QE2 at Dubai

  • Thread starter Ellen Grace Butland
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Dec 2, 2000
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Jerry Nuovo

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If Cunard does buy back the historic artifacts aboard the QE2, I hope that at least one historic artifact from the QE2 which is the large model of the 1907 Mauretania is brought aboard the QM2,Because the QM2 is now the Cunard Line Flagship. Regards,Jerry
 
Oct 1, 2009
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The latest scuttlebutt coming out of Dubai regarding QE2 is that the suppliers who have been providing support services/supplies throughout QE2's layup have not been paid. They're threatening to imposes a maritime lien on QE2, thereby opening up the possibility of them gaining control over her.
 
Dec 2, 2000
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>>Leo, Does that mean the suppliers are the legal owners of the QE2 if they win their case?<<

I'm not up on admiralty law, but that would appear to be a good possibility. I think in the end, it all depends on how the judge rules once the case is heard in court if the owner goes into default. Some of these links might be helpful;

http://www.lectlaw.com/def/l036.htm

http://www.wisegeek.com/what-is-a-lien.htm
 

Jerry Nuovo

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I do hope that the QE2 will be preserved.Unfortunately concerning the effort to save the SS United States,she is a lost cause because I have heard that the ratfinks at NCL have put the SS United States up for sale to the ship breakers. Regards,Jerry
 
Dec 2, 2000
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>>I have heard that the ratfinks at NCL have put the SS United States up for sale to the ship breakers.<<

Unfortunately, they don't have a lot of choices in the matter. Had the economy not tanked, the ship might have had a chance. While the refit would have been expensive, it was technically possible even if probably would not have been very cost effective. The hull still has a lot of useful life remaining but it's still a gutted shell.

The QE2 has something going for her in that she's not only intact but still seaworthy and even able to get underway on her own power. The problem, as always, is the money. The owners need it to make things happen and it's just not there.
 
Dec 2, 2000
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From The Hellenic Shipping News:

Dubai World's debt restructuring satisfies lenders
quote:

Dubai World's restructuring of Dh24.8 billion worth of debt is moving in the right direction although there are a few areas that need more clarity, Stephen Hester, group chief executive officer of Royal Bank of Scotland Group, told Gulf News yesterday.
More at http://www.hellenicshippingnews.com/index.php?option=com_content&task=view&id=94346&Itemid=79

Comment: And one has to wonder if the QE2 is going to be one of the benificiaries or one of the casualties of this. Stay tuned for further developments!
 
Dec 2, 2000
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From The Hellenic Shipping News:

Buyout firms flock to sale of Dubai-owned ISS
quote:

About 10 buyout houses are preparing to make indicative bids on Monday for Inchcape Shipping Services (ISS), the $700 million-plus port and shipping agent owned by Dubai World's investment arm Istithmar. The keen interest highlights the ongoing appeal of so-called secondary buyouts, where financial investors sell each other portfolio companies, despite concerns that previous owners may have already withdrawn much of the value in a company.
More at http://www.hellenicshippingnews.com/index.php?option=com_content&task=view&id=95345&Itemid=79
 
Dec 2, 2000
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Dec 2, 2000
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Easley South Carolina
From The Hellenic Shipping News:

Dubai World $24.8bn debt plan 'very fair' - HSBC
quote:

Dubai World’s proposal to restructure $24.8 billion of its borrowings is “very fair,”￾ the chief executive officer of HSBC Bank Middle East said in Abu Dhabi on Monday. “We think the proposal is fair and a good way forward for the United Arab Emirates,”￾ Simon Cooper said.
More at http://www.hellenicshippingnews.com/index.php?option=com_content&task=view&id=99509&Itemid=79

Comment: And the game goes on.
 
Dec 2, 2000
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From The Hellenic Shipping News:

Dubai World Agrees Headline Economic Terms in Principle with Coordinating Committee
quote:

Dubai World (the “Company”￾) is pleased to announce today that headline economic terms have been agreed in principle with the Coordinating Committee (“CoCom”￾), representing the Company’s financial creditors, and the Government of Dubai on the restructuring of $23.5 Bn1 of total financial liabilities.
More at http://www.hellenicshippingnews.com/index.php?option=com_content&task=view&id=102168&Itemid=79

Comment: So, does this help the QE2 or turn her into a liability to be liquidated? Stay tuned!
 
Dec 2, 2000
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376
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Easley South Carolina
Dec 2, 2000
58,587
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Easley South Carolina
>>It looks like Dubai World will soon hang the FOR SALE sign on the dear old QE2. Regards,Jerry<<

That may just be for starters. That concern is in some heap big trouble and it looks set to stay that way unless the economy starts to make some genuine improvements. I'll keep everybody posted should anything else come up.