Meyer Group forms Meyer Wismar to complete Global Dream

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Written by Teijo Niemelä Teijo Niemelä

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Published: 17 November 2022 17 November 2022

Meyer Group will complete the cruise ship under construction at the former MV Werften in Wismar for Disney Cruise Line. Meyer Wismar plans to employ several hundred former team members of MV Werften and will equip the ship with the some of the greenest technologies available together with companies of Meyer Group. The ship is expected to set sail in 2025.

“There is a great passion for shipbuilding in Mecklenburg-Vorpommern and we believe in the abilities and courage of both the team in Wismar as well as our Meyer team to complete this grand ship. That will mark another innovative chapter in the long and rich history of shipbuilding excellence here.” says Bernard Meyer.

“As passionate shipbuilders we are very happy to save the investments, which have already been made to complete the ship and modernize the shipyard in Wismar, and deliver an innovative vessel”, explains Aloys Meeman, Managing Director of Meyer Wismar.

Both Disney and Meyer are committed to reduce emissions, use and waste less, lower the impact of our product and build sustainably. “When Disney approached us to jointly complete the ship, we saw great opportunities. Meyer stands for innovation, so we are especially happy to deliver a ship that will be among the first in the industry to be powered by methanol,” says Thomas Weigend, Managing Director of Meyer Werft and Meyer Wismar.

That will require an elaborated transformation of the ship’s engines, additional tanks and many more measures that will make the ship one of the most future-proof. The ship can cruise climate neutral as soon as green methanol is available. In addition, the waste management onboard will be updated according to the newest technology available.

Meyer Werft has already delivered three cruise ships to Disney Cruise Line. Whilst Disney Dream and Disney Fantasy entered service in 2011 and 2012, Disney Wish was the latest addition to the Disney Cruise Line fleet in summer 2022. Two sister ships are scheduled to be delivered in 2024 and 2025 by Meyer Werft in Papenburg.

Disney Cruise Line announces acquisition of partially completed Global Dream

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Written by Teijo Niemelä Teijo Niemelä

Category: More News More News

Published: 16 November 2022 16 November 2022

Today, Disney announced the acquisition of a partially completed ship that will bring the magic of a Disney Cruise Line vacation to new global destinations. Disney will work with the esteemed Meyer Werft shipbuilding company to complete the cruise ship previously known as the Global Dream in Wismar, Germany. The ship will be renamed with certain features reimagined under the world-renowned expertise of Walt Disney Imagineers and is expected to set sail in 2025.

“Our cruise ships give us the unique opportunity to bring Disney magic to fans no matter where they are, and the addition of this ship will make a Disney Cruise Line vacation accessible to more families than ever before,” said Josh D’Amaro, chairman, Disney Parks, Experiences and Products.

The new ship, to be based outside the United States, will feature innovative Disney experiences along with the dazzling entertainment, world-class dining and legendary guest service that set Disney Cruise Line apart. The exterior will be adorned in the iconic, Mickey Mouse-inspired colors of the fleet, complete with signature red funnels.

The 208,000-gross-ton ship is expected to be among the first in the cruise industry to be fueled by green methanol, one of the lowest emission fuels available. Disney Cruise Line expects the passenger capacity to be approximately 6,000 with around 2,300 crew members.

Construction will be completed at the former MV Werften shipyard in Wismar, Germany, under the management of Meyer Werft, the Papenburg-based company that built the Disney Dream, Disney Fantasy and Disney Wish. The ship’s previous owner filed for bankruptcy before completing the vessel, enabling Disney Cruise Line to secure it at a favorable price and within the capital expenditure guidance The Walt Disney Company provided on its recent earnings call. The project also secures employment for hundreds of former MV Werften employees and will provide opportunities for numerous maritime industry suppliers in the region.

More details about the maiden voyage, itineraries and onboard experiences will be announced at a later date.

The Disney Cruise Line fleet sails to destinations in the Bahamas, the Caribbean, Europe, Alaska, Mexico, Canada, Hawaii and the South Pacific, and recently announced first-ever vacations for guests in Australia and New Zealand beginning in late 2023.

Silversea strengthens its partnership with Puerto Williams

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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%

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Written by Kari Reinikainen Kari Reinikainen

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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.