Royal Caribbean Profit Plunge
Royal Caribbean Cruises Ltd, the world's second-largest cruise operator, said its quarterly profit fell by two-thirds as costs rose and six cruises were canceled or shortened due to several mishaps. Shares of the company, whose cruise lines include Royal Caribbean International, Celebrity Cruises and Azamara Club Cruise, fell as much as 3.2 percent in early trading. The company shortened or canceled six cruises during January-March, typically the strongest season for cruise operators. Voyage disruptions hurt yields, which include ticket sales and spending on board, by about 0.5 percent in the first quarter ended March 31. Royal Caribbean said its cruise operations were hurt by several mishaps in the first quarter.
AAPA to Host Port Management Seminar
The top issues relevant to Caribbean and Latin American port professionals, including navigation dredging, seaport security, port privatization, Panama Canal expansion and port operating strategies, will be featured at the American Association of Port Authorities’ (AAPA) Executive Management Conference for Latin America and the Caribbean, Feb. 12-14. The conference will be held in Miami’s Marriott Biscayne Bay Hotel and Marina.
Carib Freight Rates Soar
Freight rates for Caribbean clean cargoes leapt to nearly W400 on Wednesday from W335 at the start of the week, brokers said. "There's a shortage of Boston-suitable tonnage, and a lot of cargoes - it's as simple as that," said one U.S. broker. But other sources point to the thriving gasoline arbitrage between Northern Europe and the U.S. Northeast as sucking in all available ships, thereby tightening supply in the Caribbean. The rise in freight cannot be pinned down to any one fixture. "Owners quoted a little bit more than last done, then a little bit more, until we got where we are today," said the broker. The Baltic Exchange in London last night quoted the route at W370, a rise of nearly 38 points from the day before.
U.S. Insured Losses from Hurricane Nate around $500 mln
Insured losses in the United States from Hurricane Nate will be close to $500 million, catastrophe modelling company Karen Clark & Company (KCC) said on Monday. The U.S. National Hurricane Center (NHC) said on Monday that the former hurricane has become a post-tropical cyclone that continues to pack heavy rain and gusty winds. Hurricane Nate caused flooding in Mississippi, but spared the state from catastrophic damages. On Monday, it was expected to continue tracking northeastward, moving through the Ohio Valley and into the lower great lakes. KCC said the estimates included insured wind and storm surge losses to residential, commercial, and industrial properties and autos.
Celebrity Cruises To Add Second Ship Year-Round In Caribbean 2003
Celebrity Cruises will devote a second ship to the Caribbean for the 2003 summer season to accommodate a continued demand for its Caribbean product. Century, currently sailing seven-night eastern and western Caribbean itineraries from Port Everglades, was originally scheduled to redeploy to Europe next summer, then resume her Caribbean sailings next Fall. Century now will sail the Caribbean year-round, joining sister-ship Galaxy. Celebrity will continue to operate two ships, Millennium and Constellation, next year in Europe. In addition, sister brand, Royal Caribbean International, will sail three ships, Splendour of the Seas, Brilliance of the Seas, and Grandeur of the Seas, from European ports.
RCL Names Goldstein, Hanrahan President/CEO of Cruise Brands
Royal Caribbean Cruises Ltd. has named two of its top executives to president and CEO of their respective brands. Nineteen-year Royal Caribbean executive, Adam Goldstein, president of Royal Caribbean International since 2005, becomes president and CEO of that brand, and eight-year Royal Caribbean and Celebrity Cruises veteran, Dan Hanrahan, president of Celebrity Cruises since 2005, adds CEO to his title as well. Both officers will continue to report to Royal Caribbean Cruises Ltd. Chairman and CEO Richard D. Fain, and both changes are effective immediately.
'Navigator of the Seas' to Homeport Port of Galveston
Port of Galveston say that Royal Caribbean International is to base their Voyager-class ship year-round from Galveston, from November 2013. The Navigator of the Seas, due for an extensive drydock refit in January 2014, will replace Mariner of the Seas to offer Texas vacationers roundtrip seven-night Western Caribbean itineraries throughout the year. “The repositioning of Navigator of the Seas to the Port of Galveston represents Royal Caribbean’s confidence in the Port of Galveston’s efficient cruise operations and ability to attract passengers on its Voyager class ships…
Shipbuilders 'Get on Your Marks' as Cruise Line Ponders New Order
Royal Caribbean chairman hints that new ship order is possible. During the Royal Caribbean second quarter 2012 financial results conference call, Royal Caribbean chairman hinted at the possibility that Royal Caribbean could order a new ship for either Royal Caribbean or its sister company, Celebrity Cruises. Royal Caribbean Chairman Richard Fain spoke about the possibility, "We clearly are looking at that sort of thing. "From 2012 through 2016, our berth capacity growth is less than 3%, and in fact, we don't have any ship deliveries in 2013 at all," he said. "But as we said before, we also can't stagnate.
Port Canaveral Welcomes Explorer of the Seas
Starting November 15, 2014, Royal Caribbean’s Explorer of the Seas begins homeporting at Port Canaveral through March 2015, offering a new nine-night itinerary that reaches further into the southern Caribbean with stops in Aruba, Bonaire, Curacao, and Haiti. Other itinerary options include four-, five-, and eight-night Caribbean cruises. “We are pleased that Royal Caribbean continues to provide innovative ships and diverse itineraries for our community, Orlando and other central Florida residents and visitors,” said Port Canaveral CEO John E. Walsh.
Royal Caribbean Opens Sao Paulo Office
Royal Caribbean Cruises Ltd. is ramping up its commitment to growing the South America cruise market with the official opening of a new office in Sao Paulo, Brazil, the first Royal Caribbean company-owned office in the region. The event was marked on August 6 by a formal visit by Royal Caribbean International President and CEO, Adam Goldstein, highlighting Brazil as a key region earmarked for both investment and growth. “The cruise market in Brazil is one of the fastest growing in the world, and with increased investment and commitment, we aim to accelerate this trend” said Goldstein. The new Royal Caribbean Cruises Ltd. office, located in Sao Paulo…
Meyer Werft to Build Royal Caribbean's Second Sunshine Class Ship
Royal Caribbean orders another Sunshine class cruise ship Royal Caribbean has opted to exercise an option to build a second Sunshine-class cruise ship, to be delivered in Spring 2015. Royal Caribbean's decision to build the second of the yet-to-be-seen class of ships feel confidence in the project. The ship will be built by German shipbuilder Meyer Werft on substantially the same terms as its first Sunshine ship. Like the first ship Royal Caribbean ordered (and is still under construction), the second ship will be 158,000 gross registered tonnes and accommodate 4,100 guests.
Alaska Sues Royal Caribbean
Alaska filed a civil suit on Aug. 13 against Royal Caribbean Cruises, accusing the company of dumping oil and other hazardous wastes into state waters after the firm pleaded guilty to federal criminal pollution charges. Royal Caribbean pleaded guilty last month and was fined $18 million for 21 felony counts of violating federal water pollution laws in areas ranging from the Caribbean to Alaska's Inside Passage.
Royal Caribbean Welcomes Merger Clearance from FTC
Royal Caribbean Cruises Ltd. welcomes the decision by the Federal Trade Commission not to object on anti-trust grounds to its plans to merge with P&O Princess Cruises, while noting with regret that the Commission had reached the same decision in respect of the hostile bid for P&O Princess by Carnival Corporation. proposed DLC merger with Royal Caribbean. Richard Fain, chairman and chief executive of Royal Caribbean, said: "We have no doubt that our agreed merger represents a compelling opportunity to create significant value for both P&O Princess shareholders and Royal Caribbean shareholders.
Royal Caribbean Delays Nordic Empress, Cancels Upcoming Cruise
Royal Caribbean International announced that Nordic Empress would delay its return to Philadelphia from Bermuda due to a storm that hit Bermuda Thursday night with wind gusts of 80 miles per hour. Royal Caribbean also canceled the next Nordic Empress sailing, scheduled to depart Sunday, October 14. Nordic Empress was docked at Bermuda's West End when the storm struck. made to delay the ship's normal departure from Bermuda, which would have been Friday morning. Nordic Empress is expected to depart Bermuda Saturday morning and arrive in Philadelphia by noon Monday. "The safety and comfort of our guests is always our highest priority," said Jack Williams, president of Royal Caribbean International. Guests booked on the cancelled October 14 cruise will receive a full refund.
S&P Puts Royal Caribbean-Related Deals on CreditWatch Positive
Standard & Poor's placed its double-'B'-plus ratings on class A-1 of two synthetic transactions linked to Royal Caribbean Cruises Ltd. on CreditWatch with positive implications. The CreditWatch placements are a result the Nov. 20, 2001 announcement that Royal Caribbean Cruises Ltd. has agreed upon a merger of equals with P&O Princess Cruises PLC. The CreditWatch placement reflects the possibility that Royal Caribbean Cruises Ltd. could benefit from the combined entity's comparatively stronger debt protection measurements. The two deals are swap-independent synthetic transactions that are weak-linked to the underlying collateral, Royal Caribbean Cruises Ltd. debt. The CreditWatch placements reflect the credit quality of the underlying securities issued by Royal Caribbean Cruises Ltd.
Royal Caribbean Responds to Referral Decision
Royal Caribbean Cruises Ltd., was notified of the decision by the Secretary of State for Trade and Industry to refer its proposed merger with P&O Princess to the Competition Commission for further review. Royal Caribbean believes strongly that the proposed merger will deliver significant consumer benefits, as well as shareholder value. Richard Fain, Chairman and Chief Executive of Royal Caribbean, said: "We have never taken regulatory approval for granted. This referral in no way detracts from our determination to complete the merger on the agreed timetable". Goldman Sachs International and Cazenove & Co. will not be responsible to anyone other than Royal Caribbean for providing the protections afforded to customers of Goldman Sachs International and Cazenove & Co.
Royal Caribbean Anchors In Asia
Royal Caribbean Cruises Ltd. announced the opening in Singapore of its Asia-Pacific headquarters - Royal Caribbean Cruises (Asia) Pte. Ltd. The regional headquarters, which is located in Singapore's central business district, will support the marketing efforts in the Asia-Pacific region for three of the company's cruise brands: Royal Caribbean International, Celebrity Cruises and Azamara Cruises. Headed by Rama Rebbapragada, managing director for Asia Pacific, the office also will provide sales and trade support in the region. With the number of cruise guests sailing in the Asia-Pacific region projected to grow by more than 40 percent, from 1.07 million in 2005 to 1.5 million by 2010, the opening of Royal Caribbean's Asia-Pacific regional office is strategically timed.
RCI President Apologizes For Alaska Pollution
The president of Royal Caribbean International toured ports of call in Alaska on Friday to apologize in person for the pollution of the state's waters by the cruise line's ships. Royal Caribbean last month agreed to pay a record-high $18 million fine to U.S. authorities for dumping oily bilge and chemical wastes at sea, as well as into U.S. ports and wild waterways. The line plead guilty to 21 felonies, including falsifying logs and lying to the U.S. Coast Guard, and admitted Royal Caribbean ships were rigged with secret bypass pipes, which were used to dump used dry-cleaning chemicals and other waste. The fine, the highest ever assessed by a cruise line for polluting U.S. waters, followed $9 million in fines Royal Caribbean agreed to pay in 1998.
Royal Caribbean Profit Jumps on Higher European Demand
Royal Caribbean Cruises Ltd's quarterly profit beat analysts' average estimate as demand for its European and Chinese cruises increased and passengers spent more on board, helping it raise its full-year profit forecast. Shares of the world's second-largest cruise operator rose as much as 9.1 percent to a life-high of $61.35. European cruises account for 22 percent of the capacity in the company, whose cruise lines include Royal Caribbean International, Celebrity Cruises and Azamara Club Cruise. The company raised its full-year earnings forecast to $3.40-$3.50 per share, from $3.25-$3.45.
Royal Caribbean Sets Sail for Strong 2017
Royal Caribbean Cruises Ltd forecast higher-than-expected adjusted earnings for 2017, helped by a strong start to bookings for Caribbean cruises, putting the No. 2 U.S. cruise operator on track to beat its own forecast of doubling profit from 2014. The company's upbeat forecast sent its shares to more than a year high and also lifted rivals Carnival Corp and Norwegian Cruise Line Holdings Ltd. "While trends have been strong from our key sourcing regions, we are particularly encouraged by what we are seeing in North America…
Another Megaship to Join Royal Caribbean Cruise Fleet
Royal Caribbean has ordered a fourth ship for its Quantum Class family of ships from Meyer Werft. The ship will be delivered in 2019. With two Quantum-class vessels already delivered and a third under construction, Royal Caribbean Cruises on Thursday announced plans to order a fourth. The Miami-based cruise ship company said it had entered into an agreement with the Meyer Werft shipyard in Germany to build the 4,180-passenger vessel. The sister ship to Quantum and Anthem of the Seas will be delivered in 2019…
Royal Caribbean Deploys ElevenOS on Entire Fleet
Royal Caribbean International has selected ElevenOS as the guest Internet management platform for its entire fleet of cruise ships, and has completed deployment of ElevenOS on all 22 ships at the end of 2014, including smartship Quantum of the Seas, hospitality technology provider Eleven announced today. ElevenOS is used to manage all aspects of this Internet service including custom branded portal pages, guest authentication, billing and advanced reporting. With ElevenOS and its satellite communications partners…
Shipyard Seeks Loan to Build New Cruise Ship
STX Finland is now lobbying the Finnish government on behalf of Royal Caribbean in a bid to get contract for third 'Oasis-class' cruise ship. A loan would help facilitate a deal to avoid Royal Caribbean building its third Oasis-class cruise ship in Germany or France. The state owned financing firm, Finnvera, has reached an impasse with Royal Caribbean to securing a loan to allow the proposed ship to be built. STX is concerned that if a deal is not reached soon between Royal Caribbean and Finnvera, the cruise giant may look to shipyards in Germany or France as alternatives.