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Finnish shipbuilder RMC to restructure its business

Details: Written by Kari Reinikainen Kari Reinikainen; Category: More News More News; Published: 02 November 2022 02 November 2022

Rauma Marine Constructions (RMC), the Finnish builder of ferries and naval vessels will restructure its business in the face of several challenges, the company said in a statement.

“The pandemic forced the shipyard to close down for weeks and prevented workers from coming in from abroad. The pandemic also disrupted global logistics by causing supply chain issues and delays. On the other hand, due to the war in Ukraine, inflation is soaring,” RMC said.

RMC has agreed on ship orders at a fixed price and construction work spans several years. “Our current agreements have been made before any of the events of the past few years. It is evident that the orders are now becoming unprofitable with all the delays and cost overruns,” it said.

The Finnish government has understood the strategic importance of the shipyard and is ready to ensure that shipbuilding expertise remains in Finland. The government has supported the continuation of the shipyard’s operations significantly by granting it an equity subordinated loan.

Focus on core competencies, naval work spun off to new unit

We have chosen to base our operations on a strong commitment to our network of subcontractors. The shipyard focuses on core competencies: project management, building the ships’ hull and assembly work. RMC works with a comprehensive network of subcontractors – our network partners.

Furthermore, major changes have been made in the shipyard’s management team. Mika Heiskanen, who has earned his qualifications in Turku shipyard’s management, has been appointed as the new CEO. The new Chairman of the Board Stig Gustavson is a notable figure in the Finnish industry sector with decades of experience at the helm of industrial companies.

“The financial performance of Rauma shipyard for this year will not be an easy read. The new management team is faced with a difficult task: they must turn the ship around and steer it in a direction where the shipyard can make a profit. Although RMC’s strategy has been proven correct, its execution – or “float-out” as we say in shipbuilding – is still widely incomplete”, Gustavson said.

RMC’s new management must begin their work from a challenging starting point. The Board of Directors has set up a six-month plan during which the company must show clear indicators of the new direction.

The board has created a framework for development. According to the outline, the construction of military and other government vessels will be assigned to RMC Defence, a subsidiary of RMC. A CEO will be appointed for RMC Defence. The yard has four 3,900 ton displacement corvettes on order from the finnish government, these will be the largest vessels ever in the fleet of the country.

The board will continue to emphasise the strengthening of procurement and developing partner networks. The board also requires that the company’s organisational structure and allocation of financial responsibilities are clarified and implemented.

“The transformation process has begun, and it will be monitored closely. A thorough evaluation will be conducted after six months, in late March 2023. The board is fully assured that CEO Heiskanen will commit to his task on a 24/7 basis”, Gustavson said.

Silversea confirms its return to Asia, including Hong Kong

Details: Written by Teijo Niemelä Teijo Niemelä; Category: More News More News; Published: 02 November 2022 02 November 2022

Silversea Cruises, the leading ultra-luxury cruise line, has confirmed its highly anticipated return to Asia, with four ships Silver Shadow, Silver Whisper, Silver Spirit, and Silver Muse – scheduled to sail in the region between December 2022 and May 2023. The 596-guest Silver Muse will become the cruise line’s first ship to sail in Asia since March 2020 when she departs Singapore on December 2, 2022. Highlights of Silversea’s season will include calls in Sri Lanka, Hong Kong, and Vietnam, among others, combining opportunities for deep travel to both iconic cities and lesser-visited destinations.

“We are delighted to confirm our return to Asia from December 2022, offering guests the luxury of choice with four ships sailing in the region,” says Barbara Muckermann, Chief Commercial Officer, Silversea Cruises. “Asia has long constituted an important sailing region for Silversea Cruises and our guests are eager to return to this enriching, rewarding continent with us. Including calls to destinations in Sri Lanka, Hong Kong, Vietnam, and more – with convenient departures, many overnight calls, and late departures maximising guests’ opportunities to experience the soul of each – our upcoming Asia season represents one of the final pillars in our global return to service.”

Enjoying the finest service at sea aboard Silversea’s ultra-luxury ships, which are among the most intimate yet spacious ships to sail in the region, guests will be immersed into Asia’s varying cultures and landscapes, discovering the continent’s most enriching experiences, and engaging with local communities. Silversea’s upcoming Asia season, which comprises 25 voyages that range from 10 to 20 days, includes the following highlight itineraries:

– MUMBAI to SINGAPORE – Silver Spirit, December 20, 2022 - January 5, 2023

Guests travelling aboard Silver Spirit’s first Asia cruise of 2022 will enjoy enrichments from celebrated travel writer Paul Theroux, who will accompany travellers from Mumbai to Singapore. A long-time collaborator of Silversea, Theroux will embark Silver Spirit over the festive period to host various onboard activities and interact with fellow travellers throughout the 16-day sailing. From Mumbai, travellers will dive deep into India’s rich culture in Cochin, before journeying to Sri Lanka’s Colombo on an overnight call, Trincomalee, Thailand’s Phuket overnight, Port Klang (Kuala Lumpur) in Malaysia, and Malacca, arriving in Singapore on January 4 for an overnight call.

– HONG KONG to SINGAPORE – Silver Spirit, January 19 - January 29, 2023

After time spent in iconic Hong Kong, guests will embark Silver Spirit on January 19, 2023, setting sail for Vietnam, with calls in Ha Long Bay overnight, Da Nang, and Ho Chi Minh City for two nights, before arriving in Singapore. Over 10 days, the 608-guest ship will unlock unforgettable experiences for travellers, including a trip to the ancient town of Hoi An, a tour of the Mekong Delta, a descent into the Cu Chi tunnels, and an optional mid-voyage land programme to Angkor Wat in Cambodia, among others. A series of optional pre- and post-cruise land programmes will allow guests to journey deeper still.

– HONG KONG to HONG KONG – Silver Spirit, February 12 - February 26, 2023

Departing round-trip from Hong Kong on February 12, Silver Spirit will meander through the Philippines’ maze-like islands, before setting her course for Vietnam, complementing calls to vibrant cities with explorations of more remote destinations. Over 14 days, guests will have the opportunity to explore Vigan (Salomague Port), Manila on an overnight call, Romblon Island, Coron (Palawan), Chan May (Hue/Da Nang), Da Nang, and Ha Long Bay overnight. During an immersive guided tour, travellers will discover the UNESCO World Heritage City of Vigan, including the Plaza Salcedo, the St. Paul Metropolitan Cathedral, and the fascinating architecture of Calle Crisologo. Guests will explore the metropolis of Manila with guided tours to Rizal Park, Fort Santiago, and San Augustin Church, the Quezon Memorial Circle, and the American War Memorial, among other highlights of the old city. A beach escape in Romblon and a boat trip to discover the natural wonders of Coron (Palawan) will highlight guests’ time in the Philippines, before Silver Spirit heads to Vietnam, where captivating culture meets spectacular landscapes.

– SINGAPORE to MUMBAI – Silver Spirit, March 8 - March 24, 2023

Guests sailing aboard Silver Spirit from March 8 will experience the great diversity of Asia, journeying deep into Singapore, Thailand, India, and Sri Lanka, with overnight calls in Chennai, Colombo, and Mumbai offering the chance to spend longer in iconic cities. Destinations will include Phuket, Chennai, Trincomalee, Colombo, Cochin, New Mangalore, Mormugao (Goa), and Mumbai. In Trincomalee, guests will have the chance to explore the UNESCO-listed World Heritage Site of the Rangiri Cave Temple of Dambulla, as well as visit the ancient city of Polonnaruwa—also recognised by UNESCO—among a series of experiences that capture the soul of Sri Lanka. Guests will sample some of the finest seafood that the country has to offer during a visit to the Ministry of Crab in Colombo. Travellers will also have the chance to witness the breathtaking Angkor Wat temple during an optional five-night pre-cruise overland programme, or explore the Taj Mahal, Agra, and Delhi during an optional three-night post-cruise adventure.

Celebrity Apex to cruise from Southampton May-November 2024

Details: Written by Kari Reinikainen Kari Reinikainen; Category: More News More News; Published: 02 November 2022 02 November 2022

Celebrity Cruises has announced that for the first time, one of its Edge® Series ships will homeport in Southampton, UK for its entire 2024 season.

“The second ship in the line’s award-winning Series - Celebrity Apex - will replace the recently-revitalized Celebrity Silhouette, opening up a new way for guests to explore Europe in style.

The exciting news brings one of the brand’s newest and most innovative ships directly to British shores, signaling the importance of the UK market in the fast-recovering cruise industry,” the company said in a statement.

Celebrity Cruises Vice President & Managing Director of Europe, Middle East and Africa (EMEA), Jo Rzymowska, added, “The UK has always been integral to the success of our brand, and homeporting Celebrity Apex from Southampton underlines our commitment to this market and is testament to the strength of local consumer demand, supported by our formidable travel partners. There is huge appetite from UK guests who share our curiosity for people, places and cultures, and our passion for opening up the world through a love of travel. I’m looking forward to welcoming even more of our guests on board Celebrity Apex when she raises the bar for cruising from Southampton in 2024,” she said in the statement.

With four-to-13-night sailings from May to November 2024, travelers can delight in the beauty and culture of awe-inspiring Europe, whether for a short multi-city break or an extended adventure at sea, the company said.

SunStone Ships updates on Boundless class project

Details: Written by Kari Reinikainen Kari Reinikainen; Category: More News More News; Published: 02 November 2022 02 November 2022

SunStone Ships, the Miami base expedition cruise ship tonnage provider, has published some details about its projected Boundless class of up to 10 newbuildings.

Designed by SunStone with naval architecture completed by Danish naval architects OSK, the Boundless Class that will be able to carry between 200 and 260 passengers, will feature a distinct inverted bow, best in class energy consumption and environmental commitments, the company said in a statement.

“The elegant and luxurious interior will be designed by Steen Friis, Denmark, Tillberg Design USA, or designers of the charterer’s choice and built/installed by European interior contractors. Furthermore, all technical equipment will be delivered by well known European suppliers,” SunStone said.

The new Boundless Class is based on SunStones’ ethos, listing the following priorities:

Safety

Comfort

Environmental Responsibility

Efficiency

"Generally, the expedition cruise segment is known for its strict requirements in terms of passenger safety standards and environmental considerations, as remote locations with untouched nature are the core of the product being offered. This means ever-increasing regulations on operators, from local authorities and various international governing bodies, to improve safety and fuel efficiency, as well as other environmental considerations. In addition to the legal requirements put forth by the authorities, passengers increasingly expect operators to reduce their environmental footprint while providing a better and more luxurious onboard experience," the company said.

Even given these high standards and a competitive market dynamic, the Boundless series will exceed industry expectations with best-in-class technology and features including Polar Class (PC6), Safe Return To Port and IMO Tier III engines.

Delivery of the first Boundless vessel is expected to be Q3 2025, the company said.

Carnival, lenders agree to extend maturity of $87 million of notes

Details: Written by Kari Reinikainen Kari Reinikainen; Category: More News More News; Published: 31 October 2022 31 October 2022

Carnival Corporation & plc said the group has extended the maturity of $87 million of notes due next year by 18 months to October 2024.

Carnival Corporation, the US listed and Panama domiciled holding company of the group, and Carnival plc that is UK listed and domiciled plus certain of their subsidiaries have entered into separate, privately negotiated exchange agreements with certain holders of the Company's outstanding 5.75% Convertible Senior Notes due 2023.

Carnival will exchange $87 million in aggregate principal amount of 2023 Notes for $87 million in aggregate principal amount of new 5.75% Convertible Senior Notes due October 2024.

“The New 2024 Notes will have the same initial conversion price as the 2023 Notes, representing no dilution to shareholders at scheduled maturity versus the 2023 Notes, the same coupon and no upfront cost to the Company. As a result of the eighteen-month extension, the New 2024 Notes will mature on October 1, 2024 and be fully and unconditionally guaranteed on a senior unsecured basis by Carnival plc and the Subsidiary Guarantors,” the company said in a statement.

Following the closing of the Exchange, $96 million in aggregate principal amount of 2023 Notes will remain outstanding. The Exchange is expected to close on November 1, 2022, subject to customary closing conditions, it said.