Saga could sell off cruise ships

Monday, 29 Jan, 2024 0

Saga Group is mulling a possible sale of its two-ship fleet of cruise ships.

Heavily in debt, the company sees the cruise line as the best option to unlock much needed capital.

It has been working with advisers and has apparently explored several options.

It could result in offloading its cruise ships in a sale and leaseback deal.

Other alternatives including selling a stake or effectively outsourcing the ocean cruise business to another operator in a licensing deal.

“The board is exploring opportunities to optimise Saga’s operational and strategic position in cruise,” the company said in a stock market filing.

“There is exceptional demand for boutique ocean cruises and it is operating at close to capacity.”

Saga operates two ocean ships: The Spirit of Adventure and Spirit of Discovery.

Saga has a large debt pile and has been helped with loans from chairman Roger de Haan.

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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.

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