Friday, December 18, 2009

Silversea Silver Spirit - Why Silence Is Not Golden - Oh, Boy What A Bad Start!

Well, I guess this is an unfortunate, "I told you so" about Silversea Cruise's financial turmoil.  I have, as previously noted, kept very quiet not only in the hope that something positive might happen, but because I didn't want to be seen as "piling on" or trying to spoil the anticipated coming out of the Silversea Silver Spirit.

After the handover to Silversea was delayed five days without comment or even acknowledgment, it was reported that Silversea said the problem was with Fincantieri and a labor dispute.  That was, it seems, just not true...and for me, being in the yachtbuilding industry, something that I could not possibly believe to be true as Fincantieri has a history of early deliveries...not belated ones.

Now, it has been announced by the editor of CruiseCritic.com that the problem was that Silversea did not have its financing in place - something I told you months ago - and that it apparently took three German banks (and presumably someone's financial first born child as security) for the ship to be handed over to Silversea. 

I am not sure what "handed over" actually means in this instance.  It could mean that as I had mentioned months ago that a holding company will own the ship and charter it to Silversea or, to be fair, that Silversea may have some interest in it.  Just speculation on my part...but I have been pretty spot on so far.

Once again, I caution that such issues do not bode well for a luxury experience on the Silver Spirit or for Silversea's future. 

I will, once again, go back to silent mode...and hope for the best.  There will be press onboard in a very short time.  Let's see what is being said, objectively and marketing-wise.