Carnival Orders $500M Vessel for Princess

Monday, April 28, 2003
Princess Cruises will construct a new 116,000-ton cruise ship, a sister to the Caribbean Princess, which will be built at Fincantieri's Monfalcone yard. Built at an approximate all-in cost of $500 million, the new vessel is expected to be delivered in May 2006. By utilizing an existing hedge against the euro, the new Princess vessel will be built at approximately 92 cents to the euro versus the current exchange, which is approximately $1.10 today. In addition, the company has reduced the number of Holland America's "Vista-class" vessels from five to four. Holland America's Vista-class includes the Zuiderdam, introduced last year, along with three other newbuilds scheduled to enter service through early 2006. "The addition of four Holland America 'Vista-class' vessels will result in a 59 percent capacity increase over a three-and-a-half-year period, which is a more rational growth rate for an up-market premium brand," said Micky Arison, chairman and CEO of Carnival Corporation & plc. The company has also stretched out the delivery of three cruise ships being constructed at Italy's Fincantieri shipyard. The vessels with adjusted deliveries include: Carnival Cruise Lines' Carnival Valor - delivery adjusted from Sept. 2004 to Dec. 2004; Cunard Line's Queen Victoria - delivery adjusted from Jan. 2005 to March 2005; and Holland America Line's fourth "Vista-class" vessel - delivery adjusted from Oct. 2005 to Jan. 2006. This realigned newbuilding schedule further demonstrates Carnival's flexibility, allowing it to maximize its newbuilding program especially when it encompasses multiple companies building ships at the same yard. "We're less than two weeks into the new Carnival/P&O Princess combination and we are already working on optimizing asset utilization to benefit the brands and maximize returns for the group," said Arison. "The reality is that we would have scheduled our deliveries differently had we been making decisions for this portfolio of brands two years ago. Slowing down the delivery schedule gives us a more rational and efficient timetable to absorb additional capacity. It is also a testament to our excellent relationship with Fincantieri, which has shown incredible flexibility in working with us in accommodating this new schedule. Eleven of our 17 newbuilds are under contract with Fincantieri and the level of cooperation they have demonstrated only serves to further strengthen our business partnership," Arison stated.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Technology

Nominations Open for SHIPPINGInsight Award

Nominations are now being accepted for the 2016 SHIPPINGInsight Award. The annual award will be presented at a gala luncheon on the opening day of the fifth SHIPPINGInsight

ABS: Sharpening its Global View

The American Bureau of Shipping (ABS), already one of the world’s well-regarded classification societies, recently restructured its ranks to meet the perpetually evolving needs of its customers.

Navico Makes its Commercial Push

Marine electronics group Navico, a literal ‘house of brands’ for the recreational, sail, power and commercial marine markets, is making a strong push in the commercial sector with its Simrad brand.

Cruise Ship Trends

HUMMEL LNG Hybrid Barge Begins Second Season

For over one year the HUMMEL has been contributing to improved air quality at the port of Hamburg. Becker Marine Systems’ LNG Hybrid Barge will also be supplying

Can Shipping Help Greece Ride out the Storm?

Greece is considered to be the world’s first ship-owning country in terms of tonnage. The Greeks are known to control 17.7% of world fleet and gaining share except in crude tankers.

Wallem Handles First Cruise Ship in Japan

Wallem’s Agency team in Japan recently welcomed the MSC Lirica on her maiden voyage. The cruise ship recently arrived in Fukuoka (Hakata) with 1,764 passengers

 
 
Maritime Security Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1040 sec (10 req/sec)