TUI AG, the world’s largest tour operator, said its cruise business had delivered stronger operating results in the first quarter of its financial year than in the corresponding period a year earlier.

Underlying EBITA increased to €8 million in the three months to 31 December 2015 from €2 million. The fresh figure included a €5 million benefit from the refinancing of Europa 2 and strong trading by Mein Schiff 4 which launched in June 2015.

This was partly offset by €2 million dry-dock costs for Hapag-Lloyd Cruises and non-repeat of a €2 million shipyard financing provision release in the prior year in TUI Cruises.

“Bookings and yields for both TUI Cruises and Hapag-Lloyd Cruises remain strong. We are pleased with the progress in bookings for Mein Schiff 5, which launches in July 2016,” TUI said.

The company owns 50% of TUI Cruises and 100% of Hapag-Lloyd Cruises. It is also the sole owner of Thomson cruises that operates on the British market with chartered tonnage, but its figures are not included in the cruise business on TUI, which has its main listing in London and legal domicile in Hannover, Germany.