News

P&O Cruises, Meyer Werft in talks about completion of Iona

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

P&O Cruises and Meyer Werft are in talks regarding the completion of the 185,000 gross ton newbuilding Iona, after the German shipbuilder last week said work on the ship would not proceed as planned because of the coronavirus outbreak.

P&O Cruises president Paul Ludlow said in a statement: “We are working with the team at the shipyard to see exactly how this will impact upon Iona’s delivery.”

“We are all so sorry for the disappointment this will cause to everyone and particularly those guests who had booked Iona’s maiden voyage.”

All guests with a holiday booked up to and including May 15 this year will automatically receive a future cruise credit of 125%.

“Thank you to all our guests who have taken advantage of the future cruise credits and re-booked with us – we really appreciate the loyalty they have shown and we cannot wait to welcome them back on board,” Ludlow stated.

TUI Group receives 1.8 billion euro bridge loan

Details: Written by Teijo Niemelä Teijo Niemelä; Category: Top Headlines Top Headlines; Published: 28 March 2020 28 March 2020

TUI AG has received the approval of the German government for a bridging loan of 1.8 billion euros from the KfW. The funds of Germany’s state-owned development bank are to be used to increase TUI's existing credit line with its banks amounting to 1.75 billion euros (Revolving Credit Facility). The KfW bridge loan is subject to the approval of the banks. Talks on this have already started and will be continued after today's decision. One of the conditions of the KfW bridge loan is that TUI waives dividend payments for the duration of the bridge loan. This would give TUI access to financial resources and credit lines totaling 3.1 billion euros at the present time.

Fritz Joussen, CEO of TUI Group said, “The commitment of the KfW bridge loan is an important first step for TUI to successfully bridge the current exceptional situation. Our thanks go to the German Federal Government, the German parliament, the Government of Lower Saxony and KfW. They have acted quickly and in a solution-oriented manner in the interest of our customers, employees and the company.”

TUI had decided to apply for the KfW bridging loan to cushion the unprecedented effects of the COVID 19 pandemic until normal business operations could be resumed. Following travel restrictions and travel warnings from almost all countries, the Group had to suspend its touristic offers in mid-March, including packaged tours, cruises, and hotel operations, until further notice.

Joussen: “TUI is a very healthy company. We were economically successful before the crisis and will be again after the crisis. Our business model is intact and we have over 21 million loyal customers. However, we are currently facing unprecedented international travel restrictions. As a result, we are temporarily a company with no product and no revenue. This situation must be bridged.”

In the past financial year 2019, TUI Group generated a turnover of around 19 billion euros and operating results of 893 million euros, including the costs of almost 300 million euros for the flight ban on the Boeing 737 MAX. Excluding the costs from the flight ban, operating results were at the level of the record year 2018 (1.2 billion euros). At the beginning of February 2020, bookings for the current summer were 14 percent higher than previous year. January 2020 was the strongest booking month in the company's history.

Celebrity Cruises takes virtual delivery of Celebrity Apex

Details: Written by Teijo Niemelä Teijo Niemelä; Category: Top Headlines Top Headlines; Published: 28 March 2020 28 March 2020

Celebrity Apex is a sister ship for Celebrity Edge, delivered in 2018

In what may be the first virtual delivery of a cruise ship, on March 27 Celebrity Cruises executives accepted official command of Celebrity Apex, the second ship in the line’s highly acclaimed Edge class, via video conference with officials from Chantiers de l'Atlantique shipyard.

In keeping with tradition, Captain Dimitris Kafetzis ordered the exchange of the French and American flags, while each country’s national anthem played in the background.

“Every delivery is unique just as every ship is unique. While the circumstances are quite unique right now, it’s fitting that such an innovative ship as Celebrity Apex would have a digital-age delivery,” said Lisa Lutoff Perlo, president and CEO, Celebrity Cruises. “The day is every bit as meaningful because I know the dedication and commitment from the shipyard team, the onboard crew and our Celebrity shoreside team that went in to bringing this ship to life. Celebrity Apex is a magnificent ship and I am so proud to welcome her into our family.”

“We had the honor of building the first Edge series ship, Celebrity Edge, and so many wonderful ships throughout our partnership over the years. Celebrity Apex is exceptional, and we know she will be well-received and enjoyed for many years to come,” stated Laurent Castaing, General Manager, Chantiers de l'Atlantique.

“I look forward to calmer waters when we can welcome guests aboard the newest addition to our beautiful fleet. I have great anticipation for her first sailing out of Barcelona on May 20th,” Lutoff-Perlo added.