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Crystal Bach named in Germany

  • Written by Kari Reinikainen
  • Category: More News

Crystal Bach, the first of its four new build Rhine Class river ships, of Crystal Cruises, was named at a ceremony in Rudesheim, Germany, August 20.

The ship was built by MV Werften in Germany, which like the Los Angeles based Crystal Cruises is also part of the Genting Hong Kong group.

Crystal’s CEO and president, Edie Rodriguez, presided over the ceremony, along with emcee and longtime popular Crystal entertainer, Mark Farris. The ship’s godmother, German opera star Anna-Maria Kaufmann, named the ship with the traditional blessing and champagne breaking, and also lent her famed talents to the celebration with a special performance of Johann Sebastian Bach’s “Air.”

Also in attendance were the ship’s cruise guests, local travel partners and executives from Genting Hong Kong.

“The fact that she is Crystal’s first-ever new build river ship means that we had the opportunity to go beyond the best and create a luxury river cruise experience that is truly unprecedented. She is the first – and, until her sisters join her – the only all-balcony, all-suite river ship,” Rodriguez said in a statement.

 

 

Tallink second quarter profit jumps on higher volumes

  • Written by Kari Reinikainen
  • Category: More News

Tallink Grupp, the listed Estonian cruise ferry group, has reported a rise in second quarter net profit on higher volumes and more capacity.

Group net profit rose to €17.9 million from €9.8 million as revenues grew to €259.9 million from €245.2 million.

The number of passengers carried in the latest quarter rose by 6.0% to 2.6 million as capacity inceased on a number of routes, the company said.

Viking Line warns of continued price and volume pressures

  • Written by Kari Reinikainen
  • Category: More News

Viking Line, the listed Finnish cruise ferry company, has reported a small rise in second quarter net profit on higher volumes, but warns that competition remains tough.

Group net profit rose to €2.9 million from €1,6 million in the second quarter of 2016 as revenues rose to €137.1 mllion from €131.1 million. The number of passengers carried rose to 3.08 million from 2.90 million, while that of freight units recorded a fall to 64,912 from 67,035.

In the first six months of the year, the group madea net loss of €12.3 million, deeper than the €8.9 million loss year on, while revenues edged up to €239.2 million from €238.0 million

“Competition in Viking Line’s service area remains tough and implies continued pressure on prices and volumes. Bunker prices are expected to be higher than in 2016, which should have an adverse effect on consolidated income,” the company said in a statement.

“A revision in Finland’s restitution law for 2017 is expected to have a positive effect on earnings. Operating income is expected to be higher overall in 2017 than in 2016,” Viking Line said. The 2016 operating profit was €13.7 million.

 

DFDS reports modest rise in first half passenger volumes

  • Written by Kari Reinikainen
  • Category: More News

 DFDS, the Copenhagen based ferry group, has reported a slight rise in passenger volumes a the demand for passenger ferry services in the second quarter compared to last year was boosted by the late Easter.

The number of passengers in the latest quarter increased 3.6% compared to the second quarter of 2016, while in the first six months of the year, volumes increased 1.8%.

“Outside peak seasons demand from UK residents continue to be soft while demand from overseas markets, especially Asia, is increasing,” the company said in a statement.

Apollo, Genting Hong Kong and TPG continue to sell shares in Norwegian

  • Written by Kari Reinikainen
  • Category: More News

Apollo Global Management, LLC, the Genting Hong Kong owned Star NCLC Holdings Ltd. and certain funds affiliated with TPG Global, LLC intend to sell 15 million shares in Norwegian Cruise Line Holdings lts, the world’s third largest cruise shipping company.

The shares would be sold to a group of underwriters comprising of Citigroup Global Markets Inc., Barclays Capital Inc. and Goldman Sachs & Co. LLC at a price of $54.57 per share, valuing the lot at $818.5 million.

Genting Hong Kong was the sole and later principal shareholder of Norwegian until it started to sell down its stake in order to buy Crystal Cruises and to expand the company, grow its Star Cruise business in Asia and set up the Asia-Pacific focused Dream Cruise premium market cruise line in 2015.

Earlier this month, Genting Hong Kong said it expects to a make a loss of about $200 million to $220 million this year due to start up costs and capital expenditure related to the growth of its business.

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