News

Fincantieri delivers its 100th cruise ship in 30 years

Details: Written by Teijo Niemelä Teijo Niemelä; Category: Top Headlines Top Headlines; Published: 30 September 2020 30 September 2020

A live video message was sent by the Italian Prime Minister Giuseppe Conte to celebrate the delivery at Monfalcone shipyard of Enchanted Princess to Princess Cruises, a Carnival Corporation & plc brand. It is the 100th cruise ship delivered by Fincantieri in the last thirty years.

The ceremony was virtually attended, from the United States, by Micky Arison, Chairman of Carnival Corporation, Arnold Donald, President and CEO of Carnival Corporation, Stein Kruse, Group CEO of Princess Cruises, Holland America Line, Seabourn, Carnival Australia and Carnival UK, and Jan Swartz Group President of Princess Cruises and Carnival Australia. Fincantieri was represented by Giuseppe Bono, CEO, while Giampiero Massolo, Chairman, was remotely connected.

Enchanted Princess is the 18th unit built by Fincantieri for Princess Cruises at Monfalcone shipyard. This new unit, with 145,000 gross tons and accommodation on board for 4,610 passengers in 1,830 cabins and 1,411 crew members, represents an evolution of the successfully delivered sister ships – Royal Princess, Regal Princess, Majestic Princess and Sky Princess, all built from the same shipyard starting from 2013 onwards. This class introduced a “new generation” of ships that was warmly welcomed by cruise passengers. The upcoming unit of the same class, Discovery Princess, is to be delivered in 2021.

Enchanted Princess, like its sister ships, represents a leading technological model in Europe and worldwide thanks to its innovative layout, outstanding performances and top quality of its state-of-the-art technology. This project once again demonstrated that innovation and customer care are pivotal in confirming Fincantieri as market leader, further consolidating its historic partnership with Carnival Group, the world's largest cruise ship operator.

“With the delivery of Enchanted Princess, we officially welcome her into the Princess family and recognize the strong bond between Carnival Corporation, Princess Cruises and Fincantieri, our long-standing shipbuilder partner,” said Jan Swartz, President of Princess Cruises. “Fincantieri shares the Princess spirit of delivering the highest level of excellence, and we know they will also share in our enthusiasm and pride when the ship welcomes its first guests”.

Giuseppe Bono, CEO of Fincantieri, stated: “Enchanted Princess is a special ship: she is, indeed, the first cruise ship we delivered after COVID-19 outbreak and the 100th ship built by Fincantieri in the last 30 years. We believe she demonstrates the best ability to tackle the hardest times with passion and commitment, as well as the historic resilience of our industry. Hence, I wish fair winds and following seas to this newly-built jewel, to our Princess Cruises friends with whom we have worked together successfully, and to all of the cruise industry workers, trusting that the recovery has already begun”.

The partnership between Monfalcone shipyard and Princess Cruises will continue with two next-generation cruise ships. These will be the largest built in Italy with a 175,000 gross tons, expected to be delivered at the end of 2023 and in spring 2025. The vessels will accommodate approximately 5,300 guests and will be the first – in the owner’s fleet – dual-fuel ships primarily powered by Liquefied Natural Gas (LNG).

Fincantieri has built 100 cruise ships since 1990 (70 of which for Carnival Corporation), and other 44 ships are currently being designed or built in the Group’s yards.

Meyer Werft delivers Spirit of Adventure

Details: Written by Teijo Niemelä Teijo Niemelä; Category: Top Headlines Top Headlines; Published: 30 September 2020 30 September 2020

The Spirit of Adventure, the second new cruise ship for the British cruise line Saga Cruises, was handed over yesterday in Emden by Meyer Werft.

Meyer Werft was thus able to deliver the new cruise ship a few weeks after the Ems passage. The Corona crisis had caused these important milestones to be postponed.

"Despite all the adversities in the last few months caused by the corona pandemic, we were able to complete both the construction in Papenburg and the testing and commissioning of the ship within a manageable time frame. This is mainly due to the good partnership with Saga Cruises, our partners and the commitment of our teams, who completed the ship with dedication and know-how," says Thomas Weigend, Managing Di-rector of Meyer Werft.

The Spirit of Adventure is characterised by an environmentally friendly and resource-saving design. Like her sister ship Spirit of Discovery, an eSiPod drive from Siemens is used. With a length of 236 metres, a width of 31.2 metres and 999 passengers, she is one of the smaller and more exclusive cruise ships.

TUI AG receives second €1.2 billion government lifeline

Details: Written by Kari Reinikainen Kari Reinikainen; Category: Top Headlines Top Headlines; Published: 30 September 2020 30 September 2020

The Hannover based tour operator TUI Group said it has fulfilled another condition for the provision of a second stabilisation package by the German federal government that provides it with liquidity to survive over the forthcoming winter.

“Following the approval by the holders of the Senior Notes to waive certain bond conditions at the beginning of September, the German Economic Stabilisation Fund (Wirtschaftsstabilisierungsfonds, WSF) has now subscribed to the Group's warrant bond with a volume of 150 million euros as planned. Both conditions had to be fulfilled by 30 September 2020,” the company said in a statement.

TUI has a 50% stake in TUI Cruises, including Hapag-lloyd Kreutzfahrten, in Germany and owns in full Marella Cruises in the UK. It has a major network of travel shops in many countries and it is a major retailer of cruises of other lines as well.

With the proceeds from the bond with warrants and the increase in the KfW credit line of €1.05 billion, TUI Group will have a further 1.2 billion euros at its disposal. Including this second stabilisation package, TUI will then have financial resources of around €2.0 billion. The package ensures sufficient liquidity to cover the seasonal fluctuations over winter 2020-21 and also strengthens the Group's position in the current volatile market environment.

Fritz Joussen, CEO of the TUI Group: "We continue to operate in a very volatile market environment. Travel advice and travel disruptions in our markets and destinations are constantly changing. There are still significant restrictions on worldwide travel through COVID-19 and on our business.”

“This makes planning more difficult and requires enormous flexibility from tour operators. The increased stabilisation package with government loans will above all secure liquidity during the pandemic. We have to bridge this period without any significant turnover and at the same time accelerate the restructuring for the post-COVID-19 period.”

“TUI will become more digital and efficient. In addition, we want to continue to set standards for more sustainability in tourism in the future, even if the current focus has to be on overcoming the crisis," Joussen said.

In March 2020, TUI received the commitment for an initial stabilisation package. The KfW tranche of 1.8 billion euros was used to top up TUI's existing bank revolving credit facility ("RCF"). Two conditions were met for the second stabilisation package: the existing creditors of the bond due in October 2021 waived a possible future limit on financial indebtedness. In addition, TUI is issuing a bond with warrants, which will be subscribed exclusively by the WSF.