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Mitsubishi offers about 10% discount in AIDA deal

  • Written by Kari Reinikainen
  • Category: Top Headlines

Mitsubishi Heavy Industries, the Japanese shipbuilder that singed contract to build two 125,000 gross ton ships for AIDA Cruises in Germany, has agreed to build the ships at about €10,000 to €15,000 per berth cheaper than recent newbuilding orders placed with European builders, indicating a discount of up to 10%, figures show.

AIDA’s 3,250 passenger vessels contracted in Japan will cost about €140,000 per lower berth. By comparison, the company agreed to pay €150,000 per lower berth on a 71,300 gross ton ship ordered at Meyer Werft in Germany last year. The ship will have 2,192 lower beds.

The most expensive contract in per berth terms of recent time has been an order Royal Caribbean International placed with Meyer Werft for a 158,000 gross ton Project Sunshine vessel with 4,100 lower berths: it will cost €170,000 per lower berth to build. The brand is part of Royal Caribbean Cruises Ltd group.

Princess Cruises and P&O Cruises, both parts of the Carnival Corp & plc group and sister companies of AIDA Cruises, agreed to pay €155,000 per lower berth for two and one 141,000 gross ton newbuilding at Fincantieri, respectively. All three ships will have 3,600 lower berths.

Norwegian Cruise Line that ordered two 143,500 gross ton newbuildings at Meyer Werft last year got their 4,000 passenger vessels at €150,000 per lower berth.

Mitsubishi built two ships for Princess Cruises – Diamond Princess and Sapphire Princess – early in the previous decade, but has not won cruise liner orders since then.

AIDA Cruises and Mitsubishi sign contract for two new 125,000 gross ton ships

  • Written by Kari Reinikainen
  • Category: Top Headlines

AIDA Cruises, the German unit in the Carnival Corp & plc group, has signed an agreement with Mitsubishi Heavy Industries in Japan to build two cruise liners of 125,000 gross tons each, with accommodation for 3,250 passengers. The ships are due for delivery in March 2015 and March 2016 and they will cost about €140,000 per lower berth each, AIDA Cruises said in a statement.

Costa orders 132,500 gross ton newbuilding – represents new class

  • Written by Teijo Niemelä
  • Category: Top Headlines

Costa Crociere S.p.A., Italy’s largest tourism group and Europe’s no. 1 cruise company, has placed a new order with Fincantieri S.p.A. for the construction of a new cruise ship.

The new ship ordered today, with a gross tonnage of 132,500, 3,700 lower berths, 4,928 total capacity and 1,854 cabins, will be the largest Italian cruise ship and the 10th ship ordered from Fincantieri by Costa Cruises in the past 10 years. The new flagship in the Costa fleet and the Italian passenger fleet will be built at the Fincantieri in Marghera (Venice), for a total ship owner’s all-in cost of approximately €150,000 per lower berth. Delivery is planned for October 2014. The new ship will be an innovative evolution of the "Concordia-class”, developed by integrating and improving the main features of the latest successful Costa ships entered into service. This new ship order is subject to financing.

At the same time Costa Crociere S.p.A. also announced the sale of the Costa Marina, which has been in service for more than 20 years, and as of November 2011 will no longer be part of the fleet.

NCL Corporation steams ahead to $29.2 million second quarter profit

  • Written by Kari Reinikainen
  • Category: Top Headlines

NCL Corporation Ltd., which trades as Norwegian Cruise Line and NCL America, reported net income for the second quarter of 2011 of $29.2 million on revenue of $568.6 million compared to a net loss of $14.9 million on revenue of $477.9 million in 2010. Regarding the Company's second quarter results, Norwegian Cruise Line President and Chief Executive Officer Kevin Sheehan commented, "I' m pleased to see continued strong Net Yield growth throughout the fleet." Continued Sheehan, "Controllable costs were kept in check despite this environment of high fuel prices, while initiatives aimed at improving the guest experience resulted in record satisfaction scores in the quarter."

“As the Company continues to increase the sourcing of foreign passengers and deploy more vessels outside of North America, foreign currency fluctuations have an increasing effect on our financial results.  For the second quarter of 2011, on a Constant Currency basis, the increase in Net Yield from the same period in 2010 was 3.4%.  On a Constant Currency basis, Net Cruise Cost per Capacity day increased 0.7% and excluding fuel expense, decreased 1.6%,” the company said. In a statement.

Interest expense, net of capitalized interest, increased to $46.7 million in the quarter compared to $37.0 million in 2010 due to increased borrowings attributable to the addition of Norwegian Epic. Other expense was $0.3 million in 2011 compared to $33.8 million in 2010 which included a $33.1 million charge for foreign exchange contracts related to the financing of Norwegian Epic.

Adjusted EBITDA for the second quarter ended June 30, 2011 increased 29.0% to $123.5 million from $95.7 million in the same period of 2010 on improved revenue performance and continued business improvement initiatives.  Net Revenue for the quarter increased 19.8% to $418.0 million from $349.0 million in 2010 as a result of a 14.9% increase in Capacity Days, due to the addition of Norwegian Epic to the fleet in June 2010, along with an improvement in Net Yield of 4.2%.  The increase in Net Yield was a result of both higher passenger ticket pricing and increased onboard spend per Capacity Day. 

Net Cruise Cost per Capacity Day increased 1.1% in the second quarter primarily due to an increase in the price of fuel along with Dry-dock related costs substantially offset by business improvement initiatives. The price of fuel in the second quarter increased 17.1% to $595 per metric ton from $508 in 2010. Excluding fuel expense, Net Cruise Cost per Capacity Day decreased 1.1%.

 

Fred. Olsen Cruise Lines returns to profit in second quarter

  • Written by Kari Reinikainen
  • Category: Top Headlines

Fred. Olsen Cruise Lines, which operates four ships on the UK market, returned to profit in second quarter of the year after losses caused by dry docking of two ships in the same period last year, according to Ganger Rolf ASA, which owns 50% of the shares in the cruise company.

Net profit amounted to NOK26 million compared to a NOK 34 million loss in the second quarter of last year.

Operating revenues in the quarter were NOK417 million (NOK 391 million). “The comparison with last year is distorted by the 2010 dockings of MV Balmoral (12 days in April/May) and MV Braemar (10 daysin May) and lower exchange rate for GBP against NOK,” Ganger Rolf said.

“Number of passenger days total 336 422(310 911) for the quarter and passenger yields have improved as a result of a yield-focused pricing strategy. Higher price on fuel oil (25% higher compared to last year) in the quarter impacted the result negatively compared with last year. Year to date the revenues were NOK 857 million (NOK 795 million) andEBITDA were NOK 100 million (NOK 96 million), Ganger Rolf stated.

 

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