Top Headlines

Global Ports Holding-led consortium to operate and develop Nassau facilities

Details: Written by Kari Reinikainen Kari Reinikainen; Category: Top Headlines Top Headlines; Published: 27 February 2019 27 February 2019

Global Ports Holding Plc (GPH), the Istanbul based company that is the world's largest independent cruise port operator, said that the Government of the Bahamas has awarded a 25 year concession to a consortium in which the company has a 49% stake to operate the cruise facilities in Nassau

The consortium is called Nassau Cruise Port Ltd (NCP) and it comprises GPH, the Bahamian Investment Fund and the Yes Foundation as members. The concession entails the Prince George Wharf and related areas, at Nassau cruise port. It handles about 3.7 million passengers each year.

“The Group, NCP and the Government of the Bahamas will now work towards agreeing the terms of a concession agreement. Following the successful execution of the concession agreement, GPH as part of NCP, will use its global expertise and operating model to manage the cruise port operations in Nassau,’ GPH said in a statement.

In addition, NCP will invest in expanding the capacity of the port from six berths to eight berths as well as taking a number of steps to transform the cruise port experience for both passengers and locals.

“The transformation will include the building of a new iconic terminal building, the creation of an event and entertainment area, investment into improving the current retail facilities and the design and construction of new food and beverage facilities as well as integration of the port into Bay Street and downtown Nassau. The new port is expected to act as a catalyst for the wider redevelopment of downtown Nassau,” GPH said.

GPH recently signed agreements with Antigua and the Cuban capital of Havana to operate and develop cruise facilities in both respective locations.

Titanic II planned to debut on North Atlantic April 2024

Details: Written by Kari Reinikainen Kari Reinikainen; Category: Top Headlines Top Headlines; Published: 27 February 2019 27 February 2019

Titanic II, the near-replica of the ill fated liner, is planned to debut on the North Atlantic in April 2024, a source close to the project told CruiseBusiness.com.

Clive Palmer, the Australian businessman who set up a company called Blue Star Line to deliver the vessel, resumed work on the project last autumn and it is about to invite tenders from shipyards to built the 65,000 gross ton ship.

Originally, the plan was to build the vessel at the Jingling shipyard in China, but Blue Star Line has opened the bidding to any shipyard interested in the project, the source said.

The ship is currently planned to set sail from Southampton in the UK for New York on 10 April 2024, exactly 112 years after the first Titanic’s maiden voyage.

The source CruiseBusiness.com spoke to said that Palmer has an in-depth knowledge of the original Titanic and that he wants to incorporate as many original features in the new vessel as possible.

The 1912 ship had open berth dormitory accommodation in the third class and it is not known if e.g. the authorities in the US would allow the use of such facilities today.

If the answer is negative, then a small area of such accommodation would be built and instead of being used as sleeping accommodation, it would be used to show passengers how some people traveled in the days before the First World War.

The new ship will have two bridges, one with 1912 equipment and the other with modern day ones. The first named would be open for passengers to visit, but it would not be used for navigation. This would be done from the other bridge with modern equipment.

Modern safety regulations mean that certain changes have been made to the design of the new vessel compared to the original one. In addition, modern technology means that only one funnel is actually required, bit four will be fitted on the vessel in an effort to maintain as authentic external appearance as possible.

The top of each funnel would be painted black and in one of the funnels, a café is planned. Darkened windows would not compromise the external appearance of the vessel, while the passengers would have a view of the vessel’s upper decks and the sea from this location.

NCLH forecasts 2019 EPS to rise to the $5.20 to $5.50 range

Details: Written by Kari Reinikainen Kari Reinikainen; Category: Top Headlines Top Headlines; Published: 21 February 2019 21 February 2019

Norwegian Cruise Line Holdings Ltd. (NCLH) forecasts that its 2019 earnings per share (EPS) will rise to the rabnge of $5.20- to 45.50 from $4.20 it reported for last year.

Last year had marked a key inflection point for NCLH as it made significant progress towards achieving its Full Speed Ahead 2020 targets. “Our cash generation continues to accelerate and we remain keenly focused on returning meaningful capital to our shareholders, already returning approximately one-third of our three-year targeted capital distribution,” said Mark Kempa, executive vice president and chief financial officer, said in a statement.

“We are confident in our outlook for 2019 and beyond, and have built upon our foundation for measured capacity growth by enhancing our growth profile through 2027, with announced orders for all three of our award-winning brands, now totaling eleven vessels, enabling us to expand our presence both globally and domestically and further diversify our product offerings to continue driving outsized shareholder returns.”

NCLH forecasts net yields to rise between 2.5% and 3.5% as reported and net cruise costs, excluding fuel by about 2.75% per capacity day.

NCLH net profit leapt to $954.8 million in 2018 on strong demand

Details: Written by Kari Reinikainen Kari Reinikainen; Category: Top Headlines Top Headlines; Published: 21 February 2019 21 February 2019

Norwegian Cruise Line Holdings, Ltd (NCLH), the world’s third largest cruise shipping group, reported an increase in net profit to $954.8 million last year from $759.8 million in 2017 on strong demand.

Earnings per share amounted to $4.25. Revenues increased to $6.06 billion from $5.39 billion and operating income rose to $1.22 billion from $1.05 billion. In the final quarter of last year, NCLH recorded a rise in net profit to $154.6 million from $98.8 million, while operating profit rose to $209.6 million from $177.2 million.

This increase in full year revenue above the $6.0 billion mark for the first time was primarily attributed to an 8.5% increase in capacity days due to the delivery of Norwegian Bliss in April 2018 and Norwegian Joy in April 2017, as well as strong organic pricing growth across all core markets. Gross yield increased 3.4%. Net yield increased 3.5% on a constant currency basis and 3.7% on an as reported basis.

Cruise operating expense increased 10.2% in 2018 compared to 2017, primarily due to an increase in capacity days. Gross cruise costs per capacity day increased 2.7%. Adjusted net cruise cost excluding fuel per capacity day increased 2.6% on a constant currency basis and 2.9% as reported.

Fuel price per metric ton, net of hedges increased to $483 from $465 in 2017. The Company reported fuel expense of $392.7 million in the period.

“The team at Norwegian Cruise Line Holdings delivered a breakout year in 2018, once again generating industry-leading record financial performance. Strong global demand for our portfolio of brands, the successful, record-breaking introduction of Norwegian Bliss and the flawless execution of our demand creation strategies drove our fifth consecutive year of double-digit earnings per share growth," said Frank Del Rio, president and chief executive officer, in a statement.

RCCL orders sixth Oasis class ship

Details: Written by Kari Reinikainen Kari Reinikainen; Category: Top Headlines Top Headlines; Published: 18 February 2019 18 February 2019

Royal Caribbean Cruises Ltd. (RCCL), the world’s second largest cruise shipping company, said that it has entered into an agreement with French shipbuilder Chantiers de l'Atlantique to order a sixth Oasis-class ship for delivery in the fall of 2023.

"It is such a pleasure to announce the order of another Oasis-class ship," said Richard D. Fain, Chairman and CEO, Royal Caribbean Cruises Ltd. "This order is a reflection of the exceptional performance of this vessel class and the extraordinary partnership between Chantiers de l'Atlantique and Royal Caribbean Cruises Ltd."

"This is the twenty-third cruise ship that RCCL will be building at our shipyard, and we are especially proud of it," said Laurent Castaing, General Manager, Chantiers de l'Atlantique. "The order reflects the confidence our customer puts on us, based on the exceptional quality of our long-term co-operation between the two companies and on our capacity to bring innovative solutions to meet our customer's expectations."

This order is contingent upon financing, which is expected to be completed in the second or third quarter of this year.

RCCL group including the 50% owned TUI Cruises in Germany and Pulmantur in Spain, in which it has a 49% stake, operate a combined total of 60 ships with an additional 16 on order as of 31 December 2018.