Another small cruise line shuts down as the industry continues to struggle
Make that 11 cruise lines that have shut down for good since the start of the COVID-19 pandemic.
Japan-based Venus Cruise this week has posted a notice on its website that its last sailing will take place on Dec. 27.
The 33-year-old cruise brand, which operates just one ship, the 720-passenger Pacific Venus, mostly caters to Japanese travelers with sailings out of Japanese ports such as Yokohama (the port for Tokyo) and Nagoya.
Pacific Venus's last day of operations with paying passengers will be Jan. 4, 2023.
"We have decided to end the cruise ship business in January 2023," the line said in a cryptic, three-sentence statement posted on its website.
"We sincerely thank you for your patronage over the years," the statement added.
Venus Cruise didn't say why it is going out of business in the statement. But the news comes as many cruise lines continue to struggle with reduced revenue and earnings, and high debt levels, in the wake of the COVID-19 pandemic.
All major cruise lines around the world paused sailings for many months at the start of the pandemic and only slowly returned to normal operations, resulting in enormous quarterly losses that only recently have begun to moderate. The brands that have stayed in business have been forced to take on massive amounts of debt to survive.
Venus Cruise is just the latest of a string of 11 mostly small cruise operators that have gone out of business since the start of the COVID-19 pandemic in 2020.
Other lines have shut down over the past three years, almost all citing the financial affects of the pandemic, include luxury line Crystal Cruises and its two Asia-based sister brands, Dream Cruises and Star Cruises; India-based Jalesh Cruises; Swedish-based Birka Cruises; U.S.-based small ship specialist Blount Small Ship Adventures; and U.K.-based Cruise and Maritime Voyages.
Related: Luxury line Crystal faces liquidation as cash runs out
The latter brand was the second largest cruise brand in the U.K. before collapsing in July 2020.
German-based FTI Cruises and Spain-based Pullmantur also ceased operations during the pandemic. Pullmantur, which was partly owned by Royal Caribbean Group, the parent company of Royal Caribbean, was the first cruise company to collapse during the pandemic, just three months after cruise ships stopped sailing in 2020.
Also shutting down, in 2021, was Caribbean-focused Sail Windjammer, which operated a historic sailing vessel once owned by the American financier E. F. Hutton and his wife, Marjorie Merriweather Post.
That said, at least one of the brands — luxury line Crystal — is in the midst of making a comeback under new owners.
The high-end travel company A&K Travel Group in June announced it had bought the bankrupt line's brand name and two biggest oceangoing ships, Crystal Serenity and Crystal Symphony, with plans to relaunch Crystal in 2023.
Meanwhile, in a good sign for the future financial health of the industry, the world's biggest cruise companies, including Royal Caribbean Group, Norwegian Cruise Line Holdings and Carnival Corporation, have all been reporting increased passenger counts and revenue in recent quarters and have projected a return to relatively normal revenue levels and profits over the coming year.
The companies are hoping a return to profitability will allow them to begin paying down the massive debt that they took on during the pandemic and repair their balance sheets.
Related: Carnival Corporation CEO discusses the company's financial troubles
The turn in the financial fortunes reported by the big cruise companies, which are publicly traded and disclose their financial situation in regulatory filings, suggests that the worst may soon be behind the cruise industry.
Royal Caribbean is the parent company of Royal Caribbean, Celebrity Cruises and Silversea Cruises. Norwegian Cruise Line Holdings is the parent company of Norwegian Cruise Line, Regent Seven Seas Cruises and Oceania Cruises.
Carnival Corporation is the parent company of nine brands including Carnival Cruise Line, Princess Cruises, Holland America and Seabourn.
The loss of Venus Cruise will leave a hole in the Japanese cruise market. The company is one of just three based in Japan that operate cruises. The others, Mitsui O.S.K. Lines and NYK Line, also each operate just one ship. California-based Princess Cruises also has a significant presence in the Japanese market.
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Why We Chose It
There’s a lot to love about the Amex Gold. It’s a fan favorite thanks to its fantastic bonus-earning rates at restaurants worldwide and at U.S. supermarkets. If you’re hitting the skies soon, you’ll also earn bonus Membership Rewards points on travel. Paired with up to $120 in Uber Cash annually (for U.S. Uber rides or Uber Eats orders, card must be added to Uber app and you can redeem with any Amex card), up to $120 in annual dining statement credits to be used with eligible partners, an up to $84 Dunkin’ credit each year at U.S. Dunkin Donuts and an up to $100 Resy credit annually, there’s no reason that foodies shouldn’t add the Amex Gold to their wallet. These benefits alone are worth more than $400, which offsets the $325 annual fee on the Amex Gold card. Enrollment is required for select benefits. (Partner offer)Pros
- 4 points per dollar spent on dining at restaurants worldwide and U.S. supermarkets (on the first $50,000 in purchases per calendar year; then 1 point per dollar spent thereafter and $25,000 in purchases per calendar year; then 1 point per dollar spent thereafter, respectively)
- 3 points per dollar spent on flights booked directly with the airline or with amextravel.com
- Packed with credits foodies will enjoy
- Solid welcome bonus
Cons
- Not as useful for those living outside the U.S.
- Some may have trouble using Uber and other dining credits
- You may be eligible for as high as 100,000 Membership Rewards® Points after you spend $6,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply to know if you’re approved and find out your exact welcome offer amount – all with no credit score impact. If you’re approved and choose to accept the Card, your score may be impacted.
- Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 3X Membership Rewards® points per dollar spent on flights booked directly with airlines or on AmexTravel.com.
- Earn 2X Membership Rewards® points per dollar spent on prepaid hotels and other eligible purchases booked on AmexTravel.com.
- Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases.
- $120 Uber Cash on Gold: Add your Gold Card to your Uber account and get $10 in Uber Cash each month to use on orders and rides in the U.S. when you select an American Express Card for your transaction. That’s up to $120 Uber Cash annually. Plus, after using your Uber Cash, use your Card to earn 4X Membership Rewards® points for Uber Eats purchases made with restaurants or U.S. supermarkets. Point caps and terms apply.
- $84 Dunkin' Credit: With the $84 Dunkin' Credit, you can earn up to $7 in monthly statement credits after you enroll and pay with the American Express® Gold Card at U.S. Dunkin' locations. Enrollment is required to receive this benefit.
- $100 Resy Credit: Get up to $100 in statement credits each calendar year after you pay with the American Express® Gold Card to dine at U.S. Resy restaurants or make other eligible Resy purchases. That's up to $50 in statement credits semi-annually. Enrollment required.
- $120 Dining Credit: Satisfy your cravings, sweet or savory, with the $120 Dining Credit. Earn up to $10 in statement credits monthly when you pay with the American Express® Gold Card at Grubhub, The Cheesecake Factory, Goldbelly, Wine.com, and Five Guys. Enrollment required.
- Explore over 1,000 upscale hotels worldwide with The Hotel Collection and receive a $100 credit towards eligible charges* with every booking of two nights or more through AmexTravel.com. *Eligible charges vary by property.
- No Foreign Transaction Fees.
- Annual Fee is $325.
- Terms Apply.