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 Today


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

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

People & Company News

List: Top Five UK Ship Owners

Following last week's landmark referendum results, VesselsValue has compiled a list of the top five U.K.-based shipowners and their total fleet value in USD billions.

FMC's Doyle Addresses VGM Rules

U.S. Federal Maritime Commission (FMC) Commissioner William P. Doyle issued a statement on the upcoming implementation of the SOLAS Convention’s verified gross mass (VGM) requirements:   On Friday,

Maritime Knowledge Hub Opens in the UK

Business owners across the U.K. wanting to drive growth in the maritime sector are being urged to engage with the newly opened Maritime Knowledge Hub in Birkenhead, Liverpool City Region.

Cruise Ship Trends

Lerwick Port Set to Receive Largest Cruise ship

Lerwick Harbour’s record-breaking cruise season will hit the first of several milestones this season on Thursday (30 June) with the arrival of Azura, the largest

New Port Academy Liverpool Unveiled at Grand Opening

LIVERPOOL City Region has launched a new  £2.5 million maritime training academy which it believes is the only one in the U.K. to create vitally needed skills and

Ovation Of The Seas Sets Sail From China

Royal Caribbean christened their third Quantum class cruise ship, Ovation of the Seas, to huge fanfare in a ceremony in Tianjin, China.   The event marked the

Ports

FMC's Doyle Addresses VGM Rules

U.S. Federal Maritime Commission (FMC) Commissioner William P. Doyle issued a statement on the upcoming implementation of the SOLAS Convention’s verified gross mass (VGM) requirements:   On Friday,

Lerwick Port Set to Receive Largest Cruise ship

Lerwick Harbour’s record-breaking cruise season will hit the first of several milestones this season on Thursday (30 June) with the arrival of Azura, the largest

LPG Carrier Makes First Commercial Transit through Expanded Panama Canal

On June 27, the expanded Panama Canal opened for commercial transit, and Lycaste Peace, a very large liquefied petroleum gas (LPG) carrier operated by NYK, was

Finance

Baltic Index Rises on Greater Vessel Demand

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Wednesday, boosted by demand that is driving rates up across vessel segments.

CMA CGM Crosses 91.05% Ownership Threshold of NOL

CMA CGM S.A has crossed the compulsory acquisition ownership threshold in Neptune Orient Lines Limited (NOL).    Following its all-cash voluntary conditional

Baltic Index Rises for Fifth Consecutive Session

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Tuesday for a fifth straight session on stronger demand across all vessel segments.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Offshore Oil Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.1274 sec (8 req/sec)