Top Headlines

MS “Deutschland” mbH enters voluntary administration

Details: Written by Kari Reinikainen Kari Reinikainen; Category: Top Headlines Top Headlines; Published: 29 October 2014 29 October 2014

The management of MS "Deutschland" mbH has today made the request for the opening of voluntary administration proceedings in accordance with German Insolvency Act to the local court Eutin, said Peter Deilmann Reederei, which operates its Deutschland cruise liner.

The restructuring in administration is headed by Günther Wolfram, Managing Director of One Square Advisors GmbH, which was appointed by the majority shareholder Callista Private Equity for this purpose as Chief Restructuring Officer, Deilmann said in a statement.

Mr. Gunther is a recognised restructuring expert and has extensive experience in corporate restructuring and the restructuring of bonds and is thus ideally suited to promote the restructuring of the company as soon as possible.

The upcoming dry docking of Deutschland, the 22,496 gross ton ship of the company, will be carried out as planned. “In addition, the circumferential continuation of the business will be sought and a new financing concept will be deveoped.”

"We had to introduce a new restructuring phase. But I am very optimistic about securing the long term future of Deutschland. We will now clean up the capital structure. One of my first major tasks will be to secure funding for the shipyard visit, so our ship can still go on a world tour this year, "Wolfram said in the statement.

The deterioration in the liquidity situation after the first meeting of creditors of the MS Germany on 8 October, and non-existent in the medium term need for further funding commitments were the causes for an unexpectedly fast developing negative financial and asset position.

"The measures introduced since 2013 have already borne fruit, but not yet resulted in the necessary success. Our booking figures for 2015 are very good. At the same time streamlining the capital structure is still outstanding. The voluntary administration launched today gives us the necessary time and room to maneuver, to solve the issues at hand, "said Wolfram.

Two Hurtigruten directors, fund to bid NOK2.94 billion for company

Details: Written by Kari Reinikainen Kari Reinikainen; Category: Top Headlines Top Headlines; Published: 29 October 2014 29 October 2014

An investment fund and two directors of Hurtigruten ASA, the listed company that operates the Norwegian coastal express ferry service between Bergen and Kirkenes plus expedition cruises, plan to bid NOK2.94 billion for all the shares in the company.

“Hurtigruten ASA today announced that it has entered into a transaction agreement with Silk Bidco AS, a joint venture vehicle indirectly owned by Home Capital AS, a company controlled by member of the board of directors of the Company Petter A. Stordalen, Periscopus AS, a company controlled by Chairman of the board of directors of the Company, Trygve Hegnar, and investment funds managed by TDR Capital LLP whereby Silk Bidco will make a voluntary offer to acquire all outstanding shares of Hurtigruten for NOK 7.00 per share valuing the total share capital of Hurtigruten at about NOK 2,940 million, Hurtigruten said in a statement.

The offer price of NOK 7.00 per share represents a premium of 55.9% to the last traded price forHurtigruten on 28 October 2014.

Daniel Skjeldam, Chief Executive Officer of Hurtigruten, said: "This offer represents an exciting new chapter for Hurtigruten, our guests, staff and partners. Under the new ownership proposal, the company would benefit from experienced investment partners, whose dedication, track record and supportive long term approach would provide strong support to reach the company's full potential and long term ambitions."

Quantum of the Seas delivered

Details: Written by Teijo Niemelä Teijo Niemelä; Category: Top Headlines Top Headlines; Published: 28 October 2014 28 October 2014

Today (October 28, 2014) in Bremerhaven Meyer Werft delivered the 167,800 gross ton cruise ship Quantum of the Seas to the U.S. cruise operator Royal Caribbean Cruises Ltd. (Miami).

The first ship of the Quantum class sets new standards in terms of eco-friendliness. It features highly energy-efficient systems, optimised hydrodynamics, heat recovery, an effective underwater paint coating, a state-of-the-art exhaust gas treatment plant (hybrid scrubber) as well as energy-saving LED lighting systems.

Sophisticated alarm, safety and communication systems combined with the latest technology in propulsion and navigation are typical for Royal Caribbean cruise ships. The same high standard applies to entertainment and interiors.

The theatre is equipped with stage technology which has yet to find its peer ashore. Relax with a book at ”Two 70” and come back at night for a spectacular aerial show. The North Star on deck 17 allows the guests to travel in a glass gondola at a height of 90 m above sea level where they can enjoy a 360-degree panoramic view. On deck 17 aft the RipCord simulates parachuting at sea both for beginners or seasoned parachuters. Surf aficionados may want to look for the perfect wave high above water level on the FlowRider on deck 16.

As to interiors, the Quantum leaves nothing to be desired. 4,180 guests can be accommodated in 2,090 cabins, and are taken care of by a crew of approx. 1,550. On board of the Quantum-class ships the traditional main restaurant has been replaced by dynamic dining, where the guests rotate in five different restaurants which are included in the cruise rate, and which offer a wide culinary variety. All told, the guests can choose from 18 restaurants on board, among them Jamie’s Italian, the first restaurant at sea of the British chef Jamie Oliver. Plenty of shops, bars, lounges and spacious spa and wellness areas as well as spectacular open-deck areas and facilities offer endless pastime opportunities. “Seaplex” features the largest indoor activity area at sea that offers entertainment like bumper cars, roller skating, a competition-size basketball court as well as a circus school.

The “Two70”° stretches from deck 4 to 6, a spacious area offering a 270-degree panoramic view of the sea. The “Two270°” combines entertainment and technology which allows the guests to travel smoothly from day to night.

Art lovers will appreciate impressive works of art, among them “From Afar”, a very special polar bear installed on deck 15 which consists of 1,430 metal triangles.

The Quantum of the Seas is another milestone by Royal Caribbean that will create a “wow” affect among its guests. The ship will depart from Bremerhaven to Southampton on 28 October 2014, from where she will set off to her Atlantic crossing on 2 November. The maiden voyage is scheduled for 23 November from New York (Cape Liberty) to the Bahamas.

RCCL’s Europe yields enjoy third year of double digit year growth

Details: Written by Kari Reinikainen Kari Reinikainen; Category: Top Headlines Top Headlines; Published: 24 October 2014 24 October 2014

European itineraries of Royal Caribbean Cruises Ltd. (RCCL), the world’s second largest cruise shipping group, have enjoyed their third consecutive year of double digit yield growth in 2014 despite a weak economic environment, noted Robin Farley, cruise industry analyst at UBS Securities in New York.

"Europe this year had its third year of double-digit yield increase even with Black Sea and Holy Land impact, and will end the year with European pricing 5% ahead of 2008 peak. Demand from Europeans this year and next year is higher despite economic slowing,” she said in a research note. TUI Cruises, a joint venture with TUI AG in Germany, is growing yield faster than RCCL's consolidated fleet with its new tonnage.

In Asia, China will account for 10% of the group’s 2015 summer capacity, and Asia overall will be 15% of deployments up from 12%. RCCL still pursuing conversations with C-Trip about China cruising joint venture. The Chinese company acquired celebrity Cruises’ Celebrity Century earlier this autumn.

RCCL says 2015 outlook encouraging as Europe itineraries sell well

Details: Written by Kari Reinikainen Kari Reinikainen; Category: Top Headlines Top Headlines; Published: 24 October 2014 24 October 2014

Royal Caribbean Cruises Ltd. (RCCL), the world’s second largest cruise shipping company, said the both Europeans and Americans are keen to book 2015 European cruises and that the outlook for next year is encouraging

The company is experiencing strong early booking trends for 2015. “Booked load factors and APDs are higher than same time last year and the booking window has extended. Europe sailings are off to a particularly good start, with strong booking trends from North America and from Europe. Caribbean pricing pressure continues through the first quarter, but we expect it to improve thereafter,” the company said in a statement.

“It is early days yet, but the view looking forward is very encouraging and the company is optimistic that 2015 will be the sixth consecutive year for yield growth. The company has sufficient visibility into 2015 to say that it is comfortable with the Street consensus of $4.55 per share. That would represent more than a 30% increase over this year's record profitability,” RCCL said.

"We anticipate another record year in 2015, an important step on the way to DOUBLE-DOUBLE," said Richard D. Fain, chairman and chief executive officer. "Our strategy continues to drive better revenues, and coupled with cost discipline and moderate growth, we will continue to excel."