Top Headlines

UPDATE: Costa Concordia: go ahead to bring wreck on even keel tomorrow due this afternoon

Details: Written by Kari Reinikainen Kari Reinikainen; Category: Top Headlines Top Headlines; Published: 15 September 2013 15 September 2013

Parbuckling operations of the Costa Concordia will begin tomorrow, Monday 16 September; the Italian Civil Protection Department said

"Based on the weather-marine forecast for the Giglio Island issued by the Central Station of the Department of Civil Protection, in coordination with the Weather Forecast Station for the Tuscany Region at the LAMMA Consortium, Titan/Micoperi Consortium technicians confirm the possibility to go ahead with the operations tomorrow. In fact, the expected values for wind direction and force (inserire quello della previsione) and significant wave height (inserire quello della previsione) fall within the range of operating feasibility thresholds," it said in a statement.

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Decision regarding go ahead for work to bringi the wreck of the cruise liner Costa Concordia on even keel tomorrow will be made this afternoon, the Italian Civil Protection Department said in a statement.

The weather conditions will have to be right to allow the work to start at first dawn tomorrow morning. The wreck lies on its starboard side at an angle of about 80 degrees at the island of Giglio. The vessel ran aground there on 13 January last year.

"The first date useful for the rotation of the Concordia is fixed at six o'clock in the morning of Monday, September 16th. However, weather conditions have to be favourable. The final decision about the beginning of operations will be therefore communicated by 2 pm of the previous day," the Civil Protection Department said.

At this point, the aim is to bring the vessel on even keel on the seabed plus a metal structure built under the vessel. The plan is to refloat the wreck at a later stage, after a sponson has been built also on the starboard side of the wreck.

Carnival Cruise Lines launches groundbreaking new 'Great Vacation Guarantee'

Details: Written by Teijo Niemelä Teijo Niemelä; Category: Top Headlines Top Headlines; Published: 12 September 2013 12 September 2013

Carnival Cruise Lines today unveiled an unprecedented new program that offers consumers a one-of-a-kind, hassle-free money-back guarantee when booking a Carnival cruise vacation. Designed to provide consumers with complete peace of mind, the “Great Vacation Guarantee” allows guests to end their voyage early and receive a 110 percent refund plus complimentary transportation home, along with a $100 shipboard credit for a future cruise, should they be dissatisfied with their cruise for any reason.

“We are proud to carry nearly 4.5 million satisfied guests each year and are very confident in the quality of the vacation experience we provide on board the 24 ships of Carnival Cruise Lines,” said Gerry Cahill, Carnival president and CEO. “The ‘Great Vacation Guarantee’ is designed to provide an assurance to those consumers who may be considering a cruise that we stand behind our product and, if they are dissatisfied for any reason, they have a simple and hassle-free means for receiving a full refund and more.”

To exercise the “Great Vacation Guarantee,” guests simply notify the ship’s guest services desk within the first 24 hours of the voyage to receive a full refund of their cruise fare plus an additional 10 percent, along with complimentary return air transportation from the next port of call, and complimentary ground transportation and hotel accommodations (if necessary), along with a $100 shipboard credit to be used on a future Carnival cruise. Carnival will fully handle all the necessary travel arrangements to make it a truly hassle-free experience.

The “Great Vacation Guarantee” is valid on all three- to eight-day voyages to The Bahamas, Caribbean, Mexican Riviera, Alaska, Canada and New England departing through April 30, 2015. The program applies to U.S. and Canadian residents only and guests must possess a valid passport to return to the U.S. by air.

Carnival is promoting the “Great Vacation Guarantee” through its travel agent partners, as well as a special section on its web site at www.carnival.com/vacationguarantee, and through ads in major market U.S. newspapers and online.

RCCL shares leap, dividend increase “interpreted as signal”

Details: Written by Kari Reinikainen Kari Reinikainen; Category: Top Headlines Top Headlines; Published: 12 September 2013 12 September 2013

Shares in Royal Caribbean Cruises Ltd. (RCCL) staged strong gains in heavy trade in Oslo on Thursday morning after the company had more than doubled quarterly dividend to $0.24 per share from $0.12.

The shares had risen 3.7% to NOK238.80 at mid-morning, local time. Volume was heavy, with about 336,000 shares having changed hands, markedly more than the 240,000 three month average daily figure.

“RCCL is not a dividend case, but you interpret that (the dividend increase) as a signal,” Kenneth Sivertsen cruise industry analyst at Arctic Securtities in Oslo, was quoted by imarkedet.no business news website as saying. The higher dividend sends a strong signal that return on equity would be good going forward, he stated.

RCCL more than doubles quarterly dividend, appoints lead director

Details: Written by Kari Reinikainen Kari Reinikainen; Category: Top Headlines Top Headlines; Published: 12 September 2013 12 September 2013

Royal Caribbean Cruises Ltd. (RCCL), the world’s second largest cruise shipping group, says its board of directors had named its first lead director, approved a plan to replace staggered terms for directors with annual election, and more than doubled the quarterly dividend on its common shares.

The moves, which were approved unanimously at the board’s 11 September meeting, reflect the board’s continuing efforts to enhance its corporate governance structure and drive long-term value creation for its shareholders, the company said in a statement.

The quarterly cash dividend to was increased to $0.25 per common share, payable 8 October to shareholders of record 24 September. The previous level was $0.12 per common share.

“Dividends are an increasingly important component of total shareholder return. This dividend increase was made possible by our profitability improvement program and our improving financial position. It reflects our confidence in our ability to grow our investment returns into the future, given strengthening results and modest capacity growth,” RCCL chairman and ceo Richard Fain said in the statement.

The board elected William L. Kimsey as its lead director. Mr. Kimsey, who is the former chief executive officer of Ernst & Young Global, Ltd., has served on the board since 2003 and is Chairman of the company’s Audit Committee. Kimsey also serves on the board of directors of Accenture PLC and Western Digital Corporation.

As lead director, he will be the liaison between the board’s non-management members and Fain. He will preside at meetings of the non-management directors, will advise and approve the content and scheduling of board meetings and discussions, and will be available for discussion with major shareholders.

Said Fain: “I’m delighted that Bill Kimsey has agreed to become our lead director. He’s been a consistent source of wise counsel, and his voice will be even more important as we move forward.”

Said Kimsey: “I am pleased by the steps our board has taken to further enhance our corporate governance, and I look forward to working with my fellow directors and management to improve shareholder value.”

The board of directors also adopted changes to its bylaws as a result of which candidates elected to the board will serve one-year terms, and will stand for re-election annually thereafter, effective with the slate of directors to be elected at the company’s 2014 annual meeting. This implements a proposal adopted by shareholders at the company’s May 2013 annual meeting.

Today’s actions demonstrate the company’s commitment to continuous improvement in its corporate governance practices following the 2011 termination of the Shareholders’ Agreement between Royal Caribbean’s two largest shareholders, A. Wilhelmsen & Co and Cruise Associates. Under that agreement, the two groups exercised effective control of the company, with key decisions – including the selection of directors, the choice of top management, and the approval of major capital expenditures – made at the discretion of the two shareholders.

“The board’s decisions affirm our focus on robust corporate governance. These steps are a sensible progression forward from our earlier governance structure,” said Tom Pritzker, chairman of the company’s nominating and corporate governance committee.

Brazilian cruise market suffers hard as economy slows down

Details: Written by Kari Reinikainen Kari Reinikainen; Category: Top Headlines Top Headlines; Published: 09 September 2013 09 September 2013

The Brazilian cruise market is suffering hard in tandem with slowdown of the country’s economy that until recently fired on all cylinders on raw materials boom.

The number of cruise vessels expected to operate from Brazilian ports will fall to 11 in the 2013/14 season, a sharp reduction from 15 in 2012/13, 17 ships in 2011/12 and 20 vessels in the 2010/11 season, says CLIA Abremar, the cruise industry organisation in South America’s largest country.

The latest reduction in deployments came last month, when Iberocruceros said its Grand Mistral would not operate from Brazilian ports in the coming Austral summer season; instead the vessel would be transferred to the Costa Crociere group, another member of the Carnival Corp & plc group.

In August, Finance Minister Guido Mantega reduced 2013 growth targets to 2.5% from an already reduced 3.0%, and for 2014 down to 4.0% from 4.5%. The country’s central bank raised its key interest rate to 9% from 8.5%, also last month, to fight inflation that currently runs at 6.1% per annum. The real lost a fight of its value against the dollar from the beginning of the year to the end of August as the country’s raw materials export led economy cooled, the BBC reports.

Most of the cruises from Brazilian ports are between three and nine nights in duration and there will be 27 departures fewer in the coming season than a year before. By contrast, the Argentine market is expected to grow by a quarter in the coming season and MSC Poesia and Grand Celebreation will only operate from Buenos Aires during their forthcoming South America seasons, CLIA Abremar said.