QE2 at Dubai

  • Thread starter Ellen Grace Butland
  • Start date
Dec 2, 2000
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From The Hellenic Shipping News:

DP World says makes debt payments on time
quote:

DP World a subsidiary of debt-laden state-owned holding company Dubai World [DBWLD.UL], said it had paid regular coupon and profit obligations tied to a sukuk and a bond issue on time.
More at http://www.hellenicshippingnews.com/index.php?option=com_content&task=view&id=81067&Itemid=79

Comment: It's encouraging anyway. Whether or not this will ultimately help the QE2 is open to qurestion but failure doesn't even bear discussion.
 

Joe Russo

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Apr 10, 2006
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Why do I have visions of QE2 on fire in Hong Kong harbor?

QE2 likely to be sold as owners struggle with debt
quote:

THE likelihood of former Southampton liner QE2 being sold by her Arab owners increased after the man who took her to Dubai suddenly quit.

David Jackson resigned as chief executive of Dubai World investment fund Istithmar World, the first big name to go since the company revealed its struggles with a £13.5 billion debt pile last year.
More: http://www.thisishampshire.net/news/4864192.QE2_likely_to_be_sold_as_owners_struggle_with_debt/
 

John Clifford

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Next stop, Alang???

I don't wish to imagine it, but it might be.

Let us hope that, in this case, I will be proven wrong.
 
Dec 2, 2000
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>>Why do I have visions of QE2 on fire in Hong Kong harbor?<<

Doesn't seem likely to me as the dynamic is different. Not that the ship can't come to a bad end under "Mysterious circumstances" but I don't think it'll be the work of somebody with a torch. More likely, she would sink under tow while enroute to her new owners. Said "Owners" corperate offices being a postal drop in Hong Kong or Singapore.
 

Joe Russo

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She's still in Dubai according to QM2's bridgecam which showed QE2 still docked in the same place on January 27th.
 

John Clifford

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We'll see: when the World Cup is held, probably in July/August.
Will QE2 be in Cape Town, at that time??
 
Dec 2, 2000
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>>Will QE2 be in Cape Town, at that time??<<

Nope.

From Cruise Critic:

QE2 Booted from World Cup Competition?
quote:

Plans to dock the QE2 in South Africa as a floating hotel during this summer's FIFA World Cup have been officially scuppered.

According to a report in The National, an Abu Dhabi-based English language paper, South Africa's Cape Town port authority has said it cannot accommodate the former Cunard icon for the length of time requested by its current owners, Istithmar World.
More at http://www.cruisecritic.com/news/news.cfm?ID=3659
 
Dec 2, 2000
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From The Hellenic Shipping News:

Dubai World asset sale nears, debt talks plod
quote:

State-owned conglomerate Dubai World, which is restructuring some $22 billion in debt repayments, has yet to arrive at a formal standstill agreement with its creditors. The company rocked global markets on November 25 with plans to request a delay on repaying $26 billion in debt linked to its main property units Nakheel and Limitless World.
Dubai World -- which staved off default on a $4.1 billion Islamic bond linked to Nakheel after a last-minute bailout from Abu Dhabi -- is working on a more specific restructuring plan, having already initiated moves to downsize at Group level.
More at http://www.hellenicshippingnews.com/index.php?option=com_content&task=view&id=85660&Itemid=79
 
Dec 2, 2000
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From Cruise Critic:

Is the World's Most Famous Cruise Ship For Sale Again?
quote:

(10:45 a.m. EST) -- We've been hearing the "QE2 for sale" rumors for months from countless news outlets -- but new reports abound this morning that the iconic former Cunard vessel will soon be on the block.
More at http://www.cruisecritic.com/news/news.cfm?ID=3680

Comment: There's nothing set in stone here which anybody will admit to. Still, stay tuned for further developments.
 

John Clifford

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One possibility: a father-and-son team, Philip and Charles, purchase QE2, and transfer it to Philip's wife, Charles' mother. She might enjoy a larger yacht, for weekend outings.

Her current yacht could, of course, be time-shared by two of her grandsons, for their own private outings.

Could this be workable??
wink.gif
grin.gif
 

Grant Carman

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Jun 19, 2006
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John

Considering how "frugal" Charles and his mother are reputed to be, somehow I don't see this happening.

Maybe Richard Branson could buy her and rename her "The Virgin Queen".

Think of the Hollywood tie-ins.
 

Jim Kalafus

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Dec 3, 2000
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It would be nice to think that Cunard had a "right to first buy-back" clause, pertaining to the museum quality collection of artifacts on board, written in to the sale contract.

It is depressing to think of that collection being sold off. Equally depressing to think of the ship sinking while under tow, with the collection aboard.
 
Dec 2, 2000
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From USAToday Cruise Log:

Future of Cunard's QE2 cruise ship unknown
quote:

A question mark again hangs over the future of Southampton's legendary QE2 cruise liner after reports its owner in Dubai could sell off the vessel to ease its mounting debts.
Stories of the liner's sale have been circling since plans to use it as a floating hotel for football fans at this summer's World Cup in South Africa were scrapped last month.
More at http://www.usatoday.com/travel/cruises/2010-02-10-cunard-qe2-future-unknown_N.htm
 
Oct 1, 2009
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>It would be nice to think that Cunard had a "right to first buy-back" clause, pertaining to the museum quality collection of artifacts on board, written in to the sale contract.

I am told, by one who claims to know, that there is such a clause.
 

Grant Carman

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Leo

If that's true, I don't see Cunard buying her. There's too much to do to her to make her appealing to today's crowd. Even on the Transatlantic route, now that people have becomed accustomed to the QM2, the QE2 would seem small cramped and dark.
If she is saved from scrap, it would be by someone who would have her as a static ship.

Unfortunately, the grand lady just can't compete anymore, and her fate will be sealed like so many other great liners. Is it worth spending the millions on a 40 year old liner to bring her up to snuf?

Probably not.
 
Oct 1, 2009
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Hi Grant,

I believe the buy-back clause mentioned pertains to the "Heritage Trail" memorabilia and other historic artifacts and art works aboard QE2 rather than the ship itself.
 

Jim Kalafus

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LEO! Good to see you here, old sport.

If true, then hopefully Cunard will exercise the option to buy before the collection is scattered.

Of course, being that they did not value the artifacts enough to retain them when they had them, I'm not going to hold my breath waiting for the company to purchase them back at fair market value. But its a nice thought.