Silversea strengthens its partnership with Puerto Williams

Details

Written by Teijo Niemelä Teijo Niemelä

Category: More News More News

Published: 16 November 2022 16 November 2022

Silversea Cruises has bolstered its investment in the community of Puerto Williams, Chile, by sponsoring a physical education integration program for disabled children at the Puerto Williams School in the remote Chilean town. Silversea commissioned and donated the new mobility equipment as part of its comprehensive destination program, which aims to foster positive long-term relationships and champion local communities in the destinations to which the cruise line sails.

“An important gateway to Antarctica, Puerto Williams is a key destination for Silversea, and it is always our goal to positively impact the local communities we visit,” said Conrad Combrink, Senior Vice President of Expeditions, Destination and Itinerary Management for Silversea Cruises. “Building this facility is just the first step in our commitment to supporting the social needs of Puerto Williams. As the only cruise line to be operating out of Puerto Williams, providing a uniquely seamless journey to Antarctica for our guests, we are working hand-in-hand with local leaders and grassroots operators to not only showcase Puerto Williams in the most authentic way possible to our guests, but also to care for the needs of the community. We are incredibly grateful to Governor Jorge Flies; Delegada Presidencial María Luisa Muñoz; the Mayor of Puerto Williams, Patricio Fernández Alarcón; the Yagan Community; and the entire population of Puerto Williams for their continued support and partnership.”

Silversea has also donated four Zodiacs to the Cedena Nautical School in Puerto Williams, a non-profit organization dedicated to training and educating children and young people in nautical sports – a first step for many locals to learn the basic skills needed for a career in the expedition industry.

On November 15, Silversea held a blessing ceremony for its new ship Silver Endeavour at the Cape Horn Sub-Antarctic Center in Puerto Williams. Silversea Executives, Chilean tourism officials, local leaders, and clergy members attended the ceremony.

One of the world’s most advanced and luxurious expedition vessels, Silver Endeavour will welcome guests in Antarctica from November 21, 2022, broadening ultra-luxury cruising’s most diverse polar offering. Travelling aboard Silver Endeavour in her inaugural season – on voyages that range from five to 20 days and include Silversea’s Antarctica Bridge fly-cruise sailings, an extended ‘Deep South’ expedition, a 10-day Antarctic Peninsula voyage, and more – Silversea’s guests will journey in the cruise line’s trademark level of comfort, while enjoying some of the most immersive, personalized experiences available in Antarctica.

Photo from left to right: Governor Jorge Flies; Nicolás Pivcevic, DAP Antarctic Airways; Barbara Muckermann, Silversea; Captain Niklas Peterstam; Felicity Aston, Godmother of Silver Endeavour; Conrad Combrink, Silversea; and Mayor Patricio Fernández Alarcón.

Editor's note: We will be on the maiden voyage, which can be followed through our social media channels.

Carnival prices $1.0 billion note offering at 5.75%

Details

Written by Kari Reinikainen Kari Reinikainen

Category: More News More News

Published: 16 November 2022 16 November 2022

 

Carnival Corporation & plc, the world’s largest cruise shipping group, said that its Panama domiciled and US listed holding company Carnival Corporation has priced a private offering of $1.0 billion aggregate principal amount of its 5.75% convertible senior notes due 2027 as part of its 2024 refinancing plan.

“The Convertible Notes will pay interest semi-annually on June 1 and December 1 of each year, beginning on June 1, 2023, at a rate of 5.75% per year. The Convertible Notes will mature on December 1, 2027, unless earlier repurchased, redeemed or converted,” Carnival said in a statement.

The initial conversion rate per $1,000 principal amount of convertible notes is equivalent to 74.6714 shares of common stock of the company, which is equivalent to a conversion price of approximately $13.39 per share, subject to adjustment in certain circumstances. The initial conversion price represents a premium of approximately 20% over the last reported sale price of the company's common stock on the New York Stock Exchange on November 15, 2022.

Cash redemption provision a novelty

Differing from the company's existing convertible securities, it has a cash redemption provision if the stock price exceeds $17.41 beginning on or after December 5, 2025. 

Carnival may redeem for cash all or part of the convertible notes if the last reported sale price of its common stock exceeds 130% of the conversion price then in effect for at least 20 trading days, whether or not consecutive, including the trading day immediately preceding the date on which the company provides notice of redemption, during the 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the company provides notice of redemption.

The redemption price will equal 100% of the principal amount of the convertible notes being redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. The company may not redeem the convertible notes prior to December 5, 2025, except in the event of certain tax law changes.

Prior to September 1, 2027 the convertible notes will be convertible at the holder's option only upon satisfaction of certain conditions and during certain periods. Thereafter, the convertible notes will be convertible at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. Upon conversion, the company will satisfy its conversion obligation by paying or delivering, at its election, as applicable, cash, shares of its common stock or a combination of cash and shares of its common stock.

The company has granted the initial purchasers of the convertible notes an option to purchase on or before November 30, 2022, up to an additional $150 million aggregate principal amount of convertible notes.

The Convertible Notes will be fully and unconditionally guaranteed on a senior unsecured basis, jointly and severally, by Carnival plc and certain of the Company's and Carnival plc's subsidiaries that own or operate vessels and material intellectual property and that guarantee certain of the Company's other indebtedness, including its first-priority secured indebtedness and second-priority secured indebtedness.

The company expects to use the net proceeds of the offering to make principal payments on debt and for general corporate purposes, Carnival said.

Delayed deliveries slow down cruise fleet capacity growth - report

Details

Written by Kari Reinikainen Kari Reinikainen

Category: More News More News

Published: 15 November 2022 15 November 2022

 

Delayed deliveries of newbuildings will be the main factor that will slow down the growth of the global cruise fleet compared to the predictions made before the Covid-19 pandemic, it has been reported.

The total capacity of the world’s cruise ship fleet is now estimated to reach 713,683 berths, which is 8% less than the pre-pandemic forecast of 777,859, Shippax Info in Sweden said, citing the Swiss investment bank UBS.

In 2024, the capacity of the cruise ship fleet should increase to 762,738 berths, which is 5% lower than the 806,656 berths forecast before the pandemic hit.

UBS was cited as forecasting that Carnival group’s fleet would only grow by 2.2% in capacity terms in 2019-23 compared to an earlier forecast of a 5.7% growth. The world’s largest cruise shipping group has sold some 20 ships since the start of the pandemic, which is also a factor in the lower capacity growth, it should be noted.

Royal Caribbean Group’s capacity would increase by 3.4% in the same period against an expected growth of 4.9% forecast before the pandemic. The company has also sold a number of older ships.

Norwegian Cruise Line Holdings Ltd, the third largest listed cruised shipping company in the world, is forecast to see a 3.6% capacity growth pin 2019-23, compared to a forecast of a 4.6% increase that was made before the pandemic. It is the only one of the listed three major companies that has not sold any ships since the pandemic broke out.

Photo: Queen Anne of Cunard is one of the several vessels that is now scheduled to be delivered later than originally agreed - in this case by four months, in May 2024.

Borealis completes two week dry docking at Cammell Laird

Details

Written by Kari Reinikainen Kari Reinikainen

Category: More News More News

Published: 15 November 2022 15 November 2022

Fred. Olsen Cruise Lines said Borealis has completed a multimillion-pound refurbishment programme at Cammell Laird shipyard, Birkenhead, becoming the first cruise liner to undergo work at the site for over 25 years.

Borealis arrived on 28 October, for a 14-day refurbishment, including steel repairs, an overhaul of the shafts and propellers as well a new application of underwater paint, supported by more than 150 members of Cammell Laird’s workforce.

The ship sailed out of Cammell Laird’s Birkenhead site at lunchtime on Saturday 12 November, ready to welcome guests back on board for a cruise in search of the Northern Lights, which left the city on Sunday.

Peter Deer, Managing Director of Fred. Olsen Cruise Lines said in a statement: “I would like to thank the people of Liverpool, Birkenhead and Cammell Laird for looking after our ship Borealis during her time in dry dock. We’ve been sailing from Liverpool for almost 20 years and we’re so proud to have this fantastic city as Borealis’ homeport. We cherish the relationship we have with the people in the area, whether that be our guests, our friends at Cruise Liverpool or the men and women of Cammell Laird who have worked hard to get Borealis refurbished in time for her upcoming sailings.”