On SEPTEMBER 23, 2016, Carnival Corporation & plc’s cruise joint venture in China has signed a non-binding memorandum of agreement (MOA) to order the industry's first new cruise ships built in China for the Chinese market. Carnival Corporation's cruise joint venture was a partnership announced last fall with CSSC and China Investment Capital Corporation (CIC Capital) in which Carnival Corporation holds a minority interest.
As part of the new MOA, Carnival Corporation's cruise joint venture in China agreed to order two new cruise ships to be built by a newly formed China-based shipbuilding joint venture between China State Shipbuilding Corporation (CSSC), and Fincantieri S.p.A., the world's largest cruise shipbuilding company.
Carnival’s collaboration with CSSC and Fincantieri is a potential cornerstone of a domestic cruise presence in China, serving Chinese guests with world-class cruise ships that are built in China for the first time.
The MOA also grants Carnival Corporation's cruise joint venture the option to order two additional China-built cruise ships. Carnival Corporation's cruise joint venture in China will operate the new ships as part of its plans to launch the first multi-ship domestic cruise brand in China.
Based on Carnival Corporation's Vista-class platform, the design for the new ships will be tailored for the new Chinese cruise brand and the specific tastes of Chinese travelers. The first of these ships is expected for delivery in 2022. The ships will be built at CSSC's Shanghai Waigaoqiao Shipbuilding (SWS) shipyard. It was introduced by CSSC that based on its wide experience for the ship designing and building as well as the brand influence power and leading position in the international shipping market, SWS was assigned for this task to build the first China-built cruise ship in China.
Based on the MOA, the joint venture would then add new China-built cruise ships starting in 2022 to further accelerate growth in the Chinese cruise market, which is expected to eventually become the largest cruise market in the world.
- Considering the large consuming ability for the Chinese people, there is a large potential market for the high-end vacation market in China.
- It is a good business opportunity for the foreign investor to involve in the related service for the cruise ship.
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Ms. Jojo Hu
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