HK & Taiwan Launch Cruise Line Subsidy Fund

MarineLink.com
Tuesday, March 25, 2014
Asian cruise fund launch: Photo credit HK Tourist Board

The fund, which will take effect on April 1st, 2014, and run for three years, will be made up of contributions from participating ports and used to subsidize cruise companies to develop and market their cruise products. A major requirement is that cruise lines must deploy vessels to at least two participating ports or territories in a single itinerary.

HKTB Executive Director Anthony Lau said, "The launch of the fund marks a significant step towards regional cruise co-operation, which is vital if the industry is to successfully tap the potential created by the growing population of Asia's middle class and booming outbound travel over the next decade. We believe the fund will show our dedication and commitment to cruise tourism development and reinforce cruise operators' confidence in deploying more ships to Asia, benefiting not only the participating ports but also cruise lines and other industry stakeholders."

The fund organizers explain that Asia holds huge potential for the cruise industry. By 2030, around two-thirds of the world's middle-class population will be based in Asia, according to a recent report by the United Nations Development Program. This shift in population dynamics will present cruise companies with new opportunities, as the growing Asian middle class seeks out new ways to spend its leisure time. In view of this trend, Asian ports have been working together to promote and develop the region's cruise tourism and to encourage international cruise lines to explore the rapidly expanding market.

Philip Yung, Commissioner for Tourism of the Hong Kong SAR Government, said, "Given our geographic advantage, and riding on our existing infrastructure, Hong Kong has already proven it has everything it takes to be the cruise hub of Asia.  The Guangzhou-Shenzhen-Hong Kong Express Rail Link and the Hong Kong-Zhuhai-Macau Bridge, which are targeted for completion in the coming few years, will significantly improve the connectivity between Hong Kong and the Southern China. By working with neighboring ports in the region, we believe we can make Asia an opportunity too good to miss for international cruise companies – both as a destination and a rich source of potential passengers."

Dr. Wayne Liu, TTB Deputy Director-General, said, "We will collaborate to encourage more Asian ports to join the fund in order to accelerate the development of the region's cruise market and enhance the attractiveness of the region to cruise passengers."
 

Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

China Passes New Pollution Law, Will Cap Coal Consumption

Legislators have approved amendments to China's 15-year-old air pollution law that grant the state new powers to punish offenders and create a legal framework to cap coal consumption,

Marad Celebrates Deployment of Maritime Fuel Cell Project

The U.S. Department of Transportation’s Maritime Administration (MARAD) today celebrated the launch of field trials for the first prototype hydrogen fuel cell

Gazprom, OMV Meet on Establishing Nord Stream JV

At a Meeting held at the Gazprom headquarters between Alexey Miller, Chairman of the Company's Management Committee and Rainer Seele, Chairman of the Executive Board of OMV,

Ports

DP World Profit Up 22%

Global marine terminal operator DP World today announced strong financial results from its global portfolio of marine terminals for the six months to 30 June 2015,

Panama Canal Suspends Draft Restriction

The Panama Canal Authority (ACP) has lifted scheduled vessel draft restrictions brought on by lingering draught conditions in the region.   The ACP had previously set restrictions of 11.

Carnival Ramping Up in New Orleans

Carnival on track for record year from Port of New Orleans in 2015; expects to embark 3 millionth passenger post-Katrina next year   New Orleans’ number one cruise

Finance

TASI Acquires SignalFire Telemetry

TASI HOLDINGS INC. announced today it has completed the acquisition of all shares of SignalFire Telemetry, located in Hudson, Massachusetts.  This new acquisition

DP World Profit Up 22%

Global marine terminal operator DP World today announced strong financial results from its global portfolio of marine terminals for the six months to 30 June 2015,

Med Crude-Russian Urals Edges Lower in Med, Baltic

Russian Urals crude weakened in the Mediterranean and in the Baltic on Friday, while trading activity was limited ahead of a long holiday weekend in Britain, traders said.

 
 
Maritime Contracts Maritime Standards Naval Architecture Pod Propulsion Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar 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: 0.4744 sec (2 req/sec)