Pullmantur the Latin America and Spain focused brand in the Royal Caribbean Cruises, Ltd. (RCCL) group, will refocus on Spain again instead of Latin America due to challenges in the last named market, RCCL said in a statement.
“In past quarters, management has acknowledged the weakness in the economies of Latin America, and the impact of this weakness on Pullmantur. Unfortunately, the economic outlook in Latin America has deteriorated further in recent months and, as a result, the brand is re-focusing on its core market of Spain.
Pullmantur has a fleet of five ships that all built in the late 1980s to early 1990s. The company was originaly Spanish owned and it focused mainly on the Spanish market, until the outbreak of the financial crisis in that country earlier this decade encouraged the management look at the Latin American markets as the key. RCCl today unveiled a $399.3 million impairment charge against the Pullmantur brand and its ships.
