Carnival, lenders agree to extend maturity of $87 million of notes

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Written by Kari Reinikainen Kari Reinikainen

Category: More News More News

Published: 31 October 2022 31 October 2022

 

Carnival Corporation & plc said the group has extended the maturity of $87 million of notes due next year by 18 months to October 2024.

Carnival Corporation, the US listed and Panama domiciled holding company of the group, and Carnival plc that is UK listed and domiciled plus certain of their subsidiaries have entered into separate, privately negotiated exchange agreements with certain holders of the Company's outstanding 5.75% Convertible Senior Notes due 2023.

Carnival will exchange $87 million in aggregate principal amount of 2023 Notes for $87 million in aggregate principal amount of new 5.75% Convertible Senior Notes due October 2024.

“The New 2024 Notes will have the same initial conversion price as the 2023 Notes, representing no dilution to shareholders at scheduled maturity versus the 2023 Notes, the same coupon and no upfront cost to the Company. As a result of the eighteen-month extension, the New 2024 Notes will mature on October 1, 2024 and be fully and unconditionally guaranteed on a senior unsecured basis by Carnival plc and the Subsidiary Guarantors,” the company said in a statement.

Following the closing of the Exchange, $96 million in aggregate principal amount of 2023 Notes will remain outstanding. The Exchange is expected to close on November 1, 2022, subject to customary closing conditions, it said.

 

Royal Caribbean Group first cruise company in U.S. to sail using renewable diesel fuel

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Written by Teijo Niemelä Teijo Niemelä

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Published: 28 October 2022 28 October 2022

Today, Royal Caribbean Group became the first major cruise line operator to sail a cruise ship from a U.S. port while using renewable diesel fuel to meet part of the ship’s fuel needs when Navigator of the Seas set sail from the Port of Los Angeles. Part of the Group’s award-winning cruise line, Royal Caribbean International, the use of renewable fuel will reduce the ship’s carbon emissions.

This key step in the Group’s pursuit of alternative fuels comes less than a year after the unveiling of Destination Net Zero, Royal Caribbean Group’s comprehensive decarbonization strategy.

“We are committed to investing in technologies and innovations that will help us reduce emissions and fulfill our purpose to deliver great vacations responsibly,” said Laura Hodges Bethge, Royal Caribbean Group’s Executive Vice President, Shared Services Operations. “As we celebrate this milestone, we continue to set our sights on other leading alternative solutions to meet our net zero goals.”

The renewable fuel being used by Navigator of the Seas contains less carbon than traditional marine fuels. While this fuel is produced from renewable raw materials, the production process for this fuel makes it molecularly identical to traditional marine gas oil — creating a “drop in” fuel that can be safely used with the ship’s existing engines.

The cruise company plans to continue using lower carbon fuel to meet part of the Los Angeles-based ship’s fuel needs as it evaluates the feasibility for long-term use, with ambitions to expand its usage to other ships across the fleet. This follows a similar trial by the Group’s joint venture partner, Hapag-Lloyd Cruises, which is exploring a different process for developing a sustainable biofuel.

For the trial, Royal Caribbean Group has partnered with World Fuel Services to supply the renewable fuel to Navigator of the Seas. The Jankovich Company will deliver the fuel on behalf of World Fuel Services to the ship while at the Port of Los Angeles. Once fueled, Navigator of the Seas will set sail to Mexico.

“We are extremely proud to be a part of Royal Caribbean Group’s journey toward making the cruise industry more sustainable by leveraging our renewable fuel distribution capabilities and technical expertise to facilitate the use of renewable fuel in a marine application,” said Michael J. Kasbar, Chairman and Chief Executive Officer, World Fuel Services Corporation.

In addition to testing the use of biofuel aboard Navigator of the Seas, Royal Caribbean Group is set to debut the cruise industry's first hybrid-powered ship in summer 2023, as part of Silversea Cruises newest class of ships, the Nova class. The Group is also working to reduce emissions while at port by investing in shore power on its ships and collaborating with key cruise ports for its use. For example, in 2021, Royal Caribbean Group signed an agreement to bring shore power to PortMiami, which will enable ships to use electricity at port instead of burning fuel. The company also is introducing a new zero-energy cruise terminal in the Port of Galveston, Texas, that builds on its sustainable design efforts and will be a LEED-Gold certified facility.

Lindblad officially names its newest vessel in Galápagos

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Written by Teijo Niemelä Teijo Niemelä

Category: More News More News

Published: 28 October 2022 28 October 2022

Lindblad Expeditions, the pioneering expedition cruise company that introduced international adventure expeditions to the Galápagos Islands more than 50 years ago, officially named their next generation, all-suite National Geographic Islander II this week in the awe-inspiring Galápagos Islands.

Honoring his visionary work, Angela Flaim – wife of the late longtime Lindblad leader and passionate Galápagos conservation advocate, Juan Flaim – presided over the intimate ceremony that reflected the ship’s spirit and soul as a vessel designed for deep discovery and supreme comfort. The ceremony took place in Black Turtle Cove, Santa Cruz Island – the center of the Galápagos archipelago and the gateway to its wonders – with the ship’s VIP guests, local dignitaries, company leaders and media surrounding the bow in zodiacs. Flaim and Lindblad Expeditions Founder, Sven-Olof Lindblad, symbolically smashed an environmentally friendly champagne bottle from the bow of the elegant 48-passenger National Geographic Islander ll, as guests cheered and raised a glass of champagne to toast to the occasion.

“May this ship be blessed with calm seas, curious minds, and caring hearts as her guests celebrate the beauty and wonder of these islands and Ecuador. I wish those lucky enough to sail with her, both crew and guests alike, experience the joy that is only possible when we explore life passionately,” said Angela Flaim.

The occasion was also an opportunity to highlight the pillars and legacy that distinguish Lindblad Expeditions-National Geographic, from its commitment to conserve the globe’s most critical and breathtaking regions, to its assurance of carbon neutrality, from supporting local communities to preserving culture.

“This incredible ship is our mission in motion, exciting guests to what we know about this wild place and even more importantly, to what is yet to be discovered,” said Sven-Olof Lindblad, Founder and Co-Chair of the Board. “As the pioneers in Galápagos tourism, our expertise and commitment to genuine engagement with this region’s natural wonders provides our guests with extraordinary, life changing experiences, and a lifelong passion to protect these incredible and fragile environments.”

Lindblad continued that he was especially delighted to be hosting local marine scientists from the Charles Darwin Foundation and Galápagos National Park Directorate, in partnership with National Geographic Society’s Exploration Technology Lab on this voyage. The research team is continuing a deep-sea monitoring campaign in the Galápagos Marine Reserve to assess the biodiversity and distribution of organisms and habitats on the largely unchartered underwater mountains that exist thousands of meters under the surface.

The last exploration campaign, conducted in 2019, uncovered two apex predator shark species that were previously unknown to be inhabiting the Galápagos Marine Reserve, as well as a kelp forest. This year, the team will regroup on National Geographic Islander II for ten days to re-survey the sites where key observations were made during the pilot study, as well as to explore new sites in search of yet unknown species.

Making it easy for guests to connect to the Lindblad Expeditions-National Geographic legacy of conservation and research, National Geographic Islander ll features a Science Hub outfitted with the capacity for underway oceanographic sensoring, an interactive video display, lab benches and seating for guests to observe this important work. Two suites are dedicated to Conservation and Community, and are designated for Galápagos community members, local and international researchers, educators, storytellers, and other experts on each voyage, providing guests with a deeper connection to people and place.

Named to honor the much beloved National Geographic Islander that she replaced and the remarkable islands where she sails, the all-suite National Geographic Islander ll expedition ship elevates the guest experience with teak decks that gracefully connect the indoor and outdoor spaces, a well-outfitted observation deck, indoor-outdoor dining options, 26 large and airy suites, and purpose-built expedition amenities including a marina for snorkeling gear storage and easy Zodiac embarkation. Designed for active exploration, National Geographic Islander II carries a fleet of kayaks, stand-up paddleboards, a custom-built glass bottom Zodiac and flotilla of versatile Mark V Zodiacs to provide the adventures​ that are at the heart of every Lindblad Expeditions-National Geographic voyage.

Celebrating Lindblad’s deep connection to the Galápagos islands, Ecuador and its people, National Geographic Islander ll offers a carefully considered food and beverage program that is a first-of-a-kind in the region, highlighting the four regions of Ecuador with ingredients sourced directly from local farmers. The ship further offers artwork, décor and music created by local artists and artisans, plus spa treatments infused with local ingredients, ensuring guests experience the beauty, warm hospitality and wonder of Ecuador on and off the ship.

Photo credit: Alex Daley-Clark

Brodosplit lays keel for a zero emission passenger sailing ship

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Written by Teijo Niemelä Teijo Niemelä

Category: More News More News

Published: 28 October 2022 28 October 2022

The keel-laying of the zero-emission passenger sailing ship with electric motors as the main drive, has taken place at the Brodosplit shipyard.
 
"Electric sailing ship" – the so-called three-masted schooner will be 63.50 meters long and 10 meters wide, with a height of 5.35 meters to the main deck. The hull and superstructure will be made of steel and the masts of aluminum alloy. When not under sail, the ship will be powered by two 150 kW electric motors, each fed by a system of batteries continuously charged from different sources. When it reaches a speed of 6 knots, it will require only 70 kilowatts of power, which is fairly unobtrusive for a 500 gross ton boat. The vessel will be equipped with 15 tons of batteries with a maximum capacity of 1800 kWh, but due to legal requirements, it will also have two diesel generators that will be turned on only when needed or in emergencies.
 
The design and all technical solutions are entirely the work of Marine and Energy Solutions DIV Ltd. project designers, who through this project, have successfully confirmed their key role in positioning the DIV group high on the list of technical competency and architectural competitiveness.
 
There will be one vertical wind turbine at the bow and stern that will supply the ship with electricity when it is in port and the sails are lowered. A photovoltaic solar system will be installed on the roof of the superstructure. The ship will therefore be supplied with electricity and water from completely renewable sources and will obtain all its energy without any CO2 emissions. So not only is the ship 100% "green", but it also has virtually no costs for fuel and propulsion machinery.
 
What distinguishes this electric sailboat from similar vessels is the fact that the ship also charges its batteries while sailing, in a very sophisticated way. In addition to the system of wind turbines, water turbines, and solar panels, a system of ship propellers with variable pitch and a special blade geometry is used, which serves as a water turbine when sailing. This "reversible propeller" will charge high-power batteries in the lower deck. In addition, all information on board will be collected and controlled on the bridge.
 
This includes meteorological data so that the commander knows where the wind is most favorable, absolutely all ship and propulsion systems, power supply to the batteries, operation of the engines, solar panels, wind turbines, hot water, and energy consumption. At the same time, all energy "returns" and “expenses” on board are monitored.

The vessel will belong to a class of passenger ships that can sail indefinitely and sail all the seas of the world. During the domestic tourist season, it will sail the Adriatic along the coasts of Croatia, Italy, Slovenia, Montenegro, Albania, and Greece, and out of season in the Caribbean and other tourist destinations.
 
Work on the project started in February 2020 and was co-financed by the EU funds call " Increasing the development of new products and services arising from research and development activities – phase II ".
 
The project aims to research, develop and build an eco-innovation in the form of a sailing vessel for optimal 24 passengers, for which alternative propulsion technologies and energy sources have been developed based on an environmentally friendly design that aims to achieve sustainable mobility with zero emissions, supporting environmental sustainability and reducing greenhouse gas emissions and air and noise pollution.
 
The project leader is the DIV Group, and collaboration has been established with scientific institutions to improve interaction and knowledge and technology transfer between industry and universities and public research institutes, benefiting both companies and public sector researchers. 
 
The Faculty of Electrical Engineering, Computer Science, and Information Technology in Osijek is responsible for the development of kinetic wind energy storage systems through hydrokinetic energy conversion (water turbines and reversible propellers) and battery management systems / integrated marine energy systems (energy storage, monitoring, and control, management, ...), while the Faculty of Electrical Engineering, Mechanical Engineering and Naval Architecture in Split is working on sailing systems, sail automation (robotics), wind turbines and photovoltaic systems.