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TUI AG sees further strength in cruise after strong interims

TUI AG, the Hanover based company that is listed in London, believes in further strength of the cruise market after its cruise operations delivered strong three and nine month results.

In three months to 30 June, the third quarter of its financial year, TUI’s cruise operations increased EBITA to €90.9 million from €67.3 million year on, while revenues rose to €227.3 million from €214.3 million.

In the first three quarters of its financial year, EBITA increased to €183.3 million from €142.1 million and revenues rose to €622.9 million from €560.2 million.

“Cruises continue to deliver a strong performance in 2018. All trends indicate that the growth of the cruise sector will continue in the next decade, the company said in a statement.

“TUI is prepared for that trend. It will expand its entire fleet by newbuilds scheduled for delivery in 2019, 2021, 2023, 2024 and 2026. The performance delivered by all three brands, TUI Cruises, Marella Cruises and Hapag-Lloyd Cruises, confirms the strong demand,” the company added.

 In the third quarter, TUI Cruises obtained anaverage daily rate of €200 per passenger, an increase from €183 year on. The Hamburg based company is 50/50 owned by TUI AG and Royal Caribbean Cruises, Ltd (RCCL).

The expedition and luxury market unit Hapag-Lloyd Kreuzfahrten increased its average daily rate by €9 to €571 and Marella Cruises in the UK by £12 to 3138 per passenger.

“TUI delivers a strong operational performance and has a good strategic positioning. Hotels and cruises deliver sustained earnings growth all year round,” said said Fritz Joussen, TUI Group CEO, who described the interims as”a good third quarter, very good nine-month results.”

“For the full year, we expect to deliver double-digit earnings growth for the fourth consecutive time. We have considerably reduced our seasonality and thus our susceptibility to external challenges through the Group’s transformation focussing on hotels and cruises,” he added.

 

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