One Ocean Expeditions Restructuring after Vessel Withdrawals

  • Business & Finance

Months after Russian owners withdrew their ships that were chartered by Canada-based expedition cruise operator One Ocean Expeditions, the company announced it had entered into a restructuring procedure.

Andrew Prossin, the company’s founder and CEO said in a statement on October 29 that the “sudden withdrawal” of vessels Akademik Ioffe and Akademik Sergey Vavilov caused a series of complex circumstances that the company is addressing.

The CEO’s statement did not contain information on how passenger bookings would be affected or whether eventual refunds would be available.

“The withdrawal of these ships was an unexpected and destabilizing event, and the violation of our contract remains the subject of ongoing legal action,” Prossin said.

“We deeply regret the inconvenience caused to passengers and our long-standing partners and we remain focused on doing everything possible to move our company forward.

“The last few days have been quite eventful but please be patient for a few days as we work to restructure our business. We will be in touch as soon as possible regarding our future plans and operations.”

The only ship remaining in the company’s fleet is the RCGS Resolute, an ice-strengthened ship that was acquired in 2017.

In August this year, the ship was briefly arrested in Iqaluit after Nova Scotia-based company Atship Services filed a claim that it was owed nearly CAD 100,00 by the ship’s owner.

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