Planned merger of Fincantieri and Chantiers de l’Atlantique falls through

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Written by Kari Reinikainen Kari Reinikainen

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Published: 28 January 2021 28 January 2021

A proposed merger between Fincantieri, the listed Italian shipbuilder in which the government holds a majority stake, and the French state controlled Chantiers de l’ Atlantique shipbuilder has fallen through, the finance ministries of France and Italy said in a joint statement.

The merger was first initiated in 2018 and the final deadline to complete was set for 31 January 2021.

The European Commission had expressed reservations about the plan on the note that it could reduce competition in the cruise ship building sector as both companies are major actors in this area. In October 2019, it decided to launch an inquiry into the proposed merger and its potential effects.

The stance of the commission and  uncertainty in the outlook for the tourism sector as a result of the Covid-19 pandemic, so that the current economic context does not allow the continuation of the merger, the two ministries said.

Orlando Ashford appointed incoming Executive Chairman of Azamara

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Written by Teijo Niemelä Teijo Niemelä

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Published: 28 January 2021 28 January 2021

Sycamore Partners, a leading private equity firm, yesterday announced that Orlando Ashford has been appointed as the incoming Executive Chairman of Azamara, the upmarket, boutique cruise line dedicated to Destination Immersion experiences. Ashford’s appointment will become effective upon the completion of Sycamore’s acquisition of Azamara, which is expected to occur in Q1.

“We are pleased for Orlando to take on this role as Azamara embarks on its next chapter supported by Sycamore Partners,” said Stefan Kaluzny, Managing Director of Sycamore Partners. “Orlando brings significant leadership experience as well as specific expertise in the cruise and travel industry, making him well-suited to serve as Azamara’s Executive Chairman.”

“I am thrilled to be appointed to the role of Executive Chairman at this exciting time for Azamara, having long admired the business and the brand,” said Ashford. “I believe Azamara is uniquely positioned in the industry, and I look forward to executing on our shared vision for growth. Together with the Azamara team, we’ll focus on offering Azamara’s loyal customers more of what they have come to know and love.”

“I look forward to working with Orlando, who has equal passion for the cruise industry and the very special product Azamara offers,” said Carol Cabezas, President, Azamara. “With the recent news of a planned addition to the fleet, Orlando will bring perspective that will support expansion of the brand while maintaining and growing the unique programming and itineraries beloved by guests and travel industry partners.”

Saga Cruises sees signs of mounting pent up demand

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Written by Kari Reinikainen Kari Reinikainen

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Published: 26 January 2021 26 January 2021

Saga Cruises, which is part of the UK based Saga plc, has experienced an increase in the proportion of people who want to rebook rather than receive their money back when their cruise has been cancelled due to Covid-19, the parent company said in a trading statement.

“The average proportion of Cruise guests who have re-booked rather than take a refund stands at an average of 69% through the travel suspension period, but rose to 86% more recently, showing the pent up demand for Cruise amongst our guests who will benefit from the first round of the vaccine roll out,” the company said..

Customer demand has also been very resilient, with £140 million of total cruise bookings as at 23 January, representing 68% and 28% of the latest revenue targets for 2021/22 and 2022/23 respectively.

These figures exclude £8 million of bookings that have been cancelled and customers have chosen to receive a voucher rather than re-book a specific cruise.

As at 31 January 2020, total bookings were £127 million, representing 78% and 6% of the revenue targets at that date for 2020/21 and 2021/22, Saga said.

The company has two high end of the market cruise ships, but in addition to travel services, the company also offers a range of other products, such as insurance. It serves exclusively those over the age of 50.

Sycamore Partners acquires Pacific Princess for Azamara Cruises

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Written by Kari Reinikainen Kari Reinikainen

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Published: 25 January 2021 25 January 2021

Sycamore Partners, a leading private equity firm that acquired Azamara Cruises from the Royal Caribbean Group recently, said it has acquired Pacific Princess of Princess Cruises as the fourth vessel for the upper premium segment boutique cruise line.

“Following a full-ship renovation, the fourth ship is scheduled to sail for its inaugural season in Europe in 2022,’ Sycamore said in a statement. 

Princess Cruises, which is part of Carnival Corporation & plc group. said last week it had sold Pacific Princess to an undisclosed buyer. It is a sister ship of Azamara Journey, Azamara Quest and Azamara Pursuit.

Pacific Princess would be renamed Azamara Equity.

The ships were built in France for the now defunct Renaissance Cruises at the turn of the Millennium and the class comprises a total of eight vessels. Pacific Princess started life as R3 in 1999 and as the name suggests, it was the third unit of the class.

"The addition of this ship is an important milestone and reflects Sycamore Partners' commitment to supporting Azamara in its next phase of growth," said Stefan Kaluzny, Managing Director of Sycamore Partners. 

"Expanding the fleet will allow Azamara to continue to serve loyal customers, as well as those new to the brand, with more unique Destination Immersion programming and itineraries."

The additional ship, which will be named at a later date, is comparable in size to Azamara Pursuit, Azamara Journey and Azamara Quest, expanding the fleet's overall capacity by 33%, Sycamore said.