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STAR Cruises’ $218m sale of the Norwegian Dream to Louis Cruises has fallen through after the Cyprus-based line failed to take delivery of the vessel.
The Malaysian-owned Star Cruises said that a Memorandum of Agreement signed with Louis Cruises had been brought to an end at 00-06 hrs London time today.
In a statement to the Singapore and Hong Kong Stock Exchanges Star Cruises said that it had served notice on Louis and Marzio Shipholding that the agreement had been brought to an end following the “the buyers reported rescission or termination” of the MOA and their failure to accept delivery of the Norwegian Dream.
The deal by Louis Cruises to buy the French, 1992-built Norwegian Dream, which has capacity for 2,156 passengers for $218m was one of two struck with Star Cruises on April 23 this year. It also signed an MOA to acquire the 1992-built Norwegian Majesty for $162m, a deal that has since been completed.
Under the terms of the agreement the Norwegian Dream was to be delivered to Louis and Marzio with 14 weeks of the signing of the MOA and it was then to be chartered back to NCL unit Ocean Dream a hire fee of about $60,000 a day. It would then be re-delivered to the Cyprus-based owner in November.
Louis and Marzio were to have paid the entire $218m purchase price in cash on taking delivery of the Norwegian Dream. The acquisition was funded by DVB Bank.
Star Cruises is now mulling legal action and said “They are presently taking legal advice in relation to the enforcement of their rights against the buyers.”
The $162m sale of the Norwegian Majesty to Louis Cruises, also sealed on April 23, was completed on the 29 July this year in accordance with the terms of the agreement
Is Louis cruises getting an alternative ship in place of Norwegian Dream .
Star cruises are now suing Louis cruises for breach of contract i believe so if Louis cruises get another ship from any other company it will weaken there defence so i can not see that happening.