The cruise industry has cut capacity in China in the recent past as the it has faced some challenges and headwinds, but no industry can triumph all the time and hence patience is needed, said Zheng Weihang, vice chairman and general secretary of China Cruise & Yacht Industry Association (CCYIA).
“I call on the capital market to be more patient with the cruise industry in China. Since last year, the international cruise companies have adjusted their transport capacity; the after effect of the ship-chartering mode has appeared; the tourism on shore has developed in an abnormal way; the cruise ports have been successively put into operation, but the ports at Asian destinations have shown little growth momentum,” he said in a statement.
“All the reasons in many aspects have caused the cruise industry in China to enter the period of market adjustment. I think that it is by no means out of expectation. No industry can triumph all the way, and it requires more patience to foster an emerging industry. There is no doubt that, after the adjustment period, China will still be the only market with the largest growth and development space in the world,” he continued.
"It is August 28, 2018, today. With so many “8” (indicating good fortune in China), China’s cruise industry will definitely flourish. However, from the perspectives of the whole world and history, the cruise industry has never obtained sudden huge profits in a very short period of time. For China’s local cruise economy, it requires more cultivation, without seeking quick success and instant benefits. In future, more capital will be invested in the cruise industry. Please be more patient with your expected return,” he said in connection of the closure of SkySea Cruise Line in Shanghai.