Startup Expedition Cruise Line Exploris to be Liquidated

 

French expedition cruise line Exploris has been ordered into judicial liquidation by a court in Nantes, closing out a case that began in September. The court determined that the firm's financial recovery plan was not robust and well-developed enough to merit further consideration, and Exploris will be dissolved. 

Exploris was launched in 2022 by Philippe Videau, a co-founder of successful luxury cruise line Ponant. The firm bought one older expedition cruise ship, the 1984-built Silver Explorer, and planned to begin operations in late 2023. The objective was to capture a share of the French-language cruise market with adventurous itineraries, including cruises to Antarctica. The firm opened headquarters in Nantes and a satellite office in Paris, and it reportedly recruited away some employees from Ponant. 

The firm had a difficult start, reportedly attracting just 1,000 passengers in 2024. Pivoting, Exploris reached a deal to charter its ship to a Canadian tourism company for three years from 2026 onwards, securing the revenue stream it needed to stabilize its financial outlook.

However, that charter was canceled, leaving Exploris millions short of what it would need to continue operations. It initiated a process of judicial administration, which ended last week in an order to liquidate. The firm will be wound down and its assets sold, including its ship. 

"Despite the promises offered by this operation, the steady growth of our individual bookings, and the opening of the international charter market, this [charter cancellation] has severely jeopardized the continuation of our activities," Exploris said in a press release. "The difficult economic climate has also hindered our long-term establishment in French-speaking markets, despite the unanimously recognized quality of our expedition cruise product."

Top image: Exploris One (Celso Hdez / VesselFinder)