Top Headlines

RCCL plunges to $3.6 million second quarter net loss on weak Europe

Details: Written by Kari Reinikainen Kari Reinikainen; Category: Top Headlines Top Headlines; Published: 26 July 2012 26 July 2012

Royal Caribbean CruisesLtd (RCCL), the world's second largest cruise shipping gropup, has reported a second quarter net loss of $3.6 million, or 0.02 per share, compared to a profit of $935 million, equal to $0.43 per share, in the same peruiod lsst year.

"Since the company's April guidance, the strengthening of the U.S. Dollar and decreases in fuel pricing have essentially offset one another. Business demand remains solid in the Caribbean and Asia, but larger than anticipated discounting has been required in Europe which has resulted in a one percentage point decline to the midpoint of the company's Constant-Currency Net Yield expectations for the year. The company has been able to offset more than half of the yield declines through additional spending reductions,'"RCCL said in a statement.

Looking ahead to the third quarter, RCCL said Net Yields are expected to decrease between (1%) and (2%) on a Constant-Currency basis and approximately (5%) on an As-Reported basis. Earnings per share are expected to be within a range of $1.40 to $1.50.

For the full year 2012, Net Yields are expected to increase 2% to 3% on a Constant-Currency basis and be between flat and up 1% on an As-Reported basis. Earnings per share are expected to be within a range of $1.70 to $1.80. "The steady drumbeat of negative news emanating out of Europe is certainly having an impact," said Richard D. Fain, chairman and chief executive officer. Fain continued, "As a result, we are seeing pluses and minuses in the different geographical markets – North America is holding up reasonably well; Asia is a big plus; but Europe is a pretty consistent minus. Overall we have seen about a 100 basis point drop in our yield projections, but we expect to offset over half of this decline with lower spending."

Viking Ocean Cruises firms the newbuilding contract with Fincantieri

Details: Written by Teijo Niemelä Teijo Niemelä; Category: Top Headlines Top Headlines; Published: 12 July 2012 12 July 2012

Viking Ocean Cruises and Fincantieri, world leader in the construction of cruise vessels, have signed a contract for the construction of two super luxury cruise ships.

Representing Viking Ocean Cruises was the company’s Chief Executive Officer, Torstein Hagen while Fincantieri was represented by its Chief Executive Officer, Giuseppe Bono.

At 47,000 gross tones with 472 cabins for a total passenger capacity of 944, the two vessels are destined to serve the market of smaller super-luxury ships. Delivery is scheduled for early 2015 and early 2016.

A crucial factor in Fincantieri’s successful bid was Export Banca, the system set up by SACE, Cassa depositi e prestiti and Simest to support Italian exports which enabled Fincantieri to offer the shipowner an attractive technical, commercial and financial package.

The signing of this important agreement is proof that the Italian system is competitive and able to offer effective solutions for the export of capital goods, even in today’s turbulent financial markets.

Furthermore, Fincantieri and Viking are discussing further high profile joint projects, not only in the ocean cruise segment but also in the river cruise segment, in which Viking River Cruises is world leader.

Daniel Hanrahan resigns as President and CEO of Celebrity Cruises

Details: Written by Teijo Niemelä Teijo Niemelä; Category: Top Headlines Top Headlines; Published: 11 July 2012 11 July 2012

After 13 years of successful service with Royal Caribbean Cruise Ltd., Daniel Hanrahan, President and CEO of Celebrity Cruises, announced today he will be leaving at the end of July to take an exciting new opportunity.

"While leaving Celebrity isn't easy for me, I am very proud of what we have been able to accomplish the last seven years," said Hanrahan. "The delivery of Celebrity Solstice in 2008 changed what was a great brand into the finest premium cruise line in the industry. In four years, we took delivery of five new ships, 'Solsticized' the Millennium class, repositioned the brand around 'Modern Luxury', achieved record high guest ratings and won numerous awards as the best sales organization. Not to mention, we saw our profitability improve dramatically. To say I'm leaving Celebrity in good hands is an understatement. From our teams here in Miami and Wichita, to our crew members on Celebrity ships around the world, this is the finest group of professionals I have ever worked with. I know the Celebrity momentum will continue."

"Finally, I want to thank all the people of Celebrity for their support and help to me over the past years. I feel extremely fortunate to have had the wonderful opportunities our company provided. I'll always look back proudly on what we have accomplished and be thankful for all the wonderful people who have touched my life."

"Royal Caribbean has been very fortunate to have benefited from Dan's leadership and vision over the past 13 years," said Richard D. Fain, Chairman and CEO of Royal Caribbean Cruises Ltd. "Dan has made countless contributions to the company, such as leading the creation of the award-winning 'Get Out There' campaign for Royal Caribbean International, to transforming the Celebrity brand with the stunning Solstice Class fleet. I wish him nothing but the best as he moves on to the next phase of what I'm certain will continue to be a very successful career."

"Fortunately, Dan is leaving a very strong organization, and we are lucky to have great bench strength to continue our vision. While I am sorry to see Dan leave our family, with the strong base of the Celebrity organization and the continued support of the travel agent community, I know Celebrity's future is in good hands," added Fain.

Saga Ruby to retire from the Saga fleet at the beginning of 2014

Details: Written by Teijo Niemelä Teijo Niemelä; Category: Top Headlines Top Headlines; Published: 10 July 2012 10 July 2012

Saga Cruises has today announced that Saga Ruby, the last cruise ship built in the UK, will be retired from the Saga fleet at the beginning of 2014. Built in 1973 at Jarrow Shipyard on Tyneside, and with classic cruise ship lines, she has been a firm favourite amongst Saga cruisers. She will celebrate her 40th (ruby anniversary) by conducting one final Round the World Cruise as well as cruising to many of the ports she has visited throughout her long service, giving her loyal followers plenty of opportunity to say farewell to this much loved classic liner.

Robin Shaw, CEO Saga Shipping said: "Saga Ruby has delighted cruise-goers for some 40 years, but operating a ship of this age to meet the exacting standards we and others set is becoming an increasing challenge. We have therefore decided that she should be gracefully retired in 18 months. Saga Ruby will in her ruby anniversary year visit many of the ports where she been warmly welcomed over the years."

"We believe that Saga cruising has a great deal of potential and we have invested over the last few year well over £100 million on our fleet and we continue to look for opportunities to expand and improve our classic cruise experience."

Quest for Adventure, already in the Saga fleet will revert back to her former livery as Saga Pearl II after her published cruise calendar is complete.

Bridgepoint to acquire La Compagnie du Ponant

Details: Written by Teijo Niemelä Teijo Niemelä; Category: Top Headlines Top Headlines; Published: 03 July 2012 03 July 2012

Bridgepoint and CMA CGM Group with its parent company Merit have signed a formal agreement whereby Bridgepoint will acquire La Compagnie du Ponant.

The agreement will offer La Compagnie du Ponant the resources it needs to fulfil its ambitions, maintain its growth momentum and take its international expansion to a new level.

The parties have agreed to take until the end of August to finalise the transaction.