Top Headlines
RCCL closes $3.32 billion private note offerings
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- Written by Kari Reinikainen Kari Reinikainen
- Category: Top Headlines Top Headlines
- Published: 20 May 2020 20 May 2020
Royal Caribbean Cruises Ltd. (RCCL), the world’s second largest cruise shipping group, said it has closed two private offerings of senior secured notes totalling at $3.23 billion.
The first offering was of $1.0 billion aggregate principal amount of 10.875% Senior Secured Notes due 2023 and the second one of $2.32 billion aggregate principal amount of 11.500% Senior Secured Notes due 2025.
The 2023 Notes will mature on June 1, 2023. The 2025 Notes will mature on June 1, 2025 and are redeemable at the Company's option beginning June 1, 2022.
“The Notes and the related guarantees will be secured by 28 of the Company's vessels and material intellectual property of the Company. The obligations under the Notes and the related guarantees will be secured by the collateral in an amount not to exceed permitted capacity under the Company's existing indebtedness,” the company said in a statement.
RCCL said it had used the net proceeds from the offering of the Notes to repay its $2.35 billion 364-day senior secured term loan agreement with Morgan Stanley Senior Funding, Inc., as the administrative agent and collateral agent and the other lenders party thereto, entered into on March 23, 2020. It expects to use the remainder of the net proceeds for general corporate purposes, which may include repayment of additional indebtedness.
De Hoop defies the odds: Silversea prepares to take delivery of Galapagos-bound Silver Origin
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- Written by Teijo Niemelä Teijo Niemelä
- Category: Top Headlines Top Headlines
- Published: 19 May 2020 19 May 2020

Silversea Cruises prepares to take delivery of new ship Silver Origin, following a great display of resilience, determination and fine European craftsmanship from Dutch shipyard De Hoop. Despite of the global lockdown, De Hoop implemented rigid safety procedures, reduced its workforce, and devised ingenious ways to overcome posed challenges, including a world-first during the ship’s sea trial.
200 skilled professional giving 100% effort
On March 15, 2020 – four days after coronavirus was declared as a global pandemic—the Netherlands implemented a national lockdown, and the country ground to a halt to safeguard the health of its people. Relatively isolated in Lobith, a remote corner of the Netherlands, De Hoop shipyard offered its approximately 250 employees the option to cease working.
While many were forced to return to their families or to their country of origin before borders closed, approximately 200 employees – mainly skilled carpenters – opted to continue, working tirelessly to apply their craftsmanship to the ship’s guest suites. Many employees were accommodated in an on-site residential facility, Barge Rossini, which had a reduced capacity from 200 to 100 for safety purposes.
In addition to the rigorous protocol imposed by the Dutch health authority, RIVM, De Hoop’s professionals were protected by sanitary procedures developed by the shipyard itself: they underwent daily temperature checks; enhanced cleaning procedures were established in the living quarters, the crew mess, and throughout Silver Origin; and strict social distancing measures were implemented, including a 1.5m separation rule and a one-way system throughout the ship.
As a result, contact circles were reduced, meetings were cancelled, and fewer people were allowed in each area of the ship. Video calls replaced face-to-face conversations, as flights were cancelled and contractors could no longer reach the yard. Necessary supplies were cut off: carpeting, loose furniture and the onboard art collection were delayed in arriving, while the closure of Italy disrupted the installation of the ship’s windows and galley. The stringent lockdown threatened the project’s progress.
Small hurdles became giant obstacles, but still the team persevered and as the world around it came to a stop, De Hoop pushed on. The shipyard fundamentally changed the way it operated to continue the project. None of the employees caught the virus and the team maintained an unwaveringly strong spirit as Silver Origin took its magnificent shape, symbolising the resilience and craftsmanship of European industry.
Remotely operated sea trials
While shallow waters on the Waal River delayed Silver Origin's float out from November to December 30, 2019, the months of January and February brought heavy rain to Western Europe in 2020, leading to unusually high water levels. This prevented Silver Origin and Barge Rossini from passing beneath the 12 bridges that separate De Hoop Shipyard from the sea. Only on March 26 was a safe passage to Rotterdam accessible – more than a month later than originally planned. This left just four weeks between arrival in Rotterdam and the sea trial.
Held from April 27th–29th off the coast of Goeree-Overflakkee, Silver Origin’s sea trials were a great success, offering the Captain the chance to put the ship through its paces and enabling the shipyard to demonstrate proper operation of the machinery systems.
Necessitated by the travel ban, which prevented sub-contractors from reaching the ship, Silver Origin’s sea trials included a historic world-first: during the dynamic positioning acceptance test – which tests the ship’s ability to remain within 10cm of a fixed point without dropping anchor – the ship’s dynamic positioning system was remotely tuned and calibrated by a third party in St. Petersburg, Russia – over 1,800km away. A fast internet connection was set up on board to enable near-instant communication between both parties and, using a headset and a camera, an operative from St. Petersburg completed manoeuvring tests. The ship’s Captain, meanwhile, acted as his lookout from on board.
“This was the first time such an operation has been completed remotely during a sea trial,” says Fre Drenth, the Director of De Hoop Shipyard. “The tuning was successful and took no longer than usual. It demonstrates that it is possible to tune dynamic positioning systems remotely. It could potentially save a lot of travelling time for engineers in the future. I am enormously proud of my team for their work.”
“We usually have a large team that participates in the sea trials, but this year was different because of the extraordinary situation,” says Vesa Uuttu, Director of Newbuilds & Site Office NL, Royal Caribbean Cruises Ltd. “Hence, a limited team participated – enough to comply with regulations. It was a proud moment to see the ship perform as it did – for all involved, especially the team at the De Hoop Shipyard who have worked tirelessly to complete the project in these tough circumstances.”
The finishing touches
“We are so grateful to the professionals at the De Hoop shipyard,” says Roberto Martinoli, Silversea’s President and CEO. “In the face of such adversity, their efforts were extraordinary and represent the resilience of European industry. Silver Origin looks magnificent. Our pioneering new ship represents the dawning of a new age of travel in the Galapagos Islands and we look forward to welcoming guests aboard when the time is right.”
The finishing touches are now being applied to Silver Origin, ahead of the ship’s delivery in the coming weeks. And the De Hoop team is still finding innovative ways to progress, in spite of the challenging circumstances. Currently docked in Pernis in the Netherlands, Silver Origin will set sail for the Galapagos Islands after being delivered to Silversea Cruises. 45 members of De Hoop’s workforce remain on Barge Rossini, and the shipyard intends on maintaining their strict new sanitary protocols for the long-term.
Silversea Cruises is using this time of pause, as well as the information that has become available, to improve its already exceptional sanitary standards further still, with the health and safety of guests and crew as the top priority. The cruise line is currently working on enhanced sanitary protocols across its fleet to ensure that all necessary precautions are in place to resume safe and healthy cruising when the time is right.

Nassau Cruise Port raises over $130 million through bond issue
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- Written by Teijo Niemelä Teijo Niemelä
- Category: Top Headlines Top Headlines
- Published: 18 May 2020 18 May 2020

Nassau Cruise Port Ltd. has announced that it has successfully raised over $130 million through its private bond offering. The bond offering was launched on May 4 and closed on Friday, May 15, 2020. Colina Financial Advisors Ltd. (CFAL), the lead placement agent for the bond issue, has confirmed that the offering was oversubscribed.
Mike Maura, Jr., CEO of Nassau Cruise Port, shared his appreciation for the support and confidence of so many investors and stakeholders during these difficult times. “We wish to thank the many investors who recognize the national importance of this project and have given us their backing. We are also very grateful for the assistance of the Central Bank of The Bahamas and the Securities Commission of the Bahamas, whose extensive support helped to make this effort so successful. Through construction and other requirements, our project will immediately produce much-needed jobs and support the creation of small and medium-sized businesses.”
“During these unprecedented times,” he continued, “this essential project will put food on the table for many Bahamians who didn’t know how they were going to feed their families in the weeks and months to come.” A 2018 economic impact assessment conducted by KPMG concluded that the project would have a $300 Million impact on the Bahamian economy during the development phase and a $15.7 Billion contribution over the 25-year concession period.
“From an industry perspective,” Maura, Jr., continued, “our project is critically important. Our success is a signal to our tourism partners that the Bahamian tourism industry, and specifically Bahamian cruise tourism, will continue to thrive. Moving forward on this project puts The Bahamas miles ahead of our competitors, who will be challenged to offer a product to rival our exceptional port and waterfront experience. With the support of our key stakeholders, this project will exponentially improve the circumstances of thousands of Bahamians.”
Anthony Ferguson, President of CFAL, shared details about potential plans to accommodate more investors. “We received a considerable amount of interest from Bahamians who sought to participate in this phase of the fund raising but wanted to come in at a lower minimum threshold or to invest as a part of a group. We are considering alternative options that will give those who missed this opportunity a chance to invest with a slightly different framework. We’ll share that information once we have more details.”
The redevelopment of the port facility will occur in three phases. The first phase of the project, which involves the demolition of current buildings and structures, is underway. Phase two, commences within 60 days, and involves completing the marine works, which includes material purchases, an expansion of the berthing capacity of the port, and upgrades to existing infrastructure. In phase three, we will complete the landside works, including the new arrivals terminal and plaza, Junkanoo Museum, retail Market Place, amphitheater, and other food and beverage and entertainment spaces. The funds raised through the most recent bond offering will be used to support the work of phases one and two. In the second quarter of 2021, we will launch an initial public offering (IPO) to raise equity through investment in the Bahamas Investment Fund (BIF) and to raise additional debt to finalize the project. Through the IPO, thousands of Bahamians will have an opportunity to invest in BIF, facilitating broad-based Bahamian ownership in the project.
“In the meantime,” Maura, Jr., advised, “We are preparing diligently for the recovery of the tourism industry and the return of millions of cruise passengers. We do not know exactly when they will be back, but we are in constant communication with local and international cruise partners to ensure that we stay ahead and are prepared. In addition to moving forward with our construction efforts, our significant priority is to protect our visitors, staff members, and community. We’re actively working with our partners to devise comprehensive strategies to make visiting Nassau a safe, pleasant experience for everyone involved.”

Test setup for the longest roller coaster at sea
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- Written by Teijo Niemelä Teijo Niemelä
- Category: Top Headlines Top Headlines
- Published: 17 May 2020 17 May 2020

Last October, Dream Cruises and Maurer Rides announced the world's longest roller coaster at sea on board the new Global Class cruise ship, Global Dream. The "Spike®-Coaster" type roller coaster – called Space Cruiser by Dream Cruises – will be the highlight of the "Dream Park at the Pier”, the very first theme park at sea. What was previously only possible with animations and graphics is now becoming reality as one of the most exciting cruise ship attractions to date is already being set up on land in advance for testing purposes.
In order to keep the assembly and commissioning time for the 2500-cabin cruise ship as short as possible, the roller coaster is currently being built for testing in the immediate vicinity of the MV Werften shipyards in Germany.
Marco Hartwig, Project Manager Maurer Rides explains why the construction on land is so important: "Among other things, the test setup will be used to test the installation methodology especially designed for ship assembly. Furthermore, the conductor rail and gear rack along the roller coaster track, which is necessary for the generation and transmission in the electric motor, can be installed on land in advance. This saves valuable time during the ship assembly. The aim is also to collect all the 93 support base points coordinates after the roller coaster has been completed and then forward them to the shipyard for preparation and positioning for the deck foundations. With the help of this elaborate procedure, we can ensure that the support base points on the deck of the ship are in the correct positions later.”
After the installation, three Spike® vehicles will be put into operation step by step and the system control will be thoroughly tested. Before the roller coaster leaves the test site in Güstrow, Germany, the system will be dismantled and transported to the shipyard for final assembly.
The first photos of the construction process show the scope and scale of the world's longest offshore roller coaster.
After leaving the station, the ride starts with an acceleration section followed by two closely spaced inclined 90-degree curves. The following two "camelbacks" provide a spectacular and breathtaking launch above the railing and the heads of the passengers, with a maximum speed of up to 60km/h (37 mph.) A 360-degree downward and upward helix form the end of the 303m (994 foot) long track before the vehicles reach the station again.
“Dream Cruises is extremely excited to be working with Maurer Rides to create this spectacular new attraction at sea on board Global Dream. We are thrilled with the progress of the construction of the roller coaster and are excited to unveil this ride to our guests when our ship launches,” said Michael Goh, President of Dream Cruises.

Carnival first half 2021 bookings within range – Donald
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- Written by Kari Reinikainen Kari Reinikainen
- Category: Top Headlines Top Headlines
- Published: 14 May 2020 14 May 2020
Bookings for the first half of next year with Carnival Corporation & plc group brands are within historical ranges and less than 38% of customers affected by schedule changes and cruise cancellations have opted to ask for a refund, President and CEO Arnold Donald said.
“It's also encouraging to note that the majority of guests affected by our schedule changes want to sail with us at a later date, with fewer than 38% requesting refunds to date,” he pointed out.
“Our booking trends for the first half of 2021, which remain within historical ranges, demonstrate the resilience of our brands and the strength of our loyal recurring customer base, of which 66% are repeat cruisers. In addition, we plan to stagger fleet reentry to optimize demand and operating performance over time," he said in a statement.
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