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Victory Cruise Lines takes over Saint Laurent, begin sailings in July

  • Written by Teijo Niemelä

A new Miami-based cruise line is set to begin sailing from Montreal, Canada, to ports in Canada and on the U.S. Great Lakes July 8, with further plans to sail Florida-Cuba itineraries starting in November. Victory Cruise Lines Ltd. plans to operate m/v Victory I on cruises from three to 14 days in length.

The 5,000-gross-ton, 300-foot-long Victory I – the former Saint Laurent – has been renovated and has 101 4.5-star staterooms and a maximum guest capacity of 202.

"We intend to make our product the standard of excellence for small-ship cruising to the Great Lakes and Cuba, while providing great value for our guests," said Bruce Nierenberg, president and CEO of Victory Cruise Lines. "The senior management of Victory Cruise Lines has over 100 years of experience operating some of the most successful and loved cruise products."

Victory Cruise Lines will feature high-quality personal service onboard. Shore excursions in port will be included in the cruise fare, along with wine and beer at lunch and dinner at no additional charge.

Victory I's inaugural cruise to the Great Lakes is slated to depart from Montreal, Canada, July 8, 2016, and is scheduled to sail in that region through the summer and early fall of 2016 and 2017.

The line's first planned cruise to Cuba is a seven-day, six-night voyage from Port Canaveral, Florida, departing Oct. 28, 2016. It will be the first cruise ever to Cuba to depart from a Central Florida port. Following the cruise from Port Canaveral a fall/winter series of cruises of three to 14 days in length are scheduled depart from Port of Miami to Cuba through April 2017.

Norwegian Jewel to sail from Australia in fall 2017

  • Written by Teijo Niemelä

Norwegian Cruise Line today announced several itineraries for the company’s Fall/Winter 2017/2018 deployment, featuring a wide array of itineraries from convenient U.S. ports of departure, as well as exciting new Australia & New Zealand itineraries from Sydney and Auckland, all offering Norwegian’s signature freedom and flexibility onboard. New for 2017/18, Norwegian Jewel will be based in the Asia Pacific region with departures to and from Australia beginning November 2017; San Juan, Puerto Rico returns as a seasonal homeport, with Norwegian Dawn sailing from the Caribbean port, as well as Tampa, Florida; along with a new 14-day Western Caribbean sailing from New York on Norwegian Breakaway. The new itineraries go on sale on June 28, 2016 for Latitudes Rewards guests and travel partners and on June 29, 2016 for all reservations.

“As the Norwegian Cruise Line brand continues to grow internationally, we are incredibly excited to offer new and more exotic itineraries for our guests, including a full season of cruises from Australia and New Zealand in Fall/Winter 2017/2018,” said Andy Stuart, president and chief operating officer for Norwegian Cruise Line. “We also continue to offer a wide variety of engaging and interesting itineraries for our guests sailing from the U.S., including favorite destinations like the Caribbean and the Bahamas.”

Norwegian Jewel’s inaugural Australasian itineraries will bring guests to some of the region’s most incredible ports, beginning on October 3, 2017 with a variety of Hawaii, French Polynesia and South Pacific cruises, as the ship sails from Vancouver to Sydney. Highlights of Norwegian Jewel’s inaugural season in Australia include seven Sydney round-trip cruises featuring a five-day Sydney-Tasmania-Sydney cruise departing on November 12, 2017, as well as a nine-day voyage visiting many burgeoning regional destinations including Eden, Kangaroo Island and Tasmania’s Burnie, departing December 14, 2017. Norwegian Jewel’s ten to 16-day Australia and New Zealand itineraries depart between November 2017 and February 2018, with highlights including cruising through New Zealand’s striking Milford Sound and the spectacular Bay of Islands. Norwegian Jewel will make her way from Sydney to Singapore on an 18-day adventure departing February 20, 2018 where guests can enjoy the best of Far North Queensland, Darwin, and enjoy a visit to the enchanting Komodo Island. In a nod to Norwegian Jewel’s new homeport, guests will be treated to the finest local Australian cuisine including regional beef, lamb, seafood, fine wines and ales, along with award-winning entertainment featuring the epic home-grown ballroom spectacular Burn the Floor as part of Norwegian Jewel’s onboard entertainment while she’s in Australia.

Following her Australian season, Norwegian Jewel will undertake a range of exotic Asian itineraries visiting Vietnam, Japan, Hong Kong, Singapore, China, Korea and more, offering travelers the opportunity to explore some of the best Asia has to offer.

Those guests sailing from Tampa and New Orleans in the southern U.S. will have a different ship in each market to choose from next fall. Norwegian Dawn, currently undergoing a multi-million dollar refurbishment as a part of The Norwegian Edge™ investment program, will sail seasonally from Tampa and San Juan, and Norwegian Pearl from New Orleans. Norwegian Dawn will move south next fall and homeport in San Juan, Puerto Rico from November 12, 2017 – January 7, 2018, sailing seven-, ten- and 11-day Southern Caribbean itineraries during the holiday season. Ports of call will include Bridgetown, Barbados; Fort-de-France, Martinique; Basseterre, St. Kitts; Philipsburg, St. Maarten; and St. Thomas, U.S. Virgin Islands, with varying calls on longer itineraries. From January 17- February 7, 2018, Norwegian Dawn will sail from Tampa for a series of two 11-day Eastern Caribbean and one ten-day Western Caribbean cruises, and then sail a series of seven-day Western Caribbean cruises departing on Sundays from Tampa, from February 18 – April 1, 2018 that will include a port of call at the Caribbean’s premier resort-style destination, Harvest Caye, Belize, being developed by Norwegian.

New for 2017/2018, Norwegian Pearl will sail seven-, eight- and nine-day Western Caribbean cruises from New Orleans, from October 22, 2017 to April 1, 2018. Her ports of call from the Crescent City will include Cozumel, Mexico; Roatán, Bay Islands, Honduras; Harvest Caye, Belize; and Costa Maya, Mexico, with varying ports for longer itineraries that can include George Town, Grand Cayman and Santo Tomas de Castilla, Guatemala.

Guests who wish to cruise to the Caribbean from the Big Apple can set sail on board Norwegian Breakaway, the ship that brings the best of NYC to sea, to either the Bahamas and Florida or the Southern, Eastern and – new for 2018 – Western Caribbean in Fall and Winter 2017/2018. Norwegian Breakaway will sail seven-day Bahamas & Florida cruises from New York from October 1, 2017 to April 29, 2018 with calls in Port Canaveral, Norwegian’s private Bahamian island destination Great Stirrup Cay that’s currently undergoing a multi-million dollar enhancement, and Nassau. For those guests looking for a more relaxing, longer getaway from New York’s chilly winters, they can cruise to the Southern Caribbean on one of Norwegian Breakaway’s two 14-day Southern Caribbean itineraries on January 5 and February 2, 2018 that explore the heart of the Caribbean in the US Virgin Islands, British Virgin Islands, St. Maarten, Dominica and more, or sail away on a sun-drenched 12-day Eastern Caribbean cruise on December 3, 2017, with calls in St. Kitts, Antigua, Tortola and more. New for 2018, is a 14-day Western Caribbean cruise from NYC, that will provide guests the opportunity to explore the wonders of the Caribbean’s deep blue waters, lush tropical mountains and spectacular beaches, featuring calls at two of Norwegian’s destination experiences – the company’s private island Great Stirrup Cay, and the Caribbean’s newest resort-style port of call, Harvest Caye, Belize, along with Ocho Rios, Jamaica; George Town, Grand Cayman; Roatan, Honduras; and Cozumel, Mexico.

CLIA releases official 2015 global passenger numbers and increases 2016 projections

  • Written by Teijo Niemelä

Cruise Lines International Association (CLIA) has announced the cruise industry has surpassed 2015 ocean cruise passenger projections and has increased passenger expectations for 2016 – a sign the industry is stronger than ever. CLIA unveiled the new insights at the 2016 Cruise360 Conference in Vancouver, the largest conference of the cruise industry.

The industry reported a total of 23.2 million passengers on ocean cruises globally in 2015, up from a projection of the 23 million, and a 4% increase over 2014. As a result of steady year-over-year increases, CLIA has modified 2016 expectations and is now predicting 24.2 million travellers will set sail on ocean cruises around the world.

“The success in 2015 demonstrates the cruise industry's continued strength in the overall travel sector," said Cindy D'Aoust, president and CEO, CLIA. “This is a direct result of the amazing work and commitment of our community of Cruise Lines, Executive Partners and Travel Agencies and Agents. Plus, with the highest satisfaction rates among all leisure travel segments, it reflects that a cruise holiday is the holiday of choice for travellers around the world.”

Much of the industry’s growth can be attributed to emerging regions of the world. In 2015, Asia experienced the most growth year-over-year in ocean cruise passengers with another impressive 24% increase* from 2014 to 2015, with a total of more than 2 million ocean cruise passengers in 2015. While Asia continues to see record growth in the cruise industry, Australia is not far behind. The region, which includes Australia, New Zealand and the Pacific, experienced an incredible 14% increase in ocean cruise passengers from 2014 to 2015. Last year, a total of more than 1.1 million ocean cruise travellers originated in Australia.

When looking at the travel industry, cruise travel has astonishing long-term growth potential since it represents only two percent of the total leisure travel market, has the highest satisfaction rates among global travellers and is growing in popularity. In fact, according to the United Nations World Tourism Organisation, in the decade between 2004 and 2014, global cruise holidays have grown faster in popularity than land-based holidays by a 20% margin.

Global Ocean Cruise Market Analysis & Forecast examines industry at watershed

  • Written by Kari Reinikainen

The cruise industry has embarked on a path of unforeseen expansion: never before have cruise lines had so many ships on order and never before have they been as large as now. We think in our new report, which is out now that the industry is at a watershed

The newbuilding boom could change the industry’s strategic landscape as instead of the Big Three groups that currently dominate it, there may soon be Big Five or even Six.

Galloping demand in China is fuelling the expansion frenzy, but trading has been more challenging in Europe and in South America.

As increasingly large ships spread all over the world, the need for terminals to handle turn around calls is becoming global, but how good investments are such terminals themselves?

A lot of hype follows the launch of every new ship, and yet the industry’s market penetration rate remains very low in all key source markets. And while major parts of the travel industry have moved online in their distribution, the cruise industry continues overwhelmingly to rely on travel agents – as it did in the 1980s. Is this really the way to capture the hearts and minds of the Millennials?

The Second Edition of Global Ocean Cruise Market Analysis & Forecast by Odo Maritime Research, in association with Cruise Business Review, looks at the cruise industry that has reached a watershed. The enormous expansion of capacity that is due to enter service in the years to come will require a huge increase in the demand.

Yet a host of factors, from economic uncertainties to geopolitical threats, make the future more uncertain than what is has been for decades.

Global Ocean Cruise Market Analysis & Forecast by Odo Maritime Research is looking into the current state of the industry, the possibilities and threats that may lie ahead.

Extensive use of graphs, charts and tables in the 118 page report that is published in PDF format makes the information easy to absorb. The price of the report -£520, €650 or $860 – remains unchanged from two years ago, when we published our first issue.

To order your copy, please contract us on This email address is being protected from spambots. You need JavaScript enabled to view it.

Contents

Executive summary 8

Cruise industry in context 13

Tonnage supply 15

A bird’s eye view 15

Fleet capacity analysis 16

Space ratio analysis 17

Vessel size segmental analysis 21

Fleet age analysis 22

Small operators 25

Newbuilding prices analysis 26

Shipyards & newbuilding prices comparison 28

Orderbook 32

Newbuilding capacity delivery trend 37

Record orderbook & its implications 38

Deployment patterns 40

Cruise brands & market shares 45

Main ocean cruise brands 45

New & emerging brands 47

Mergers & acquisitions 48

Market shares 49

Port development & traffic analysis 55

Port development projects 55

Port traffic analysis 60

Source markets analysis 70

Business performances 76

The majors – Carnival Corp. & plc, RCCL, NCLH 76

Volume growth 76

Development of revenues 77

Development of net results 78

Development of revenue & net result per passenger 79

Development of total & onboard revenue 81

Development of onboard revenues’ share of total 82

Return on capital employed 83

Net yield & net cruise costs 85

Relative development of operating expenses – illustrations 87

Development of shareholders’ equity & debt 91

Earnings estimates by three listed majors 93

Smaller companies 94

Genting Hong Kong 94

Fred. Olsen Cruise Lines, Ltd. 96

Lindblad Expeditions Holdings, Inc. 97

Key observations on business performance 99

Risks & opportunities 100

Risks 100

Opportunities 102

Other considerations 102

Conclusion 104

Appendix 106

STX France major shareholder STX Offshore & Shipbuilding files for receivership

  • Written by Kari Reinikainen

STX Offshore & Shipbuilding, the South Korean shipbuilder that has experienced financial problems for a long time, has filed for receivership in Seoul, media reports say.

The company owns 67% of the shares in STX France, the cruise ship builder. The French government owns the rest. STX France has a large orderbook of cruise ships from MSC Cruises and Royal Caribbean Cruises, Limited (RCCL).

In view of Cruise Business Online, the future of the French cruise ship builder should be secure despite the uncertain prospects that face its principal shareholder. There are at least two reasons for this.

The first one is that STX France has a healthy orderbook. By contrast, many of the businesses STX Offshore & Shipbuilding is engaged elsewhere have experienced a sharp fall in orders since the outbreak of the financial crisis.

Secondly, the STX France yard in St Nazaire is the only major shipbuilding facility left in the country that is capable of building large naval ships. The French government maintains a substantial navy that currently has e.g. one aircraft carrier and three helicopter carrier/ amphibious assault ships.

The government is currently facing violent opposition to planned new labour market laws and any concern around the future of STX France would only add to its problems.

CBR 2/2016 CONTENTS

CBR 1/2016 contents

CBR 3/2015 contents