Wärtsilä and Pastrovich Studio sign agreement to develop a sustainable hybrid boutique cruise vessel

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Written by Teijo Niemelä Teijo Niemelä

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Published: 29 June 2020 29 June 2020

A new generation of boutique cruise ships is set to emerge, with the luxury of a superyacht, the construction techniques and passenger experience of a cruise ship, and a close focus on the environment. These cost optimised vessels will serve the charter and luxury hotel sectors in attracting and meeting the demand from millennials and cruise veterans alike.

The technology group Wärtsilä has signed a partnership agreement with architect and yacht designer Stefano Pastrovich on the design of innovative sustainable superyachts for the boutique cruise sector.

The design will feature a fully-integrated combination of hybrid propulsion and solar panels for minimal environmental impact and high energy efficiency.

The concept is built around a 60-metre long catamaran with accommodation for up to 36 passengers. The level of sustainability will be such that it will enjoy access to harbours that would otherwise be closed to large motor yachts.

“Efficiency and environmental performance are key pillars of Wärtsilä’s Smart Marine approach, which emphasises the need to collaborate with world-class partners. This project encompasses all these ambitions, and we look forward to co-developing with Stefano Pastrovich a totally integrated solution that combines energy efficiency, sustainability and onboard comfort,” explained Giammario Meloni, Senior Sales Manager, Wärtsilä Italia.

“Wärtsilä is the ideal partner for this project,” commented Stefano Pastrovich, “since we share a vision to be the very best at what we do. Bringing together our architectural and marine technology know-how will create a mega-yacht design on the leading edge of innovation. I’m convinced boutique cruise ships of this calibre could spark a turning point in the charter market, attracting a new customer base of millennials and cruise veterans.”

Wärtsilä has extensive hybrid propulsion and energy recovery experience which will be leveraged in the new design, and has already worked with Pastrovich in other successful projects. These include the 99m X-Vintage in 2011 and the 101m X-Expedition in 2017, an innovative design that bridges the worlds of Cruising and Superyachts. Combining the modular construction techniques of the former with the attention to luxury detail that distinguishes the latter, the design takes privacy, safety, voyage experience, and environmental responsibility to new levels.

Carnival Corporation & plc announces pricing of $1.86 billion and €800 million first-priority senior secured term loan facility

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Written by Teijo Niemelä Teijo Niemelä

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Published: 29 June 2020 29 June 2020

Carnival Corporation & plc on June 26 announced the pricing of Carnival Corporation's first-priority senior secured term loan facility, consisting of a $1,860 million tranche and a €800 million tranche, with a maturity of five years. The U.S. dollar tranche will be issued at a price equal to 96% of its face value and will bear interest at a rate per annum equal to adjusted LIBOR (with a 1% floor) plus 7.500%. The euro tranche will be issued at a price equal to 96% of its face value and will bear interest at a rate per annum equal to EURIBOR (with a 0% floor) plus 7.500%. Both tranches of the term loan facility will be prepayable, in whole or in part, at the Company's option at a price equal to the face value plus a customary make-whole amount for the first year after closing, 102% of the face value for the second year after closing and par thereafter. The obligations under the term loan facility will be guaranteed by Carnival plc and the same subsidiaries that currently guarantee, and will be secured on a first-priority basis by the same collateral that currently secures, Carnival Corporation's 11.500% first-priority senior secured notes due 2023.

The term loan facility is expected to close on June 30, subject to customary closing conditions and the execution of definitive documentation. Carnival Corporation intends to use the net proceeds from the term loan facility for general corporate purposes, which includes the repayment of near-term debt maturities.

Seabourn names Josh Leibowitz new President

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Written by Teijo Niemelä Teijo Niemelä

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Published: 25 June 2020 25 June 2020

Seabourn announced today that Josh Leibowitz has been named president, effective immediately.

Reporting to Stein Kruse, Group CEO of Holland America Group and Carnival UK, Leibowitz’s responsibilities will include oversight of all aspects of the ultra-luxury brand’s operations, including revenue management, deployment and itinerary planning, hotel operations, and sales and marketing.

"We are excited to welcome Josh into this new role on our senior leadership team, where he will bring extensive experience and knowledge that will further strengthen Seabourn’s position in the market,” said Kruse. "I am confident that Josh will help carry Seabourn through the challenges currently facing the travel industry to build on its longstanding reputation as an ultra-luxury travel brand unlike any other, supported by a team of people whose everyday focus is on delivering the best.”

“I’m excited to join the community of loyal Seabourn guests, our passionate crew, and the travel advisors that come together to deliver extraordinary Seabourn experiences,” Leibowitz said. “Our main priority will be working together as we develop plans to resume operations and welcome our past and future guests onboard to create lasting travel memories.”

Leibowitz joined Carnival Corporation & plc in 2013 as chief strategy officer and was also named senior vice president, Cunard North America in December 2016.

Prior to joining Carnival Corporation & plc, he served as managing partner of the Miami office of the consulting firm McKinsey & Co., and as a leader in the firm’s work in advanced analytics and sales and marketing.

Saga Cruises says cruise customer loyalty has been exceptional

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Written by Kari Reinikainen Kari Reinikainen

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Published: 22 June 2020 22 June 2020

Saga plc, the UK based company that offers services that range from insurance to cruise and other travel to those over the age of 50, said the loyalty of its cruise customers has been exceptional and it should have protocols ready for it to resume cruising by the end of August.

“For Cruise, customer loyalty has been exceptional. Advance receipts at the end of May were £43 million, which is £5 million lower than at the end of March but well ahead of expectations,” the company said in a trading statement.

It has retained over 70% of advance receipts on cancelled cruise departures, and new bookings for next year have been very positive.

“The sale of the Saga Sapphire was completed on 12 June on terms broadly in line with previous expectations and the latest indication for the Spirit of Adventure is that she will be delivered by the end of October,” the company added.

Saga said it has been working with industry bodies and the Government to establish operational practices that would enable a return of operations in both tour and cruise businesses as the current restrictions are lifted. “The Group's new mid-sized ships are ideally placed to offer 'safe sailing' and all these measures will be in place by the end of August,” it pointed out.