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Stronger UK wave season reported than 2015

Details: Written by Kari Reinikainen Kari Reinikainen; Category: More News More News; Published: 19 February 2016 19 February 2016

This year’s wave season in the cruise industry appears to have outperformed last year’s weak performance, Travel Weekly reports.

“While a number of cruise line bosses declined to reveal growth figures for the wave period, others reported an increase in bookings of almost 50%. The positive start to the year follows a tougher wave period in 2015, when a number of lines admitted the start of the year had been slower than anticipated,” the report said.

GfK, which conducts surveys, put cruise sales for 2016 up 1% year on year for bookings made between Boxing Day and February 6, with an average selling price of £1,402. GfK’s figures represent about 40% of the UK ocean cruise market, mainly high street bookings but not cruise specialists’ or cruise lines’ direct sales.

GfK’s figures also show a surge in bookings for 2017, with sales more than twice those of the same period last year. The average selling price for 2017 is £2,394.

In 2014, the UK cruise market contracted by 5% to 1,65 million ocean cruise passengers, the first decline in about a decade. It happened despite a 2.9% growth of the country’s GPD and low unemployment. The 2015 passenger volume figures have not been disclosed yet.

Meyer Werft strengthens management team

Details: Written by Teijo Niemelä Teijo Niemelä; Category: More News More News; Published: 18 February 2016 18 February 2016

Meyer Werft continues to strengthen its management team: the management team of Meyer Werft, consisting of Bernard Meyer, Dr Jan Meyer and Lambert Kruse, will be extended by Tim Meyer on 1 June 2016. Thereby, the management base of Meyer Werft is being broadened and rejuvenated once more, enabling it to face the conditions posed by global competition and the special challenges of cruise ship building.

The Meyer Werft family business, which has been managed by the Meyer family since 1795, has already brought about an organisational change in the past years with Dr Jan Meyer as managing director. As such, it has prepared itself for the generational transition in the long term. With Tim Meyer, another member of the family has joined the shipbuilding company’s management board. Following his graduation as an industrial engineer, Tim Meyer was employed in the automotive industry in the logistics and production planning sector since 2008.

Fred. Olsen Cruise Line’s final quarter loss widens, full year in profit

Details: Written by Kari Reinikainen Kari Reinikainen; Category: More News More News; Published: 18 February 2016 18 February 2016

Fred. Olsen Cruise Lines, which operates four medium sized vessels on the British market, has reported a widening of of loss in the final quarter of last year, but the full year result shows a profit instead of a deep loss.

In the last three months of 2015, the company made a net loss of NOK 71 million compared to a NOK 63 million loss in the same period a year earlier. Revenues rose to NOK 433 million from NOK 387 million, according to figures released by Bonheur ASA, one of the two listed holding companies of the Olsen family.

For the full year 2015, Fred. Olsen Cruise Lines reported a net profit of NOK 71 million compared to a loss of NOK 120 million in 2014. Revenues rose to NOK 2.09 billion from NOK 1.66 billion.

“The number of passenger days totalled 259 214 (275 737) for the quarter. Net ticket income per diem was 15% lower compared to the corresponding quarter last year. The average spot price of fuel oil in the quarter was 42% lower than in 4 quarter 2014,” Bonheur said.

Carnival Corporation to offer €500 million in five year notes

Details: Written by Kari Reinikainen Kari Reinikainen; Category: More News More News; Published: 18 February 2016 18 February 2016

Carnival Corporation, the Panama domiciled and US listed holding company in Carnival Corporation & plc group, has filed a registration document to offer €500 million worth of senior notes that would mature in 2021 and carry a coupon of 1.625%.

“We will pay interest on the notes annually in arrears on February 22 of each year, commencing on February 22, 2017. The notes will be issued only in minimum denominations of €100,000 and integral multiples of €1,000 in excess thereof,” Carnival Corporation said in the document registered with Securities and Exchange commission in the US.

The company has previously raised debt, on some occasions, before taking deliveries of newbuildings.

Carnival Corporation to sell 29.6 million shares in Carnival plc

Details: Written by Kari Reinikainen Kari Reinikainen; Category: More News More News; Published: 18 February 2016 18 February 2016

Carnival Corporation & plc, the Anglo-American cruise shipping group, has announced that the group’s Panama domiciled as US listed holding company Carnival Corporation and Carnival Investments Limited, a wholly owned subsidiary of Carnival Corporation, intend to sell existing Carnival plc ordinary shares that they hold in the UK market.

Carnival plc is the group’s UK domiciled holding company, which is listed in London.

The 29.6 million ordinary shares will be sold from time to time in the UK in "at the market" transactions at times when the Carnival Corporation common stock is trading at a discount to Carnival plc shares.

Carnival Corporation & plc intends to use the net proceeds of the Carnival plc Share Sales to repurchase Carnival Corporation common stock on at least an equivalent basis in the U.S. market and to use the remaining net proceeds, if any, for general corporate purposes. Carnival Corporation & plc only intends to trade where it will derive an economic benefit from the Carnival plc Share Sales and Carnival Corporation Stock Swap

“Depending upon market conditions, Carnival Corporation and Carnival Investments Limited over time will sell up to 26,900,000 ordinary shares of Carnival plc in this program. Under the terms of the articles of association of Carnival plc the ordinary shares sold by Carnival Corporation and Carnival Investments Limited will, once held outside of the Carnival Corporation group, become re-enfranchised for voting purposes,” Carnival Corporation & plc said.