Top Headlines

Costa Concordia wreck removal awarded to Titan Salvage/Microperi

Details: Written by Teijo Niemelä Teijo Niemelä; Category: Top Headlines Top Headlines; Published: 21 April 2012 21 April 2012

Costa Crociere and the Costa Concordia Emergency Commissioner’s Office have announced that the tender for the removal of the ship from Giglio Island has been awarded to Titan Salvage in partnership with the Italian firm Micoperi. The work will begin in early May subject to final approval from the Italian authorities and is expected to take about 12 months.

Titan Salvage is an American-owned specialist marine salvage and wreck removal company, part of the Crowley Group, and is a world leader in its field. Micoperi is a well-known Italian marine contractor with a long history as a specialist in underwater construction and engineering.

Throughout the operations, environmental protection will have top priority. Once the main work is complete, the sea bottom will be cleaned and marine flora replanted.

The plan also includes measures to safeguard the island of Giglio’s tourism and wider economy. Salvage workers’ presence will not have any significant impact on the availability of hotel accommodation on the island during the summer season. The main operating base will be located on the mainland at nearby Civitavecchia, where equipment and materials will be stored, thereby avoiding any impact on Giglio’s port activities.

Once floated, the wreck will be towed to an Italian port and dealt with in accordance with the requirements of the Italian authorities.

The plan was selected by an Evaluation Team with specialist representatives from Costa Crociere, Carnival Corporation & plc, London Offshore Consultants, and the Standard P&I Club. All six tenders submitted by the March 3 deadline were of a very high standard, but the Evaluation Team decided that the Titan Salvage/Micoperi proposal best fulfilled the main objectives set out in the tender specifications: removal of the wreck in one piece; minimal risk; minimal environmental impact; protection of Giglio’s economy and tourism industry; maximum safety of the work.

“We are very pleased to announce another important step towards salvaging the wreck from Giglio Island,” said Costa Crociere S.p.A. Chairman & CEO Pier Luigi Foschi. “As was the case with the removal of the fuel, we have sought to identify the best solution to safeguard the island and its marine environment and to protect its tourism. We would like also to thank Smit Salvage and Tito Neri for succeeding in defueling and caretaking operations.”

The removal will be the final step of the salvage. Its fuel removal was completed successfully on 24 March. “Caretaking" operations, which include cleaning up the seabed and removing debris caused by the incident, will continue until Titan Salvage and Micoperi commence operations.

RCCL shares fall sharply after interims

Details: Written by Kari Reinikainen Kari Reinikainen; Category: Top Headlines Top Headlines; Published: 20 April 2012 20 April 2012

Shares in Royal Caribbean Cruises Ltd (RCCL), the second largest cruise shipping group in the world, fell sharply after the company had reported a fall in net profit for the first quarter of the year, although the performance slightly exceeded the company’s guidance.

In early afternoon trading in New York, the RCCL stock traded 4.33% lower at $27.55 after hitting a day’s low of $27.35 earlier in the session. The Dow Jones Industrial index of leading shares traded about 0.9% higher at the same time.

Group net income fell to $47.0 million, or $0.21 per share in the first quarter of this year, versus $78.4 million, or $0.36 per share, in the same period in 2011. RCCL had forecast a figure in the range of $0.10 to $0.20

RCCL forecasts 2012 eps of $1.80 to $2.10, booking trend consistent with guidance

Details: Written by Kari Reinikainen Kari Reinikainen; Category: Top Headlines Top Headlines; Published: 20 April 2012 20 April 2012

Royal Caribbean Cruises Ltd (RCCL), the world’s second largest cruise shipping company, has narrowed its 2012 earnings per share (eps) estimate to the range of $1.80 to $2.10 from $1.90 to $2.30 it forecast in February.

“The company reported that overall, booking trends and pricing have been consistent with prior guidance. Cumulative bookings since early February have been down mid single digits, although gradual improvement continues. Bookings from the United States have been running ahead of same time last year for the past four weeks,” RCCL said in a statement.

“As expected, pricing reductions within the range of the company's previous guidance have been implemented to address booking shortfalls on certain products through the end of the third quarter. Nevertheless, Constant-Currency booked APD's remain ahead of the same time last year in all quarters. Overall, pricing remains in line with or higher than the same time last year for all major itinerary groups with the exception of Europe,” the company said.

“Bookings for the fourth quarter of 2012 and for 2013 sailings remain strong, with both load factors and pricing running ahead of same time last year. In addition, the company has seen an increase in summer demand for its Pullmantur brand's tour product.”

"Despite the extraordinary disruptions to our booking patterns this year, thus far the recovery is consistent with our forecasts," said Brian J. Rice, executive vice president and chief financial officer. Rice continued, "The Caribbean and Alaska remain healthy and as expected, a wide range of outcomes still persist regarding Europe this summer. While the marketplace is still volatile and uncertain, we are narrowing our yield and EPS ranges to reflect our best estimates at this time."

RCCL first quarter net profit falls to $47.0 million

Details: Written by Kari Reinikainen Kari Reinikainen; Category: Top Headlines Top Headlines; Published: 20 April 2012 20 April 2012

Royal Caribbean Cruises Ltd (RCCL), the world’s second largest cruise shipping group, said its net income was $47.0 million, or $0.21 per share in the first quarter of this year, versus $78.4 million, or $0.36 per share, in the same period in 2011.The company had forecast a figure in the range of $0.10 to $0.20.

“Net Yields increased 7.0% on a Constant-Currency basis (+6.4% As-Reported). Net Cruise Costs ("NCC") excluding fuel increased 5.7% on a Constant-Currency basis (+5.1% As-Reported); Consistent with prior guidance, approximately 350 basis points of the Net Yield improvement and approximately 500 basis points of the NCC excluding fuel increase during the quarter related to previously announced deployment initiatives and changes to the company's distribution system,” the company said in a statement.

As expected, booking activity has continued to gradually improve over the last several months. Since the company's earnings announcement on February 2, 2012, the price of oil has risen which, at current levels and net of hedging, would increase bunker expenses $0.15 per share for the year.

As announced in the company's February 2, 2012 earnings release, Net Yields and NCC's this year are being influenced by two unique factors:

Firstly, the company made some changes related to its International distribution system in 2011 which carry on into 2012 and will increase yields. The changes also increase expenses, but the bottom line impact is not material.

Secondly, the company has increased its commitment in certain deployment initiatives which increase revenues but also increase related expenses. For example, China represents a strategic market initiative the company is augmenting significantly, RCCL said.

Three Royal Caribbean ships in South Pacific 2013-14

Details: Written by Kari Reinikainen Kari Reinikainen; Category: Top Headlines Top Headlines; Published: 19 April 2012 19 April 2012

Travellers can now choose from over 50 distinctive itineraries to 56 different ports of call in the South Pacific from three of Royal Caribbean International’s innovative ships with cruises on offer between September 2013 and April 2014, the comapny said in a statement.

Voyager of the Seas, the recently revitalised Radiance of the Seas and Rhapsody of the Seas will sail in the South Pacific region with many cruises departing from Sydney’s iconic harbour.

“There’s no better way for families and adventurers to experience Australia and New Zealand than with Royal Caribbean International,” said Betsy O’Rourke, senior vice president of Marketing for Royal Caribbean International. “Unpack once, visit multiple destinations in this fascinating region and delve deeper into an unforgettable Australia adventure.”

Voyager of the Seas will sail from Singapore to Sydney on a 14-night cruise on 24 October 24 2013, which begins with an overnight in Singapore and calls at Kuala Lumpur (Port Keland), Malaysia, and Darwin and Brisbane, Australia.

The ship then homeports at Sydney to offer nine sailings to New Zealand, Fiji and New Caledonia, ranging from nine- to 14-night itineraries. A nine-night Tasmania cruise, sailing 4 February 2014, features an overnight at Hobart on this one-off itinerary. At the end of the season, Voyager of the Seas will sail a spectacular 18-night Australia and New Zealand itinerary to Perth, and return to the Far East on a 14-night sailing on 27 March to Singapore, via Bangkok.

Exclusively offering the DreamWorks Experience in the Far East and South Pacific, Voyager of the Seas offers holidaymakers the most innovative Australia and New Zealand cruise experience. Popular DreamWorks Animation characters such as Po the Warrior Dragon from Kung Fu Panda, Shrek and Fiona, Alex the Lion and Gloria the Hippo from Madagascar will delight guests in Character Breakfasts, themed activities, surprise appearances, and plenty of unforgettable photo opportunities.

The ship is the first among a class of ships that revolutionised the industry including debuting the first ice-skating rink and rock-climbing wall at sea. The ship also features the Royal Promenade, an interior boulevard that runs nearly the ship’s length; flanked by restaurants, lounges and boutiques; and where parades and evening street parties are held.

Radiance of the Seas and Rhapsody of the Seas also will be homeported at Sydney from October 2013 to early May 2014, offering travellers a wide variety of itineraries, ranging from seven to 15 nights to Australia’s Tasmania and Queensland, New Zealand, Fiji and New Caledonia. Radiance of the Seas also will circumnavigate twice around Australia – comprising a 16-night north coast and 17-night south coast and New Zealand sailing each – departing 24 October 2013 and 14 February 2014.

Trans-Pacific crossings between Vancouver, British Columbia and Sydney begin and end both ship’s winter 2013-14 Australia season, comprising a 12-night Hawaii and a 16- or 17-night South Pacific sailing, departing 13 September 2013 and 10 April 2014 on board Radiance of the Seas, and 6 September 2013 and 18 April 2014 for Rhapsody of the Seas.

In between exciting ports of call, just-revitalised Radiance of the Seas and Rhapsody of the Seas offer guests a wide spectrum of the most contemporary dining and entertainment options. Radiance of the Seas was revitalized in 2011 to offer eight restaurants – Park Café, Boardwalk Dog House, Chef’s Table, Giovanni’s Table, Izumi, Rita’s Cantina, Samba Grille and main dining room – and the new Quill & Compass Pub.

Rhapsody of the Seas features a new high-flying Centrum entertainment experience, where aerialists glide through the five-story atrium as guests enjoy a cocktail in the new 60’s-themed R Bar, or catch a small bite in the new chic Viking Crown Lounge in the evening. Both ships also newly feature an oversized LED video screen overlooking the main pool, the Royal Babies and Tots Nursery, bow-to-stern WiFi service, and completely refreshed staterooms with new flat-panel interactive TVs, and a Concierge Lounge and Diamond Club for suite and Crown & Anchor Society member guests.

Younger guests can join in informative and entertaining programming from morning to late night in the cruise line’s award-winning Adventure Ocean and Kids programme. College-accredited counsellors lead kids in stimulating activities designed for five age groups, 3-5, 6-9, 10-13, and 14-17 years, where teens have their own dedicated space to hang out with peers.

A Queensland fly/cruise including return flights from London Heathrow to Sydney and one-night’s pre-cruise hotel accommodation in Sydney costs from £2,480 per person. Price includes an 11-night cruise on board Royal Caribbean International’s Rhapsody of the Seas departing Sydney and calling at destinations throughout New South Wales and Queensland including Newcastle, an overnight stay in Cairns, Airlie Beach and Brisbane.

Travellers can also choose a Royal Caribbean Australia Cruisetour and add an escorted pre- or post-cruise land tour to their holiday. Guests have opportunities to explore the Great Barrier Reef; come face-to-face with the awesome Ayers Rock; walk Australia’s Great Outback; or delve into New Zealanders culture and landscapes on more than four itineraries, all escorted by a dedicated Royal Caribbean Adventure Specialist who knows what to see and where to go. Royal Caribbean International takes care of all the planning, premium hotel accommodations, included activities, all coach and air transportation, selected meals, and time for independent exploration and shopping for a stress-free Australia adventure.