Cruise operations of TUI AG, the world's largest tour operator, have posted a recovery that exceeded the company's own forecast and the loss making Hapag-Lloyd Cruises unit should break even in the current financial year as planned, TUI said in a statement.
The business, which comprises the fully owned Hapag-Lloyd unit and 50% stake in TUI Cruises, increased revenues to €281.0 million in the 2013-14 financial year from €261.0 million in the same period a year earlier. EBITA turned positive by €24.2 million from being negative by €30.4 million in the previous 12 month period.
Cruises – turnaround target outperformed /Break-even for Hapag-Lloyd Cruises in the fiscal year 2014/2015 confirmed
Occupancy of the TUI Cruises' fleet, currently comprising three ships, was improved by 1 percentage point to 102% ; the average rate per day per passenger also rose to €171, up by 9% year-on-year. "With Mein Schiff 4, to be commissioned in June 2015, and the two newbuilds ordered, Mein Schiff 5 (2016) and Mein Schiff 6 (2017), TUI Cruises will consistently continue its growth path in the premium cruises market segment," TUI said.
Occupancy of the luxury and expedition cruise ships at Hapag-Lloyd Kreuzfahrten fell by 2 percentage points year-on-year to 68% . "However, overall the Sector recorded a positive development in the second half of the financial year, in particular in relation to the two expedition cruise ships and thanks to the amortisation of the start-up costs for the Europa 2 luxury cruise ship," TUI stated. The average rate per day per passenger in the period under review climbed by 7% to €450. "For the fiscal year 2014/2015 the Group has confirmed that Hapag-Lloyd will break-even," TUI said.
