Carnival Corporation & plc and Orizonia Corporación, Spain’s largest travel company which operates its own cruise fleet under its Iberojet division, announced the signing of a letter of intent to form a joint venture to operate and expand the existing Iberojet Cruceros brand in Spain. Iberojet Cruceros operates two modern cruise ships, the 834-passenger Grand Voyager, built in 2000, and the 1,196-passenger Grand Mistral, constructed in 1999, which represent the newest ships in the contemporary Spanish cruise market. The new joint venture would eventually be comprised of a multi-ship fleet serving the rapidly expanding Spanish vacation sector. Under the proposed agreement, the two existing vessels would be transferred to the joint venture company.