Vantage Travel's Ocean Explorer, Ocean Odyssey go into layup

[Host Jazzbeau]

New article on SeaTrade:

Vantage Travel's Ocean Explorer, Ocean Odyssey go into layup

 

The news may not be as bad as we have been expecting (yet).  The article says that the layups were at Vantage's request (i.e. SunStone did not repossess the ships).  It also quotes a tour operator who said they placed Vantage on a pre-paid basis in 2022 but that Vantage's account is current.  Finally the article says that Vantage is looking for investors (which could be good news, except that it says they have been trying to raise capital since late 2021).

[Roadlamp]

Thanks for the update.

[ATL1234]

See this article - all Vantage trips cancelled through at least August 28, 2023:

 

https://consumerrescue.org/travel-troubles/vantage-travel-canceled-cruise-customer-guidance/?fbclid=IwAR2uzawAOG8qpJSX0wD9diY35tzvk57AoljeyWGCQIDTA19uot6zLc-C6zE

 

[Host Jazzbeau]

So apparently it IS as bad as we were expecting.  Thanks for the update @ATL1234

Sad that a company that was so well loved is going to end as a poster child for rip-offs.

[CPT Trips]

On 6/1/2023 at 1:12 PM, Host Jazzbeau said:

New article on SeaTrade:

Vantage Travel's Ocean Explorer, Ocean Odyssey go into layup

 

The news may not be as bad as we have been expecting (yet).  The article says that the layups were at Vantage's request (i.e. SunStone did not repossess the ships).  It also quotes a tour operator who said they placed Vantage on a pre-paid basis in 2022 but that Vantage's account is current.  Finally the article says that Vantage is looking for investors (which could be good news, except that it says they have been trying to raise capital since late 2021).

My understanding is that SunStone owns the ships and charters them to Vantage. . Wouldn’t that mean that they can’t be repossessed? Not knowing the specific charter terms, it would seem like a lay up would, ant a minimum, eliminate or reduce costs of maritime crew and ongoing maintenance. 
 

The tour operator that put Vantage on a prepaid basis isn’t positive news. It means that vendor doesn’t trust Vantage to pay for services and requires advance payment before delivering their service. They don’t want to be “stiffed.”

[Host Jazzbeau]

26 minutes ago, CPT Trips said:

My understanding is that SunStone owns the ships and charters them to Vantage. . Wouldn’t that mean that they can’t be repossessed? Not knowing the specific charter terms, it would seem like a lay up would, ant a minimum, eliminate or reduce costs of maritime crew and ongoing maintenance. 
 

The tour operator that put Vantage on a prepaid basis isn’t positive news. It means that vendor doesn’t trust Vantage to pay for services and requires advance payment before delivering their service. They don’t want to be “stiffed.”

They could if Vantage has stopped paying the charter fees, right?

[CPT Trips]

11 hours ago, Host Jazzbeau said:

They could if Vantage has stopped paying the charter fees, right?

Repossession implies an ownership stake secured by a lien/mortgage. But it’s all just details, the ships owner now has the ships.