{"id":29537,"date":"2020-08-03T10:35:45","date_gmt":"2020-08-03T15:35:45","guid":{"rendered":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/?p=29537"},"modified":"2020-08-03T10:38:04","modified_gmt":"2020-08-03T15:38:04","slug":"cruise-industry-crisis-threatens-panama","status":"publish","type":"post","link":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/cruise-industry-crisis-threatens-panama\/","title":{"rendered":"Cruise industry crisis threatens Panama"},"content":{"rendered":"

\"\"<\/a><\/p>\n

One of our favorite short cruises was on a Pulmantur ship out of Colon with destinations to Aruba, Bonaire and Curacao.\u00a0 Now in bankruptcy, two of the ships are headed for demolition and sale as scrap!<\/p>\n

The \u00a0cruise industry is devastated worldwide and with the Pullmantur shipping company scrapping at least two of its vessels a cloud hangs over the future of its homeport in Col\u00f3n.<\/p>\n

The Monarch had a capacity of 2,333 passengers and in recent years had made 52 departures from\u00a0 Col\u00f3n 2000.<\/p>\n

Pullmantur reported that the Monarch and Sovereign vessels, two of the three ships that made up its fleet, will be dismantled and the future of the company that accepted the Spanish bankruptcy law is unknown after the coronavirus pandemic erased earnings it had made in the recent past.<\/p>\n

The company announced in late June that operations would resume in November, but made no specific mention of departures from Panama.<\/p>\n

Last year the company reported that it transported 406,000 passengers and 53% of its turnover was obtained in the European market, while the rest was contributed by its operation in the American continent.<\/p>\n

The Col\u00f3n 2000 port, has no information about the future of Pullmantur’s operation, and the Panama Tourism Authority (ATP) has not responded to inquiries.<\/p>\n

Industry sources suggest \u00a0that a third ship, the Horizon, will also be scrapped and that there is the possibility that the company \u00a0will operate some ships \u00a0used by Royal Caribbean \u00a0but to date, there is no certainty<\/p>\n

With the prospect that \u00a0Copa Airlines will operate with less than 10% of its fleet in the short term, it will be difficult to market a cruise ship leaving Panama in the coming years, so the future of the home port is uncertain.<\/p>\n

Over \u00a050% of the passengers that boarded Col\u00f3n were South Americans (Colombians, Argentines, Ecuadorians); followed by Americans, Canadians, and Mexicans.<\/p>\n

The Cruises Investment Holding fund and Royal Caribbean Group (RCL) own 51% and 49% of the shares of the Spanish shipping company, respectively. This week they announced Ernst & Young in Andalusia, Spain as administrator of the bankruptcy in an attempt to revive the company.<\/p>\n

Economic loss
\n<\/strong>It is estimated that the departure of each cruise ship from Col\u00f3n 2000 represented an economic injection of 750,000, which means that, the Panamanian economy is losing \u00a0$3 million \u00a0in foreign currency each month<\/p>\n

In 2019 the ATP signed a contract with NCL (BAHAMAS) LTD, owner of the Norwegian cruise line to make departures from the port that is being built on Perico Island, in the Amador Causeway. The agreement will be effective from 2021 until 2023 and \u00a0establishes that the company will depart from the new cruise port and, will transit the Panama Canal, will a tour of 7 or 9 days through the Caribbean, and end at the Col\u00f3n 2000 terminal.<\/p>\n

At the end of that tour, the cruise \u00a0ship will start a new journey departing from Col\u00f3n, it will travel \u00a0through the Caribbean islands, and back to the \u00a0Canal to \u00a0dock in Amador, but \u00a0in the current environment nothing is certain,<\/p>\n

Source: Newsroom Panama<\/p>\n

Stay Safe!!<\/p>\n\n

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    One of our favorite short cruises was on a Pulmantur ship out of Colon with destinations to Aruba,<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[242,12,241,39,248,34,33,62,280,42,219,11,249,243,7,246,244,260],"class_list":["post-29537","post","type-post","status-publish","format-standard","hentry","category-news-articles-panama-perpsective","tag-boca-chica-real-estate","tag-boquete","tag-boquete-real-estate","tag-buenaventura","tag-casco","tag-casco-antiguo","tag-casco-viejo","tag-coffee-in-panama","tag-disinfetion-services-safety-in-panama-panama-real-estate-bocas-del-toro","tag-estate-homes-in-panama","tag-move-to-panama","tag-offshore-real-estate","tag-panama-offshore-real-estate","tag-panama-papers","tag-panama-real-estate","tag-relocate-to-panama","tag-rum-in-panama","tag-travel-to-panama-rent-in-boquete"],"yoast_head":"\nCruise industry crisis threatens Panama - Blog and Newsletter<\/title>\n<meta name=\"robots\" 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