Top Headlines

Fincantieri, CSSC and Carnival signs contract to build two ships in China

Details: Written by Teijo Niemelä Teijo Niemelä; Category: Top Headlines Top Headlines; Published: 22 February 2017 22 February 2017

Fincantieri, China State Shipbuilding Corporation (CSSC) and Carnival Corporation & plc signed a binding Memorandum of Agreement (MoA) for the construction of two cruise ships, with an option for additional 4, the first units of the kind ever built in China for the Chinese market.

The parties signed the MoA on behalf of the joint venture between Fincantieri and CSSC Cruise Technology Development Co., Ltd (CCTD), of the joint venture between Carnival Corporation and CSSC, and of the shipyard Shanghai Waigaoqiao Shipbuilding Co., Ltd (SWS).

The agreement, subject to several conditions and of an approximate value of $1.5 billion for the first two ships, updates the terms announced last September 23 between the parties, CIC Capital, CCTD and SWS, aimed at developing and supporting the growth of the Chinese cruise industry.

The historic MoA was signed by the CEO of Fincantieri, Giuseppe Bono, by Michael Thamm, CEO of Carnival Asia and Costa Group, and by Wu Qiang, President of CSSC. The signing ceremony took place today at the Great Hall of the People in Beijing, on the occasion of the 4th Italy-China Business Forum, attended by Italian President Sergio Mattarella and Chinese President Xi Jinping.

The new ships will be built at the SWS yard, a facility of CSSC Group. The design will be tailored for the specific tastes of the Chinese travelers and for the new Chinese cruise brand of the joint venture between Carnival Corporation, CSSC and CIC Capital, which will also operate the units. The first delivery is expected in 2023.

Giuseppe Bono, CEO of Fincantieri, stated: “Looking at the global scenario means trying to widen one’s boundaries, laying the foundations to further boost business prospects and access more complex markets. It is not possible to maintain a competitive presence in the medium and long term without such a commitment. We therefore believe that today’s agreement is an example of industrial partnership that not only reaffirms our leadership in the cruise industry, but also creates a virtuous system among the two countries."

“We are proud to be able to order the first China-built cruise ships and play a leadership role in developing cruise shipbuilding capabilities for the first time in China, which represents another important milestone in building a sustainable and prosperous cruise industry, and demonstrates our commitment to helping China become a leading cruise market as part of its five-year economic development plan,” commented Arnold Donald, CEO of Carnival Corporation.

Fred. Olsen Cruise Lines enjoyed strong 2016

Details: Written by Kari Reinikainen Kari Reinikainen; Category: Top Headlines Top Headlines; Published: 21 February 2017 21 February 2017

Fred. Olsen Cruise Lines, the UK based destinational cruise shipping company, enjoyed a strong 2016, with full year profit significantly higher than in the previous year and the final quarter loss markedly lower than that in 2015.

Operating revenues fell a fraction, to NOK2.07 billion from NOK2.09 billion in 2015, but net profit rose to NOK163 million from NOk71 million and operating margin (EBITDA) improved by one percentage point to 15%, show figures released by its parent company Bonheur ASA, a listed company that is controlled by the Olsen family.

In the final quarter of 2016, the company made a loss NOK27 million compared to a NOK70 million loss in the last three months of 2015m,while revenues fell to NOK401 million from NOK433 million. Operating margin became positive by 4% after being negative by 2% in the last quarter of 2015. Fred. Olsen Cruise Line is free of debt.

Bonheur said that the depreciation of the British pound against the dollar had raised costs as these are largely in the dollar, but added that bookings had been strong and net ticket income per diem had risen by 10% in the final quarter

Norwegian in four plus two 140,000 gross ton ship contract with Fincantieri

Details: Written by Kari Reinikainen Kari Reinikainen; Category: Top Headlines Top Headlines; Published: 16 February 2017 16 February 2017

Fincantieri, the Italian shipbuilder, said it has been awarded an order from Norwegian Cruise Line Holdings Ltd. (NCLH) for the construction of four new generation cruise ships with an option for additional two, for its Norwegian Cruise Line contemporary market brand.

“The value of each ship is approximately €800 million, with one delivery per year from 2022 to 2025, stretching to 2027 in case of confirmation of the option,” Fincantieri said in a statement.

Cassa Depositi e Prestiti (CDP) and Sace, together with a pool of export credit lenders, have played a crucial role for the success of the order and the ship owner’s decision, giving Fincantieri the chance to offer an appealing technical, commercial and financial package, still subject to some conditions.

These ships will form the backbone of the future Norwegian fleet, being about 140,000 gross tons, almost 300 meters long, and accommodating 3,300 guests. The order is based on a prototype project developed by Fincantieri, which enhances the consolidated features of Norwegian’s signature offering of freedom and flexibility, qualified by an innovative configuration for an enhanced passenger experience.

In addition, focus was set on energy efficiency, with the twofold aim of optimizing consumption at sea and reducing environmental impact, compliant with all the most recent regulations on this matter.

“This new class of ships will continue Norwegian Cruise Line brand’s legacy of introducing meaningful innovation to the cruise industry” said Frank Del Rio, President and CEO of Norwegian Cruise Line Holdings Ltd. “This order continues to highlight our disciplined newbuild program, extends our growth trajectory well into the future, enhances our already attractive earnings profile and drives expected long-term returns for our shareholders”.

G Adventures buys Swan Hellenic, relaunch due next year - report

Details: Written by Kari Reinikainen Kari Reinikainen; Category: Top Headlines Top Headlines; Published: 01 February 2017 01 February 2017

Swan Hellenic, the destination focused UK based boutique cruise line, has been acquired by adventure travel specialist G Adventures, which has its headquarters in Toronto in Canada, following the collapse of the line's former parent company -- All Leisure Group (ALG) -- last month, Cruise Critic reports on its website.

“G Adventures has revealed it will restart Swan Hellenic cruises in 2018, with new itineraries set to be announced this summer. The company has advised passengers who were booked on 2017 itineraries to contact the administrator for All Leisure, Grant Thornton LLP,” the report said.

Hebridean Island Cruises, the Scotland focused unit of ALG, was sold to private interests before the collapse of the parent company. Voyages of Discovery, the third boutique cruise brand of ALG, remains unsold. It used to operate the 1990 built Discovery of some 16,000 gross tons.

Viking Ocean Cruises takes delivery of third vessel – Viking Sky to be named in Tromsø, Norway

Details: Written by Teijo Niemelä Teijo Niemelä; Category: Top Headlines Top Headlines; Published: 26 January 2017 26 January 2017

Viking Ocean Cruises has announced that it took delivery of Viking Sky, the company’s third ship. The delivery ceremony took place on January 26 when the ship was presented at Fincantieri’s shipyard in Ancona, Italy. On February 25, Viking Sky will set sail from Rome’s port at Civitavecchia and will make her way through the Mediterranean on her maiden voyage. After sailing spring itineraries throughout the Western and Eastern Mediterranean, Viking Sky will make her way to officially be christened under Norway’s “midnight sun” on June 22 in Tromsø – a nod to Viking’s Norwegian heritage. Following the christening, Viking Sky will continue her maiden season sailing itineraries in Scandinavia and the Baltic before crossing the Atlantic in September on her way to the Americas and the Caribbean.

“In the past two years, we have been encouraged by the overwhelmingly positive response our first two ocean ships have generated among our guests and travel industry partners. Today we mark an important milestone in welcoming the third ship to our fleet. By the end of 2017 – our 20th year in business – we will also welcome our fourth ship, doubling our fleet in less than a year,” said Torstein Hagen, Chairman of Viking Cruises. “With our fast-growing fleet and innovative design, we look forward to introducing even more experienced travelers to The Viking Way of destination-focused itineraries in the years to come.”

Classified by Cruise Critic as a “small ship,” the all-veranda Viking Sky is a sister ship to the award-winning Viking Star and Viking Sea, which launched in 2015 and 2016, respectively, to customer and industry acclaim. In its first year of operation, Viking Ocean Cruises was named #1 Ocean Cruise Line in Travel + Leisure’s 2016 “World’s Best Awards.”

Viking’s ocean ships have a gross tonnage of 47,800 tons, boast 465 staterooms and accommodate 930 guests. In November 2017, Viking will also welcome Viking Sun®, which will spend her maiden season sailing the company’s first-ever World Cruise, which spans 141 days, five continents, 35 countries and 66 ports. Viking Spirit® will join the fleet in 2018 and will sail itineraries in Australia, Asia and Alaska. A sixth, yet-to-be-named ship will be delivered in 2019 and will mark Viking as the largest small ship ocean cruise line.