenhagen and Ronne, Denmark; Gdansk, Poland; Visby and Stockholm, Sweden; Riga, Latvia; Tallinn, Estonia; St. Petersburg, Russia; and Helsinki, Finland); and an 11-night UK cruise (Edinburgh, Aberdeen, the Outer Hebrides Islands, and Isle of Skye, Scotland; Dublin, Ireland;  Holyhead, Wales; and the Isle of Scilly, England).  Grand Circle Cruise Line also will offer several repositioning cruises. 

Similar to every Grand Circle Cruise Line small ship, the Corinthian will be able to enter small ports that larger ships cannot, providing travelers with access to small cities, towns, and villages and opportunities to engage with local people and experience their culture and way of life.  For example, on the new Lisbon itinerary, the Corinthian will sail along an inland river right into the heart of Seville, docking there, whereas larger ships, unable to sail this passage, must dock in the large port of Cadiz and bus travelers to Seville for day trips.

Grand Circle Cruise Line's small ships are known for their small group size, for their outstanding local Program Directors (guides) and nautical and hospitality crew, and for itineraries that connect travelers with locals through activities such as visits to homes, schools, markets, neighborhoods and beyond.  "Our focus is not on having fancy bells and whistles onboard our ships but to offer travelers authentic, firsthand cultural experiences on shore," said Cook.  Grand Circle Cruise Line's small ships also are known for exceptional value—with per diem rates typically $50-$250 less than other small ship cruise lines' and free single supplements for solo travelers.  In the past several years, Grand Circle's small ships have received myriad awards for excellence by readers of Conde Nast Traveler; most recently, Grand Circle's three, 50-passenger small ships were rated the #1 (Artemis), #2 (Arethusa) and among the top 5 (Athena) best small ships in the world for 2014.

Established in 1998 with a single river cruise ship, today Grand Circle Cruise Line has dozens of small ships and river ships, including three, 4-star plus 50 passenger ships that operate in the Mediterranean (Athena, Artemis and Arethusa), 15 privately-owned river ships, and exclusive charters.  More than 79,000 travelers have sailed with Grand Circle Cruise Line in the past two years, including more than 19,000 solo travelers. Grand Circle Cruise Line anticipates 40,000 travelers in 2014, including more than 12,000 solo travelers attracted by Grand Circle's comprehensive solo friendly policies and programs.

The acquisition of the Corinthian closely follows on the acquisition of the River Cloud II, now named the Chanson, a 90-passenger river cruise ship that will operate in the Bordeaux region of France
For more information, please visit Grand Circle Cruise Line or call 1-800-221-2610.