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 November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Madsen to Chair Norway’s Research Council Executive Board

Henrik O. Madsen appointed chairman of the executive board of the Research Council of Norway   DNV GL president and CEO Henrik O. Madsen was appointed as chairman

Port of Houston Expecting Record Year

The Port of Houston Authority is expecting 2014 to close as a banner year for the port, with 34 million tons of cargo handled through November, Executive Director

Hapag-Lloyd Completes CSAV Merger Capital Increase

Hapag-Lloyd completed the planned capital increase of EUR 370 million (approximately $452.5 million) as part of the business combination with the Chilean shipping

Cruise Ship Trends

Port of Houston Expecting Record Year

The Port of Houston Authority is expecting 2014 to close as a banner year for the port, with 34 million tons of cargo handled through November, Executive Director

Duffy Named President of Carnival Cruise

Carnival Corporation & plc., the world’s largest travel and leisure company, today announced that Christine Duffy has been named president of Carnival Cruise Line,

Fincantieri Wins Carnival Cruise Ship Order

Fincantieri SpA has been awarded an order by Carnival Corporation & plc for the construction of two new cruise ships for Carnival Cruise Line and Holland America Line.

Ports

Fighting for Ports Escalates in Libya

Military planes loyal to Libya's recognised government attacked on Sunday an opposing force that is seeking to seize the country's two biggest oil ports, officials said.

Port Workers in Argentine Grain Hub End Strike

Port workers in part of the Argentine grains hub of Rosario lifted a work stoppage on Friday, only a day after they went on strike over demands for higher year-end bonuses, a union official said.

Port of Houston Expecting Record Year

The Port of Houston Authority is expecting 2014 to close as a banner year for the port, with 34 million tons of cargo handled through November, Executive Director

Finance

Oil is on the Rise

Oil prices rose in early trading on Monday as Asian markets opened strongly into a holiday-shortened week and as consensus spread that Brent crude prices would

Larger Tankers May Offer Better Return Chances

Investors looking for returns in the tanker markets can invest their capital in a variety of ways. Should an owner invest in a VLCC or an Aframax? How about an

US Plans to Shut Royalty Loophole on Coal Exports

U.S. coal companies will no longer be able to settle royalties at low domestic prices when they make lucrative sales to Asia according to reforms proposed by the Interior Department on Friday.

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.3076 sec (3 req/sec)