Poor performance of its Hapag-Lloyd Kreuzfahrten unit has more than doubled the operating losses of cruise operations of TUI AG, the German travel group in nine months to 30 June, offsetting continuing good development of TUI Cruises.
Turnover in TUI AG’s cruise sector rose to €188 million from €162 million year on. “This growth was mainly driven by the expansion of the fleet to include MS Europa 2 (since May 2013), TUI AG said.
However, operating loss of the sector deepened to €18 million euros from €8 million in the corresponding period a yearearlier.
“The decline was exclusively attributable to the weaker performance of Hapag-Lloyd Kreuzfahrten. Earnings were impacted by start-up costs for the fleet expansion and damage resulting from a fire during a dry dock period,” TUI AG said in a statement.
Hapag-Lloyd Kreuzfahrten recorded a decline in occupancy of 4.6 percentage points to around 71% The average rate per passenger per day climbed by around 8% from €377 to €409. Hapag-Lloyd Kreuzfahrten operates in the luxury and exploration segments of the cruise industry.
In the period under review, TUI Cruises continued its positive development. “TUI Cruises achieved an increase in occupancy of 1 percentage point to 100%. The average rate per passenger per day grew by around 3% from €142 to €147, TUI AG said.
TUI Cruises is a premium market cruise operator, in which TUI AG has a 50% stake, while Royal Caribbean Cruises Ltd owns the other 50%.
